Travel reopening stocks are recording good 1HY23 results

Travel reopening stocks have enjoyed a positive 1HY23 reporting season thus far.

As travellers have returned to Australian and New Zealand shores, travel reopening stocks have enjoyed share price increases as companies’ bottom lines improve from the darkest days of the pandemic. 

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This travel reopening stock grew its profit by 168%

Casino operator Skycity (ASX:SKC) may not be thought of as belonging to the group of travel reopening stocks at first glance given it serves domestic consumers too. Nonetheless, this company endured a difficult few years. Even prior to COVID-19, the company was struggling with regulatory scrutiny and the drying up of demand in 2020 was another blow.

But this morning, SkyCity showed that the dark days are behind it. It recorded NZ$462.6m in revenue, up 60% and a NZ$22.8m profit from continuing operations, up 168%. The company’s normalised total net profit recorded the strongest growth, rising by 474% to reach NZ$73.1m. However, this was inflated by an insurance payout after the fire at the New Zealand International Convention Centre. 

Corporate Travel Management had good results too

Corporate Travel Management (ASX:CTD) is another company among travel reopening stocks to record good results.  The company’s preferred metrics, Total Transaction Value (TTV) and EBITDA, both more than doubled to $4.2bn and $51.3m respectively, ahead of $2.1bn and $18.2m in 1HY22.

CTD’s statutory metrics also showed strong growth with revenue up 79% to $291.9m and its statutory NPAT turning from a $10m loss to a $15.7m profit. 

The company noted that overall booking volumes are at the highest levels since COVID-19. While Asia has been lagging, the company said the re-opening of China was the last piece of the puzzle for a full recovery. The company’s full-year guidance is $160-$180m in underlying EBITDA and $120-$140m PBT, both of which would be record results. 

If these two companies are any guide, shareholders of other travel reopening stocks that have not reported yet can be excited about what’s to come. Think Air New Zealand, Webjet and HelloWorld.

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