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Campervan company Tourism Holdings (THL) says its underlying profit of $52 million has met expectations, despite a difficult trading environment.
However, the net profit for the year ended June fell 21 percent to $39.4m, with revenue up 39 percent $921.7m.
"There is no doubt that the last six months have been particularly difficult for parts of the business, chair Cathy Quinn said.
However, she said the New Zealand and Australian rental businesses, had each delivered strong profit results and were well positioned for growth.
Chief executive Grant Webster said the overall performance was mixed with the underlying profit less than what the company hoped to achieve, given weak economic conditions.
He said New Zealand rentals and sales, Action Manufacturing, and New Zealand tourism division achieved record underlying profit.
"This success is reflective of the recovery in international tourism to New Zealand as well as the continued growth of Action Manufacturing following several small acquisitions in the past few years."
However, bookings were slowing over recent weeks, which indicated it would take longer than initially expected to return to pre-covid levels, which aligns with broader industry feedback and sentiment.
"Fleet purchases and production for 2025 have been adjusted accordingly, with lower fleet capital expenditure planned."
Despite the uncertainty, the company expected an increase in underlying profit comparable to the year just ended.
"Our current rental forward bookings demonstrate year-on-year growth in hire days in FY25 within our key markets of New Zealand, Australia and North America."
The company said an earlier goal to make a net profit of $100m in FY26, was unrealistic given current trading conditions.
It will pay shareholders a full year dividend of 9.5 cents a share for the year just ended.