Tourism Holdings has substantially increased its operating and reported profit. Photo supplied.
Tourism group Tourism Holdings Ltd, which has its roots in
Otago, announced a much improved profit and outlook but
chairman Rob Campbell says there is more to be done.
Operating revenue for the company was up slightly at $226
million in the year ended June. Operating profit was up
substantially at $18.3 million from $5.9 million and reported
profit was $11.1 million, up from $3.8 million in the
previous corresponding period.
Earnings per share were 10 cents per share, up from 3.6cps.
A 6cps share dividend was declared, partially tax-paid.
Mr Campbell said THL had fulfilled the commitments it made to
shareholders a year ago.
''We cannot yet claim to be a successful company, but we will
"We have higher expectations for a company, expectations for
growth and the development of a business model that is more
robust, less capital intensive and focused on world-leading
THL had enough confidence in the coming year to have set a
forecast of at least $15 million for the profit after tax.
That represented a further increase of 35% on the 2014
profit, he said.
''Shareholders should expect more from us in the future. That
is the expectation we have of ourselves.''
The company had been in a tax-loss position in New Zealand
and would resume a cash tax-paying position next year, Mr
Chief executive Grant Webster said it was encouraging the
turnaround in profitability was driven by both revenue growth
in most business units and cost reductions.
The company focused on both.
''There is still lots of work to do in this business and we
can now aggressively focus on growth strategies as well as
ensuring returns improve on the current capital employed.''