Record numbers and record profit for Ngai Tahu Tou

Media statement 18 September 2007
For immediate use

Record numbers and record profit for Ngai Tahu Tourism

Ngāi Tahu Tourism has posted a record profit for the financial year ending 30 June 2007, as a change in focus starts to pay off for the company.

The $8.6M EBIT (earnings before interest and taxes) was on the back of revenues of $39M and record customer numbers of 525,000 and represents a 48 per cent increase on the previous highest EBIT result achieved in 2005.

Chief Executive John Thorburn said the result was a pleasing outcome for the company, reflecting strong overall visitor numbers and signs that its new strategies were starting to bear fruit.

“This year has seen significant change across the company as we’ve moved to realise greater efficiencies and synergies by working in regional clusters,” Mr Thorburn said.

Key areas of regional focus included Southern Lakes, the South Island’s West Coast, Abel Tasman and the Central North Island.

”This regional focus means our companies are concentrated on the communities they operate in,” said Mr Thorburn.

“They are major employers and contributors to the economies in which they operate and play a leading role in the tourism activities of those regions.”

The 2006/2007 year also saw Ngāi Tahu Tourism grow its stable of companies and tourism offerings.

“We have looked to consolidate our existing operations and have been fortunate this year to have the opportunity to acquire a number of complementary operations.” said Mr Thorburn.

Acquisitions during the 2006/2007 year included Dart Wilderness Adventures at Glenorchy and The Guiding Company in Franz Josef. Both companies have now been integrated into existing operations in these areas. In the Abel Tasman, Ngāi Tahu Tourism has recently formed a joint-venture with local iwi-based organisation, Wakatu Incorporation. The joint venture has made further acquisitions.

Mr Thorburn said Ngāi Tahu Tourism had exciting plans for growth in the coming year.

“For a start, we will make further investment in the West Coast, beginning construction of a new multi-million dollar hot pools complex at Franz Josef,” he said.

Ngāi Tahu Tourism is a wholly owned subsidiary of Ngāi Tahu Group Holdings.

Ngāi Tahu Group Holdings Chair, Wally Stone, said the result was a good one and that he was looking forward to presenting the Group’s overall result to the tribe early next month.

“Ngāi Tahu Tourism has mapped out an appropriate and clear strategic direction that is starting to pay dividends,” Mr Stone said.

“I am very comfortable with how it has positioned itself.

“Ngāi Tahu Holdings Group is a long-term investor, committed to the tourism sector and we expect further growth opportunities to come on line in the coming year”

“As a group we see Ngāi Tahu Tourism taking a stronger leadership role in the industry, he said.

Ends

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