Tourism Holdings, the campervan rental company, has boosted annual profit 81 per cent, slightly ahead of guidance, after strengthening its balance sheet and improving margins.
Profit rose to $20.1 million in the year ended June 30, from $11.1 million a year earlier and ahead of its April guidance of between $19.5 million and $20 million. Sales rose 4 per cent to $237 million.
"This year represents a turning point for THL," said chairman Rob Campbell. "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."
At balance date it had $6.5 million cash on hand, from $3.5 million a year earlier. The company reported net debt was $69 million, in line with its April guidance, and down from $79 million in the previous comparable period.
The company's tourism group, which includes its Waitomo caves business, lifted ebit 17 per cent to $7.7 million, on the back of strong growth from Asian markets.
