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Brighter outlook for Tourism Holdings

ALAN WOOD
Last updated 09:56 02/07/2014

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Campervan rental company Tourism Holdings says its annual profit will meet forecasts, and its debt will be lower than predicted.

With the June 30 financial year at an end, Tourism Holdings today said that based on a review of the non-audited full-year financial results, its net profit would meet or exceed the $10.5 million forecast released to the market in February 2014.

At the time of the release of its half-year result the company's chairman Rob Campbell said the forecast net profit would be up 175 per cent on the previous year's profit.

"The business is well on track with its transformation and a decisive focus on achieving appropriate returns for shareholders, " he said at that time.

Today the rental company said full-year net debt would be below $90m compared with the $95m forecast in February.

Early forecasts were being completed for the fiscal 2015 year and would be discussed in more detail with the annual results announcement on August 26.

"At this point in time we are confident of achieving further growth in FY15 and delivering the key objectives set at the 2013 annual meeting," Campbell said in a statement.

"Those objectives included achieving an appropriate rate of return on funds employed in the Australian and New Zealand rentals businesses."

The tourism company reported a $2.5m net profit for the six months to December 31, 2013 a turnaround from the previous year's after-tax operating loss of $500,000 in the first half.

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