Tourism Holdings Ltd Half Year Results

Tourism Holdings Ltd Half Year Results

23 February 2016

NZX | MEDIA RELEASE

TOURISM HOLDINGS LIMITED (thl)HALF YEAR RESULTS TO 31 DECEMBER 2015

thl increase forecast with positive half year result - NPAT up 45%
Highlights:

NPAT of $8.2M compared to $5.6M prior corresponding period (pcp)

Dividend declared of 9cps (partially imputed)

Forecast full year NPAT increased to around $24M (up from $22M)

thl today released its half year results to 31 December 2015 with a Net Profit After Tax of $8.2M, up 45% on the prior corresponding period.

Chairman, Mr Rob Campbell, said, “We continue to see the business adapt as it delivers expected improvements in profitability and addresses areas of concern. There is always more work to be done.”

“We remain focused on the goals set at the Annual Meeting. We are managing our capital base effectively and can sustain the dividend payout ratio whilst pursuing the new initiatives for growth. The 9c interim dividend announced today (up from 7cps in the pcp) reflects this approach.”

“The strategic review conducted last year indicated that the business would look to grow NPAT to $30M by FY19 and we remain on track or ahead of that target based on current performance. The new initiatives are progressing and the business continues to explore acquisition growth options internationally which would be incremental to the $30M target.”

CEO, Mr Grant Webster, said, “we are pleased to update the year end forecast NPAT to around $24M, reflecting the positive operating environment for tourism here in New Zealand and overseas. The peak season is well under way and operating to plan. From a debt perspective, the company is operating well within its own benchmarks. We have changed the manner in which we report fleet capex spend to provide improved investor understanding of how we have created more flexibility in the business model. ”

The full results presentation and commentary is available on the Company’s website.

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