The Webjet Limited (ASX: WEB) share price’s best day ever wasn’t that long ago.
In fact, it was roughly 12 months before the COVID-19 pandemic hit Australia.
Webjet’s best single-day performance on the ASX occurred in February 2019.
That day, the Webjet share price was boosted to close at $10.78. That was 30.61% higher than its previous close of $8.26.
So, what caused the Webjet share price’s record-breaking take-off? Let’s take a look.
The best day ever for the Webjet share price
The Webjet share price’s best day ever was spurred by its results for the first half of the 2019 financial year.
For the 6 months ended 31 December 2019, the company reported record total transaction values (TTV), revenue, and earnings before interest, tax, depreciation, and amortisation (EBITDA).
Webjet’s TTV for the period reached an impressive $1.9 billion, up 29% on that of the prior comparable period.
Its revenue increased 33% to reach $175.3 million. While its EBITDA came to $58 million, up 42% from that of the first half of 2018.
All the above metrics were beaten again by Webjet during the first half of the 2020 financial year (H1FY21). However, its share price only gained 10.8% on the back of its H1FY21, potentially due to the uncertainty surrounding the COVID-19 pandemic at the time.
Coming back to the present, the Webjet share price is now 43.5% lower than it was at the end of its best day ever.
The ASX 200 travel company’s shares closed yesterday’s session swapping hands for $6.08 apiece.
Additionally, its most recent first half results saw it reporting TTV of just $267 million, revenue of $22.6 million, and an EBITDA loss of $40.1 million.
However, Webjet recently announced good news of its WebBeds business. The news might potentially be signalling the beginning of a turnaround for the embattled tourism industry.
The post When was the best ever day on the Webjet (ASX:WEB) share price chart? appeared first on The Motley Fool Australia.
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Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Webjet Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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