Tourism Holdings narrows loss

AUCKLAND: Campervan operator Tourism Holdings has narrowed its loss after another year of pandemicdriven lockdowns and border closures.

The company made an underlying net loss after tax of $5.4 million in the year to June 30, a 63% improvement on the $14.3 million loss in made in the prior financial year.

Its statutory loss shrunk to $2.1 million from $14.5 million.

Incoming chairwoman Cathy Quinn said the company was not content with another loss but added: ‘‘All within THL have worked hard to narrow the loss and we will be working hard to see that it is the last for our business.’’

Ms Quinn said her focus was on seeing the business recover from Covid19 pandemic impacts and ensuring it was positioned to take advantage of opportunities as tourism rebounded.

Chief executive Grant Webster said the financial year had two distinct halves.

‘‘The first part of the year saw significant impacts from the Covid19 Delta wave, travel border restrictions lifting later than initially anticipated, and an increasingly challenging global supply chain.’’

Mr Webster said international borders for most of its businesses remained closed for well over half of its 2022 financial year.

Its operating revenue was down 4% to $345.8 million and earnings before interest and tax were $6.9 million — compared with the $8.3 million loss in the prior financial year.

Mr Webster said the tourism industry was just starting to recover with borders reopening and customers travelling again.

‘‘The New Zealand economy has an opportunity to leverage tourism for everyone’s benefit,’’ he said.

‘‘We see governments in other jurisdictions in which we operate heavily investing and engaging with the industry and hope that New Zealand does not fall behind.’’

The company is the largest provider of recreational vehicles in Australasia and the second largest in North America. It also owns 49% of UK business Just Go Motorhomes.

It also operates Kiwi Experience and Waitomo Glowworm Caves and a campervan manufacturing business.

Tourism Holdings is still waiting for regulatory approvals in its bid to acquire Australian tourism company Apollo Tourism & Leisure.

A decision was expected to be available in September.

Tourism Holdings did not declare a dividend and said a dividend was also unlikely for FY23.

It forecast a net profit after tax in the range of $17 million to $30.2 million for FY23. —