Travel giant Webjet has emerged from the COVID-19 pandemic stronger than it was before operations were largely grounded in 2020, reporting a $150 million profit turnaround in the past financial year.

The $2.9 billion travel business swung back to an underlying profit of $134.8 million in the 12 months to March 31, after a $15 million loss before interest, tax, depreciation and amortisation the year prior.

Revenue increased by 164 per cent this year to $364.4 million, thanks to growth in Webjet’s hotels division, WebBeds, which more than made up for a lag in its motorhome and car rental unit, GoSee.

Chief executive officer John Guscic said on Wednesday the company had taken the pandemic as an opportunity to streamline its divisions – WebBeds, WebJet and GoSee – and cut costs.

He said those measures had positioned the business to gain market share and capitalise on future returns.

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“We see an opportunity in front of us to substantially propel the overall business to well above market over the next three to five years,” Guscic said.

“We don’t think we’ll be impacted by macro events due to our market growth.”

The group’s Webjet division is hovering at about 80 per cent of its pre-pandemic revenue, but Guscic said this number was closer to 90 per cent when accounting for COVID-19 booking credits, which have now been processed. He expressed confidence that the division would return to its pre-pandemic performance once airfares begin to stabilise and more inbound airlines begin servicing Australia.