New Zealand’s largest camper van rental operator Tourism Holdings Limited (THL) has announced a revised FY15 year-end net profit after tax (NPAT) from $17M, which it released in December 2014, to between $19.5 and $20M.
The announcement comes on the back of recent trading results in the New Zealand and US markets. It is the third time the NZX listed company has raised its full-year net profit forecast in the past six months.
In a statement released to the NZX, THL says the year-end NPAT forecast includes two one-off items.
There was a positive contribution of $1.6M arising in relation to an agreed early termination of the Alpine Bird deferred consideration agreement that formed part of the merger with Kea in 2012.
The other is a negative revision in valuation of the Hamilton building asset of $1.5M, which is currently under sale contract.
Net debt level is forecast to reduce as a result of the improved trading and the two one-off items.
It is now forecast to be in the range of $65 to $70M down from the interim result release forecast of $80 to $85M.
THL chief executive Grant Webster told Stuff last year that the company was benefiting from increased world tourism numbers expected in the next five years.
At the time Webster said New Zealand, Australia, and the United States were all forecasting five-year compounding growth rates in tourism of 4%.
THL has also signalled a capital review according to Stuff engaging First New Zealand Capital to find options to maximise shareholder value by evaluating its capital structure, strategic options, and the liquidity of its shares.
