New(ish) Wotif boss Scott Blume has cleared the decks with a warts and all market update that sets the scene for future growth. That’s the theory anyway. Mr Blume, who succeeded long-term CEO Robbie Cooke in January, told investors that while the Australian and New Zealand business is still in relatively good shape, its Asian and global operations remain in reverse.
Marketing and IT expenses are also up, while Wotif has written down $2.5m in assets, including some Asia Web Direct domains now valued at $1.74 million. The result is that Wotif’s forecast net profit will be $50.5m to $51.5m, well short of last year’s $58m result. He also announced a series of initiatives to shift momentum and propel growth.