Webjet Group shares dive on delayed earnings
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More news: Webjet Group shares tanked on the ASX after the Webjet spin-off pushed back the release of its first-half results.
Shares were down 9.5% to 83.3 cents by 12:15pm AEDT.
After close of trading on Tuesday, Webjet Group flagged that it required additional time to address technical accounting considerations as a result of the "significant complexities" of its demerger with Webjet, now named Web Travel Group.
Meanwhile, Web Travel Group will be voluntarily suspended on the ASX after noting that it is currently unable to release potential adjustments to its FY24 financial statements, which it flagged on Monday. The suspension will be in place until the earlier of a market announcement and the start of trading on Thursday.
Web Travel has also postponed the release of its first-half results, saying that it is continuing to work with its auditor Deloitte to finalise its financial statements.
Web Travel Group delays release of first-half results
The news: Web Travel Group has postponed the release of its first-half results by more than a week, saying that it is continuing to work with its auditor Deloitte to finalise its financial statements.
The context: The B2B travel company said it expects to lodge its results by no later than the start of trading on 29 November, having been due to report its first-half earnings today.
Web Travel's consumer-facing counterpart, Webjet Group, which demerged in September, also delayed releasing its first-half earnings. It flagged that it required additional time to address technical accounting considerations as a result of the "significant complexities" of the demerger.
Web Travel remains in a trading halt on the ASX, having requested time to manage its disclosure obligations in relation to potential adjustments to last year's financial statements on Monday.
The sources: ASX announcement, ASX announcement, ASX announcement, ASX announcement
