Campervan company Tourism Holdings says risks and uncertainty remained for the next six months. Photo: 123RF
Tourism Holdings first half result reflects what has been the most difficult period for the recreational vehicle industry in decades, with net profit down 36 percent, the company said.
While the company's underlying profit for the six months ended December was up 23 percent, it said risks and uncertainty remained for the second half of the year.
"Although we will be driving to achieve the best of these outcomes, market factors may delay our recovery until FY26 and prevent us from delivering underlying net profit growth in FY25 overall," THL chief executive Grant Webster said.
Key numbers for the six months ended December compared with year earlier:
- Net profit $25.3m vs $39.7m down 36 percent
- Revenue $458.4m vs $449.2m up 23 percent
- Underlying profit $113.3m vs $119.7m down 5 percent
- Interim dividend 2.5 cents per share vs 4.5cps down 44 percent
"Pleasingly, New Zealand rentals & sales has gone from strength to strength," Webster said.
"New Zealand increased rental revenue by 25 percent during a period in which inbound visitor growth was only 6 percent. The most notable decline has been in our Australian division, mainly due to challenges in the Retail Dealerships, which have seen the greatest impact from the current cycle."
He said the uncertainty in vehicle sales made it difficult to provide a full year profit guidance, though intended to update the market in the fourth quarter ending in June.
"We remain confident in the global rental outlook and continue to reinforce that there are no indicators of a structural change in the demand for RVs in our operating markets," he said.
"This combined with our ongoing efforts in cost out and optimisation, efficiencies, investment in people and leveraging merger benefits, underpins our confidence in a strong rebound in future performance."
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