Despite the weak result, THL expects continued strong growth in global rental revenue. Photo: Unsplash / Lawton Cook
Campervan company Tourism Holdings (THL) has reported a bottom line net loss, mostly reflecting a drop in the value of its United States goodwill.
Despite the weak result, THL expects continued strong growth in global rental revenue, which was supported by forward rental bookings showing double-digit percentage revenue growth in all markets except the USA.
Key numbers
Key numbers for the 12 months June compared with a year ago:
- Net loss $25.8m* vs net profit $39.4m
- Revenue $937.2m vs $921.7m
- Underlying profit $28.7m vs $51.8m
- FY dividend 6.5 cents per share vs 9.5cps
- *Includes $54.5m non-cash writedown of US goodwill and deferred UK tax assets.
"FY25 was a challenging year, defined by uncertainty and instability in THL's trading environment globally, a tough macroeconomic environment and difficult market conditions throughout, and the FY25 financial result reflects the reality that the retail RV market remained in bottom-of-the-cycle market conditions across the year," chair Cathy Quinn said.
"The board believes THL has responded to these challenges effectively and has now passed an inflection point, with plans in place and initiatives under way to improve financial performance and deliver rental revenue growth while continuing to reduce costs and manage debt levels effectively."
Chief executive Grant Webster said weak market conditions in 2024 had carried through to 2025.
Chief executive Grant Webster. Photo: Linkedin
"The global challenges in RV sales led to surplus rental capacity and lower utilisation than desired across all markets in FY25," Webster said.
"However, we are now confident that we've made the changes needed to align our fleet management with market conditions and we're turning the corner.
"Our debt position at year-end, capital expenditure outlook and slower fleet rotation give us confidence that we have effectively addressed the issues and are on the road to recovery."
Webster said the company was confident it could exceed $100m in annualised net profit over the next three to four years.
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