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Jasons Travel Media is eyeing takeover opportunities in Australia after boosting its profits on the back of three New Zealand buy-ups.
The Auckland-based online and travel guide publisher yesterday announced a 35.2 per cent increase in net profits to $982,000 for the year to March 31.
Jasons managing director Steven Joyce attributed the strong result to changes in its existing business which enabled it to put more resources into marketing and growing the business both organically and through acquisition.
"We had a pretty strong brand but it wasn't being marketed well to new people and online."
The company relaunched its website in September.
Jasons also spent $2.56 million on buying internet booking website Strait Solutions, the Today-Tonight visitor guide print publications in Christchurch and Queenstown and the brochure distribution services and two visitor guides from Whytewaters in Queenstown.
Joyce said Jasons had previously been under weight in the South Island but now felt comfortable with its New Zealand business.
The company was now "turning over stones" in its search for potential Australian acquisitions.
Jasons currently owns a holding company in Australia under the same name which prints a Queensland accommodation guide, Tasmania guide and a number of route maps.
Joyce said its focus was on further developing its web presence in Australia and it was looking for complementary businesses involved in either web or print.
He said it saw a strong synergy across the Australian and New Zealand markets and wanted to tap into the large number of independent tourists which often looked for information and made bookings online rather than going through a travel agent.
The company said it was expecting further growth in both revenue and profits in 2009.
However it warned there could be tougher times ahead.
"Shareholders should be aware that there is some uncertainty around the short-term prospects of the tourism sector as a whole, and this may act as a counterweight to the organic growth that we are budgeting for." Joyce said he was cautiously optimistic about the year ahead.
Jasons shares last traded at 80c.
