Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Strong 1/2 year results sets positive growth expectations

26th February 2014

MEDIA | NZX RELEASE

TOURISM HOLDINGS LIMITED (thl)

FINANCIAL RESULTS FOR SIX MONTHS ENDED 31 DECEMBER 2013

Strong half year results sets positive expectations for growth

HIGHLIGHTS:

- Operating Profit Before Financing Costs and Tax (EBIT) of $7.2M up $1.9M on the prior corresponding period (pcp)

- Net Profit After Tax of $2.5M versus a loss of $(0.5M) for pcp

- Interim dividend of 5 cents per share declared versus 2 cents for pcp up 150%

- Net Debt decreased to $97M down $37M on the pcp

- FY14 year end NPAT forecast of $10.5M up 175% on previous year actual result of $3.8M

- Strategic financial goals set at the Annual Meeting are well on track

thl today released an interim result well ahead of the previous year’s performance setting a strong base for a dramatically improved FY14 result.

Chairman of thl Mr Rob Campbell said: “We have publicly set some clear financial goals for the business and this result keeps us ahead of that plan and reinforces the commitments we have made to all shareholders.”

“We are now in a position to forecast a FY14 year end Net Profit after Tax of $10.5M which will be an increase of 175% on the prior year. The business is well on track with its transformation and a decisive focus on achieving appropriate returns for shareholders. The 5cps dividend should also be seen by all as a positive indication of our progress and commitment to those targets.”

thl has now positioned itself to protect recent gains with discipline and is creating a plan for growth. As a board we are collectively focussed on both of these elements.”

thl Chief Executive Officer Mr Grant Webster said: “All parts of the business have growth planned for the FY14 year and are performing in line with those plans. Significantly, the approach to rectifying the Australian result is working and we remain confident in achieving an appropriate return on capital over the next 18 months.” thl – Financial Results Six Months Ended 31 December 2013 Page 2 of 9

Mr Webster also said: “We are also very pleased with the net debt position of $97M at December. Whilst a portion of the decrease against guidance is timing, we can also now confidently forecast a net debt figure for June 2014 of $95M, a drop of 40% since the New Zealand rentals merger in November 2012. This forecast net debt figure is after the payment of $5.6M to shareholders through the interim dividend to be paid in April 2014.”

Revenue for the half of $112M represented an increase of 4% on the pcp. Operating Profit before financing, joint venture earnings and tax (EBIT) of $7.2M was an increase of $1.9M on the pcp. All businesses performed in line with expectations.

Read full press release here:

thl__Media__NZX_Release__thl_financial_results_six_months_ended_31Dec13.pdf

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Sky City : Auckland Convention Centre Cost Jumps By A Fifth

SkyCity Entertainment Group, the casino and hotel operator, is in talks with the government on how to fund the increased cost of as much as $130 million to build an international convention centre in downtown Auckland, with further gambling concessions ruled out. The Auckland-based company has increased its estimate to build the centre to between $470 million and $530 million as the construction boom across the country drives up building costs and design changes add to the bill.
More>>

ALSO:

RMTU: Mediation Between Lyttelton Port And Union Fails

The Rail and Maritime Union (RMTU) has opted to continue its overtime ban indefinitely after mediation with the Lyttelton Port of Christchurch (LPC) failed to progress collective bargaining. More>>

Earlier:

Science Policy: Callaghan, NSC Funding Knocked In Submissions

Callaghan Innovation, which was last year allocated a budget of $566 million over four years to dish out research and development grants, and the National Science Challenges attracted criticism in submissions on the government’s draft national statement of science investment, with science funding largely seen as too fragmented. More>>

ALSO:

Scoop Business: Spark, Voda And Telstra To Lay New Trans-Tasman Cable

Spark New Zealand and Vodafone, New Zealand’s two dominant telecommunications providers, in partnership with Australian provider Telstra, will spend US$70 million building a trans-Tasman submarine cable to bolster broadband traffic between the neighbouring countries and the rest of the world. More>>

ALSO:

More:

Statistics: Current Account Deficit Widens

New Zealand's annual current account deficit was $6.1 billion (2.6 percent of GDP) for the year ended September 2014. This compares with a deficit of $5.8 billion (2.5 percent of GDP) for the year ended June 2014. More>>

ALSO:

Still In The Red: NZ Govt Shunts Out Surplus To 2016

The New Zealand government has pushed out its targeted return to surplus for a year as falling dairy prices and a low inflation environment has kept a lid on its rising tax take, but is still dangling a possible tax cut in 2017, the next election year and promising to try and achieve the surplus pledge on which it campaigned for election in September. More>>

ALSO:

Job Insecurity: Time For Jobs That Count In The Meat Industry

“Meat Workers face it all”, says Graham Cooke, Meat Workers Union National Secretary. “Seasonal work, dangerous jobs, casual and zero hours contracts, and increasing pressure on workers to join non-union individual agreements. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news