Gullivers profit up 14 per cent on forecast

Gullivers Travel has announced a net profit after tax of $3.03 million for the four months ended March, up 14 per cent on its prospectus forecast.

Gullivers, which listed on the stock exchange in December, did not provide figures for the corresponding period last year.

Earnings before interest, tax, depreciation and amortisation were 6.4 per cent ahead of the prospectus forecast at $8.52 million.

The company will pay a fully imputed dividend of 3.623c a share.

Earnings per share for the four month period were 3.036c.

Gullivers managing director Andrew Bagnall said the solid financial performance was expected to continue in the 2006 financial year if operating conditions did not change.

He said Gullivers would look to develop its franchise and travel distribution operations and continue to invest in IT and online activities.

Gullivers owns the United Travel and Holiday Shoppe franchise brands, and also operates wholesale travel operations and corporate travel agencies. Gullivers also recently launched the online booking site Zuji New Zealand.

The company also issued pro forma full-year figures yesterday.

Its shares closed up 4c on the profit news, finishing the day at $1.49.

After listing at $1.60, Gullivers shares hit a low of $1.37 in April and, over the past two months, have mostly traded between $1.40 and $1.50.

Bagnall said Gullivers' units were now pulling together as more of a team.

"Rather than a disparate number of units all with common ownership, we are now one business with different divisions - we are all striving for a common objective."