Full Year 2024 Tourism Holdings Ltd Earnings Call Transcript
Key Points
- Tourism Holdings Ltd (ASX:THL) reported an underlying profit after tax of $51.8 million, within the guidance range.
- Record EBIT results were achieved for New Zealand rentals & sales, action manufacturing, and the New Zealand tourism businesses.
- The company declared a final dividend of $0.05 per share, bringing the full-year dividend to $0.095 per share.
- Tourism Holdings Ltd (ASX:THL) successfully refinanced its banking facility, increasing capacity from $250 million to $475 million with better covenants and pricing.
- The company is focused on cost efficiencies and merger synergies, which are expected to positively impact future performance.
- Statutory net profit was $39.4 million, impacted by a $12.4 million impairment for the UK and Ireland divisions.
- Returns on funds employed declined, reflecting the challenging economic situation.
- The goal of achieving a $100 million net profit after tax by FY26 is now considered unlikely.
- The USA and Canadian businesses reported disappointing results, with the USA market described as particularly tough.
- The UK and Ireland divisions faced significant challenges, including vehicle supply issues and increased insurance costs, leading to a concerning result.
Thank you, everybody, for your time and welcome to the FY24 annual results presentation for thl. I've just been introduced, so Grant Webster, CEO of thl. I am here today with Cameron Mathewson, our new CFO; Steven Hall, our Deputy CFO; and Amir Ansari is here as well in his role of Leader of IR. I'm going to move through the presentation, as always, at a reasonable pace today. We'll skip several slides, making sure that we leave plenty of time for Q&A towards the end of the meeting.
So let's go straight through to slide 4, the executive summary. It is well understood, our underlying profit after tax was within the guidance range, $51.8 million. Statutory net profit of $39.4 million included the well-flagged $12.4 million impairment for the goodwill attributable to the UK and Ireland divisions.
Pleasingly, we had record EBIT results for New Zealand rentals & sales, action manufacturing, and the New Zealand tourism businesses. We're very pleased as well to continue to have strong
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