Campervan company Tourism Holdings has made another full-year loss but says it is determined to make it the last.
Tourism Holdings' chief executive Grant Webster says the tourism industry is beginning to recover from the impacts of the Covid-19 pandemic, but more government assistance is needed. Photo: 123RF
Key numbers for the 12 months ended June compared to a year ago:
- Net loss ($2.1m) vs ($14.5m)
- Revenue $345.8m vs $359.2m
- Underlying profit $6.9m vs ($8.3m)
- No dividend and unlikely to be one in FY23
"Over the last year we have tidied, reviewed, refocused and refreshed across all of our business operations and developed exciting new opportunities," chief executive Grant Webster said, adding that the first and second half were distinct from each other.
"The first part of the year saw significant impacts from the Covid-19 Delta wave, travel border restrictions lifting later than initially anticipated, and an increasingly challenging global supply chain.
"Within the context that international borders for most of the businesses remained closed for well over half of FY22, we are pleased with the businesses that have been profitable and focused on the recovery for those impacted by Covid-19."
Webster said the industry was just beginning to recover but more government assistance was needed.
"We want to see the New Zealand Government invest more in Tourism New Zealand, remove any barriers to success and certainly not do anything that discourages visitors to the country in what is an important time for determining the future success of the industry.
"We see governments in other jurisdictions in which we operate heavily investing and engaging with the industry and hope that New Zealand does not fall behind."
Chair Cathy Quinn said the company was determined to put losses behind it and had prepared for a rebound in tourism.
The company expected FY23 to deliver a net profit within the range of analysts' expectations: between $17m and $30.2m.
"THL has continued to adapt and leverage opportunities such as non-tourism business, vehicle sales and the growth of Action Manufacturing," she said, adding the company was also continuing to push ahead with a merger with Australia's Apollo.
"The timeline for completing the various regulatory processes has been frustrating and we recognise that shareholders are likely to feel the same.
"However, at this point in time the THL Board does still see merit in the transaction and can see a conclusion in a reasonable timeframe from now."