March 11 (Reuters) - Webjet Ltd (WEB) :
- WEBJET WITHDRAWS FY20 EARNINGS GUIDANCE
- WITHDRAWAL DUE TO CONTINUED UNCERTAINTY OF DURATION AND SCALE OF COVID-19
- WEBJET IS TAKING CAREFUL STEPS TO MITIGATE IMPACT OF COVID-19
- MANAGING DIRECTOR JOHN GUSCIC & BOARD OF DIRECTORS VOLUNTARILY AGREED TO REDUCE THEIR SALARY & DIRECTORS FEES BY 20% WITH IMMEDIATE EFFECT
- TO IMPLEMENT COST REDUCTION PROGRAMME TO MINIMISE OPERATING EXPENDITURE, EXPECTED TO RESULT IN A$10 MILLION IN SAVINGS FOR REMAINDER OF FY20
- MANAGING DIRECTOR HAS ALSO AGREED TO FORGO ANY BONUS THAT WOULD HAVE BEEN ACHIEVED IN FY20
- MD JOHN GUSCIC, BOARD VOLUNTARILY AGREED TO REDUCE SALARY, DIRECTORS FEES BY 20% WITH IMMEDIATE EFFECT UNTIL CONDITIONS RETURN TO NORMAL
- MANAGING DIRECTOR HAS ALSO AGREED TO FORGO ANY BONUS THAT WOULD HAVE BEEN ACHIEVED IN FY20.
- THERE HAS BEEN A MATERIAL ESCALATION IN CANCELLATION RATES OF NEAR-TERM TRAVEL AND A REDUCTION IN OVERALL TRAVEL BOOKING ACTIVITY
- CANCELLATIONS ARE NOW OCCURRING AT SHORT NOTICE PRIOR TO TRAVEL AND THEREFORE REDUCING VISIBILITY ON FUTURE EARNINGS
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