Chairman, Mr Rob Campbell, said, “This year represents a turning point for thl. We have delivered the basics and the focus on delivering returns to shareholders has been well established. The Company will continue to grow returns and now focus on revenue growth.”
“We are in a positive economic environment for tourism. It is imperative that we maximise this opportunity, get aggressive about growth and scale this business internationally.”
Earlier this month, the Company announced that the strategic review of the capital structure conducted by First NZ Capital had been completed.
Mr Campbell said, “We are confident we have a strong and conservative balance sheet. We have announced a new dividend policy and we will target smart value accretive acquisitions on either an international or domestic basis.”
“We can see the potential for the existing business to achieve over $30 million NPAT within four years, before we account for acquisition growth. We will also target consistency in dividends and ensure we create sustainability in the business model.”
Chief Executive Officer, Mr Grant Webster, said, “We have proven our success in leveraging the operating costs in the business to deliver a record profit. We have also grown our capability as an organisation so we can deliver on the next stage of growth.”
“We have created the opportunity for us to invest in new initiatives, grow profit and dividends. The crew are highly engaged and ready for the next step.”
A final dividend of 8 cps, partially imputed (to 50%), was also declared, taking the total dividend to 15cps for the year
The Company has not given any guidance for the full FY16 year, although expects ongoing growth in all businesses. An update on the full year expectations will be provided at the Annual Meeting, when we will have greater clarity on the New Zealand high season and completion of the USA high season.
(1) EBIT excludes joint venture and associates earnings (2) In addition to net debt in FY15, there is a $13.6 million commitment against a letter of credit facility in favour of Action Manufacturing LP (formerly RVMG) for work in progress fleet purchases (FY14 $5.7 million).