Archive | Tourism Holdings

Tourism Holdings uses Thor joint venture to expand

Tourism Holdings Ltd has entered into an agreement to establish a 50:50 joint venture with US recreational vehicle (RV) manufacturer Thor Industries Inc.

The joint venture, TH2connect LLC, has entered into an agreement to buy 100% of US-based travel planning & travel data company Roadtrippers Inc, including Roadtrippers’ interest in the Roadtrippers Australasia business, the 50:50 joint venture between Tourism Holdings & Roadtrippers.

Tourism Holdings will also contribute its Mighway business & the Cosmos rental & recreational vehicle industry platform to the joint venture, plus about $3 million cash. Thor will contribute about $US47 million. The transactions are all expected to close around the end of February.

Tourism Holdings, the world’s largest renter of motorhomes & campervans, said Thor was the world’s largest recreational vehicle manufacturer by volume.

Tourism Holdings chair Rob Campbell said today: “At the annual meetings in 2016 & 2017 we outlined our need to grow a global platform that would assist us in broadening our reach within the wider RV ecosystem. We have progressed down this path well; however, we now have a partner & set of assets that will turn our ‘start’ into a compelling, winning global business.”

He said the TH2 joint venture would be focused on enhancing the enjoyment & safety of RV enthusiasts by digitally connecting this fast-growing international marketplace: “This innovative & comprehensive platform will improve every aspect of RV ownership, with capabilities that include trip planning & booking, remote systems monitoring, roadside assistance and peer-to-peer RV & campsite rental. The system will also streamline an owner’s record keeping and enable dealers & manufacturers to provide such support as triggered service notifications & online vehicle manuals.”

Attribution: Company release.

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Tourism Holdings sells Beach Rd showroom

Tourism Holdings’ ground-floor premises at 155 Beach Rd, central Auckland.

Tourism Holdings’ ground-floor premises at 155 Beach Rd, central Auckland.

Tourism Holdings Ltd has sold its Kiwi Experience showroom & office at 155 Beach Rd in Auckland, below the Copthorne hotel on Anzac Avenue.

Tourism Holdings occupied the 476m² ground-floor showroom with mezzanine office. The Cube – 3 strata-titled floors of apartments – is above it.

Chief financial officer Ian Lewington said today the unconditional sale contract was for the carrying value in the June accounts, $950,000. Settlement is due by the end of September.

Mr Lewington said the company continued to explore options for its Hamilton property, valued at $7 million.

Attribution: Company release, agency documents.

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Tourism Holdings gets earnings/share up 30%

Tourism Holdings Ltd increased its June year pretax surplus by 23% to $17.8 million, and net surplus by 29.5% to $11.2 million, on revenue down 2.7% to $170.5 million.

Earnings/share rose 30%, from 8.8c to 11.4/share.Excluding one-off tax adjustments in both years & unusuals last year, the $10.3 million trading net profit after tax was up 43%. Ebita (earnings before interest, tax & amortisation) was up 7% to $27 million.

The company said international tourism was more stable in the 2nd half.

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Tourism Holdings slashes profit forecast

Forecast $21m npat now cut by third

Tourism Holdings Ltd’s directors said on Monday net profit after tax for the year to June could be as much as one-third below the $21 million they forecast in November.

The directors made their statement after reviewing the draft half-year result, sales figures for January and projected forward bookings. The outcome was a revised forecast profit of $14-16 million.

The unaudited half-year result was a $6.6 million profit after tax, $1 million or 13% below the first-half last year, which the directors said was mainly due to lower revenue from the Australian rentals division.

Australian earnings before interest and tax fell 30%, but New Zealand ebit rose 3% despite a poor ski season, adverse South Island weather and higher fuel prices.

Tourism Holdings will make a full half-year announcement on 27 February.

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