Tourism and campervan company Tourism Holdings' (THL) full year earnings have been hammered by the pandemic.
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The company's chair Rob Campbell said although the result was not pleasing, it had performed will within the context of global tourism.
Key Numbers
For the 12 months to June 2021 against 2020
- Net profit after tax $14.5m loss vs $27.4m
- Revenue $359.2m vs $400.9m
- Net Debt $49m vs $128m
- Dividend nil vs nil
The company had moved to sell 30 percent of its global vehicle fleet to help pay down debt over the past 12 months.
It said it had been able to capitalise on the appetite for domestic tourism experiences with an RV.
Margins had been particularly strong in the US market and the company had generated a total of $229m in vehicle sales, compared with $143m the year earlier.
Revenue generated from the sale of its services had almost halved to $130m.
"THL remains a company with a carefully managed balance sheet that is strong for our industry segment and has a company value that is supported by a base of tangible, realisable and in demand assets that are being sold well in excess of book values," Campbell said.
THL chief executive Grant Webster said it was taking advantage of opportunities within today's environment whilst continuing to adapt to the challenges.
"Regardless of the demand environment today our belief in becoming future-fit remains, and is directing us on what we believe is the right path, ensuring we will be sustainable in all aspects of the business as we reset and prepare for the years ahead."
The company did not provide an earnings guidance for the current financial year.