SYDNEY - The fallout from the collapse of UK travel giant Thomas Cook has washed up on the shores of Australia with online travel agent Webjet signalling it has lost up to A$200 million (US$134.8m) in future revenue and would suffer a A$7 million (US$4.72m) hit to its bottom line.
In a statement to the Australian Securities Exchange, Webjet indicated it expected to earn between A$150 and A$200 million in total transaction value from Thomas Cook in FY20 – an amount which would now be lost.
The Aussie travel group said Thomas Cook owed Webjet approximately 27 million euros (US$29.5m) in outstanding receivables.
Webjet stated there would be no impact on the more than 3,000 hotel contracts Webjet acquired from Thomas Cook, which were wholly owned by WebBeds.
But Webjet said it expected to earn an additional A$27 to $A33 million in revenue from a “range of drivers including Thomas Cook,” but the impact of Thomas Cook’s collapse could reduce that expectation by up to A$7 million.
It is the second major blow to hit Australian travel providers in a matter of days. Last week two Australian travel wholesalers collapsed, and their businesses placed into voluntary administration.
Tempo Holidays and Bentours (AUS/NZ) were part of the Cox and Kings family in India, where the parent remains under severe financial pressure.