Update: Key boxes ticked
Tourism Holdings (THL) announced an FY15 NPAT of NZ$20.1m (guidance range NZ$19.5-20m). The result showed improved ROCE of 13.3% (the company’s target is at least 14%), which was 2.6x better than the returns of just two years ago. The improved result was achieved from a combination of solid top-line growth of 4%, fleet optimisation, improvements in manufacturing and reduced operating costs. We expect a continuation of solid tourism growth (~5%), more operating efficiencies and a flow-through from initiatives that should see THL sell more services to its customers. FY16 guidance will be provided at the annual meeting.Tourism Holdings is engaged in the manufacture, rental and sale of motor homes and campervans and other tourism related activities. Co. is organized into three business segments: Rentals, Ci Munro and Tourism Group.
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