News: Wotif FY profit falls amid higher competition

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Takeover target Wotif.com Holdings Limited (ASX:WTF) has reported a 15.4 per cent profit fall for the 2014 financial year. 

 

The online travel booking company generated a net profit in line with guidance at $43.2 million, but down from $51 million the year before. 

 

Total revenue rose just 2.1 per cent, offset by increasing costs invested in core technology and marketing. 

 

CEO and Managing Director Scott Blume says the company delivered a more diversified business over a year in which the competitive landscape continued to rapidly change. 

 

Wotif’s directors last month backed $703 million takeover offer from US online travel giant Expedia Inc (NASDAQ:EXPE). 

 

Mr Blume has advised the scheme implementation arrangement process is progressing and expected to conclude in October 2014.