Tourism Holdings Limited – Results Announcement Six Months ended 31 December 2007.
Attached please find the following documentation:
1. NZX Release
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NZX RELEASE
TOURISM HOLDINGS LIMITED
RESULTS ANNOUNCEMENT
SIX MONTHS ENDED 31 DECEMBER 2007
Tuesday, 19th February 2008
KEY POINTS
• Unaudited Net Profit After Tax (NPAT) up 4% to $4.9m
• Continued good performance from Rentals, particularly in Australia, and
expansion of the New Zealand rental car fleet
• Ongoing progress in strategic change programme
o Joint venture of Johnston’s Coachlines, retaining a 33%
shareholding
o Joint Venture with Intercity Group to combine the Kings and
Fullers maritime assets and the Intercity, Newman’s and Great
Sights coaching businesses, retaining a 49% shareholding
o Continued progress on the CI Munro relocation to new purpose
built facilities in Hamilton
o Explore More brand established, gaining a significant presence
in the low cost and youth focused car and motorhome sector
o A net gain of $0.5m after tax related to the change programme,
with gains on asset sales offsetting non-recurring charges
• Strong balance sheet, with gearing of 39%, compared with 44% at
December 2006
• Interim dividend maintained at 5c per share
• Continued shift of visitor numbers away from the first half of the tourism
season towards the second reporting period
• Environmental initiatives
o Partnership with Vehicle Testing New Zealand to ensure
compliance with world best practice on emissions
o Contract with Mercedes-Benz to purchase environmentally
friendly vehicles
• Solid trading performance in third quarter to date underpins
expectations of a satisfactory result for the full year
See... Full annoouncement (PDF)