‘Back To Basics’ is focus for Shotover Jet

Media Statement
For immediate release
29 October 2001

‘Back To Basics’ is focus for Shotover Jet

Shotover Jet Limited’s Chief Executive, Adrian Januszkiewicz, told shareholders in Queenstown today that the focus for the company in the coming twelve months will be one of consolidation with the emphasis on maximising returns from existing assets.

Addressing the company’s Annual General Meeting, Mr Januszkiewicz described the performance of the Shotover Jet Group in the last financial year as satisfactory and said that the company was currently well placed to improve on the net-surplus of $2.18 million to 30 June 2001. This was an increase from the previous year’s result of $484,000.

Besides the Shotover Jet operation at Queenstown, the Group also runs jet boat operations on the Dart River, in Taupo and Fiji as well as operating the Rainbow Springs tourist park in Rotorua.

Mr Januszkiewicz, who took over as Chief Executive in June of this year, said that while the tourism industry faced uncertain times because of world events, he was confident that a ‘back to basics’ approach, coupled with sensible planning, would minimise any potential negative impact on Shotover Jet.

Mr Januszkiewicz said the local tourism industry was expecting a 10 per cent downturn in tourist numbers in the short term, with the Japanese and American markets likely to be worst affected.

However, he said the Shotover operation would not be completely exposed to these trends since its customer base included a significant number of domestic and Australian tourists.
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“The key to our approach over the coming year is one of simple strategies, financial prudence and operational excellence - in other words doing the things we do now, but to an exceptional standard,” Mr Januszkiewicz said.

“Given the challenges currently facing the New Zealand tourism industry in light of world events, we have also undertaken some very careful planning to minimise any potentially negative effects on our profitability.

“Flexibility is a key word in tourism operations and the challenge facing us all at present is to increase operational flexibility to ensure that we can adjust to seasonal and industry cycles as well as new circumstances.

“I am confident that, whatever those circumstances are, with the skills and dedication of the Shotover Jet team, we will continue to position the company as the most widely recognised and profitable attraction in New Zealand.”

Mr Januszkiewicz told shareholders that among the significant developments in the near future would be the re-equipping of the Shotover Jet and Dart River Safari operations with new boats and significant investment in the Rainbow Springs operation.

He said that a comprehensive review of the company’s staff and operational performance, sales and marketing, and safety management programmes had all recently been undertaken as part of the move to deliver better results for the company in the short term as well as providing a foundation for future growth and development.

ENDS

For further information, please contact:
Adrian Januszkiewicz
Tel: 0-3-442 7087

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