Archive | Tourism Holdings

Tourism Holdings talks business sales

Tourism Holdings Ltd said today it might sell some businesses.

The company made the announcement because, it said, it “has cause to believe that confidentiality may not have been maintained whilst in discussions with third parties on the possible sale of some of the tourism businesses within Tourism Holdings’ portfolio”.

Chair Rob Campbell & chief executive Grant Webster said the company was in discussions regarding the Kiwi Experience business & some of the Discover Waitomo businesses, including Black Water Rafting, Ruakuri & the Waitomo Homestead.

They said the Waitomo Glow Worm Caves business wasn’t included as an asset for sale.

They added: “The discussions are incomplete and, if they progress to a definitive transaction, we expect to be able to provide more information during November or December.”

Attribution: Company release.

Continue Reading

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.

Continue Reading

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.

Continue Reading

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.

Continue Reading

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.

Continue Reading