Jasons signals Profit Increase for 07/08 at AGM

For Immediate Release
2 August 2007

Jasons signals Profit Increase for 07/08 at AGM

Jasons Travel Media Chairman Geoff Burns today announced that the company expects a significant increase in profits in the current year to March 2008.

Speaking at the company's annual general meeting, Mr Burns said that Jasons would be disappointed if EBITDA did not increase by at least 30% in the year to March 2008. "With the cost savings we have made, the previously announced acquisitons, and the current positive trading conditions, we would expect an EBITDA increase of at least 30%".

He added that there would be some increase in interest expenses in the year, as the acquisitions made to date have been debt-funded. "We are still pursuing our acquisition strategy, and if appropriate opportunities are realized, we would be looking for some equity funding at that point", he said.

Mr Burns also signalled that the six month result would look significantly different to last year's six month comparative, because of a change in publication dates for one of the company's major products. "Our six month result this year will look much more favourable than the same result last year," he said, 'but by itself that change does not have any impact on the full-year result. It is purely a timing difference."

During the AGM, Jasons CEO Steven Joyce announced the launch of Jasons new website, which is designed to take the booking of on-line travel and accommodation to another level across New Zealand, Australia, and the South Pacific. "We have added a large number of new features for users and clients," he said, "with the aim of providing everything at the traveller's fingertips, with an absolute minimum of clicks."

ENDS

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