18 Apr 2019

Today's business news: What you need to know

4:34 pm on 18 April 2019

Latest - Tourism Holdings has revised down its profit forecast for this financial year after hitting trouble selling campervans in the United States.

A campervan at Takapuna Beach holiday park.

Photo: RNZ / Tiana Barns

Its net profit after tax will be between $25 and $28 million for the June year from an initial forecast of $32m.

Tourism Holdings' American operations account for about a third of its business.

Chief executive Grant Webster said it's now going to review its operations there to ensure slowing vehicle sales don't continue to affect its bottom line.

Turners Automotive on track to meet targets

The car auction and finance company says its full year profit is running to expectations with an improved fourth quarter trading performance.

The company expects its underlying profit to come in just above the midpoint of its previous guidance at $32 million for the year ended in March, excluding $4.5m of one-off costs associated with the rebranding of Buy Right Cars.

Turners chief executive Todd Hunter said the company has taken a number of steps to improve profitability.

Kiwi small firms' confidence edges up

Small firms' business confidence lifted slightly in the March quarter but remains low by historical standards, according to the latest ANZ quarterly NZ Business Micro Scope.

The survey reveals a net third of small businesses are pessimistic about general business conditions, but that's an improvement on the September quarter when a net 44 percent had a negative outlook.

Sky TV chief executive made a director

Martin Stewart took over the running of the company in February and will now also fill a casual vacancy as a director which was left vacant by the former chief executive John Fellet.

Trade Me taken off stock exchange

Trade Me Group will de-list from the stock exchange at the end of trading on 2 May after its takeover by British firm Apax Partners.

Diversified investment company, Ebos Group, will take its spot on the NZX top 20 index and aged care company Oceania Healthcare will take its spot in the top 50.

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