THL
27/08/2015 09:01
FLLYR
PRICE SENSITIVE
REL: 0901 HRS Tourism Holdings Limited
FLLYR: THL: Tourism Holdings Annual Results to 30 June 2015
27 August 2015
MEDIA | NZX RELEASE
TOURISM HOLDINGS LIMITED (thl)
FINANCIAL RESULTS FOR THE YEAR TO 30 JUNE 2015
thl NPAT up 81% at $20.1 million, company positions for revenue growth.
HIGHLIGHTS:
o Revenue of $237 million, up 4% compared to the prior corresponding period
(pcp)
o Net Profit After Tax (NPAT) of $20.1 million, up 81% on prior year
o Operating Profit Before Financing Costs and Tax (1) (EBIT) of $32 million,
up 42% on prior year
o Net debt reduced to $69 million (2), from $79 million in the pcp
o Final dividend of 8 cents per share (cps) declared (partially imputed),
making total for year of 15 cps (partially imputed), up from 11 cps in prior
year, up 36% on prior year
o All operating groups improved profitability in FY15
o Strategic review of capital structure announced with a focus on growth.
Chairman, Mr Rob Campbell, said, "This year represents a turning point for
thl. We have delivered the basics and the focus on delivering returns to
shareholders has been well established. The Company will continue to grow
returns and now focus on revenue growth."
"We are in a positive economic environment for tourism. It is imperative that
we maximise this opportunity, get aggressive about growth and scale this
business internationally."
Earlier this month, the Company announced that the strategic review of the
capital structure conducted by First NZ Capital had been completed.
Mr Campbell said, "We are confident we have a strong and conservative balance
sheet. We have announced a new dividend policy and we will target smart value
accretive acquisitions on either an international or domestic basis."
"We can see the potential for the existing business to achieve over $30
million NPAT within four years, before we account for acquisition growth. We
will also target consistency in dividends and ensure we create sustainability
in the business model."
Chief Executive Officer, Mr Grant Webster, said, "We have proven our success
in leveraging the operating costs in the business to deliver a record profit.
We have also grown our capability as an organisation so we can deliver on
the next stage of growth."
"We have created the opportunity for us to invest in new initiatives, grow
profit and dividends. The crew are highly engaged and ready for the next
step."
A final dividend of 8 cps, partially imputed (to 50%), was also declared,
taking the total dividend to 15cps for the year.
The Company has not given any guidance for the full FY16 year, although
expects ongoing growth in all businesses. An update on the full year
expectations will be provided at the Annual Meeting, when we will have
greater clarity on the New Zealand high season and completion of the USA high
season.
(1) EBIT excludes joint venture and associates earnings
(2) In addition to net debt in FY15, there is a $13.6 million commitment
against a letter of credit facility in favour of Action Manufacturing LP
(formerly RVMG) for work in progress fleet purchases (FY14 $5.7 million).
ENDS
TAKE OUT COMMENT: "thl profit up 81% with a focus on growth."
Authorised by:
Rob Campbell
Chairman, Tourism Holdings Limited
For further information contact:
Grant Webster
thl Chief Executive
Direct Dial: +64 9 336 4255
Mobile: +64 21 449 210
Mark Davis
thl Chief Financial Officer
Direct Dial: +64 9 336 4212
Mobile: +64 27 444 0199
About thl (www.thlonline.com)
thl is a global tourism operator. We are listed on the NZX and are the
largest provider of holiday vehicles for rent and sale in Australia and New
Zealand. In the USA we own and operate the Road Bear RV Rentals and Sales
brand. Within New Zealand we operate Kiwi Experience and the Discover
Waitomo group which includes Waitomo Glowworm Caves, Ruakuri Cave, Aranui
Cave and The Legendary Black Water Rafting Co. In 2012 thl entered in a joint
venture to form RV Manufacturing Group LP, , now Action Manufacturing LP, New
Zealand's largest motorhome and specialist vehicle manufacturer. Action
Manufacturing LP has operations both in Auckland and Hamilton. In February
2015, thl acquired 49% of Just Go Motorhome Rentals & Sales, based in the UK.
End CA:00269161 For:THL Type:FLLYR Time:2015-08-27 09:01:48
