The New Zealand fleet increased by 611 vehicles to 2778, with revenue per average rental vehicle falling 5.2% to $56,800.<\/p>\n
Underlying earnings before interest and tax (ebit) were up 17% to $105.4m, with underlying earnings before interest, tax, depreciation and amortisation up 14% to $222.4m.<\/p>\n
THL grew its fleet 10% over the financial year to 8587 vehicles.<\/p>\n
THL has a goal to deliver a net profit of $100m after tax over the next three years, with key strategic priorities to support this.<\/p>\n
Overall, THL reported an underlying net profit of $46.1m, up 34%, with a statutory net profit of $39.9m.<\/p>\n
THL chief executive Grant Webster said rental remained the engine of the business as it entered the second half.<\/p>\n
\u201cOperationally, this was a year of delivering hard actions. We consolidated Australasian manufacturing into Hamilton and launched a redesigned Winnebago range, and opened a new Queenstown site on August 17,\u201d Webster said.<\/p>\n
\u201cWe exited two loss-making Australian dealerships and delivered approximately $5 million of underlying labour, corporate and digital cost savings.\u201d<\/p>\n
Tourism Holdings chief executive Grant Webster said the business entered the second half with “real momentum” before the Middle East conflict. Image \/ Tourism Holdings<\/p>\n
Outlook<\/p>\n
Conflict in the Middle East disrupted the momentum.<\/p>\n
Webster said international travel was disrupted in March, with the flow-on impacts of fuel pricing impacting domestic tourism for a period.<\/p>\n
He said Southern Hemisphere booking intake had since recovered to be ahead of the prior year, with New Zealand intake over the last four weeks up around 40%.<\/p>\n
\u201cCanada is on track for record rental revenue this summer season, and recent US intake is tracking around 45% ahead. That tells us a portion of demand was deferred rather than lost.\u201d<\/p>\n
With the market creating a gap in forward booking intake, Webster said it is unlikely to be fully recoverable.<\/p>\n
Paired with continued weakness in the rental vehicle market, THL said this had impacted the earnings step-up it expected for the 2027 financial year.<\/p>\n
THL has a goal to deliver a net profit of $100m after tax over the next three years, with key strategic priorities to support this.<\/p>\n
The company has made progress on all the strategic initiatives it announced in August 2025.<\/p>\n
Those included the sale of THL UK & Ireland for roughly $57m, the exit of two loss-making Australian dealerships, closure of the Brisbane factory and implementation of North American labour, fleet and procurement synergies.<\/p>\n
THL acknowledged that the timing of meeting the goal may have changed because of the slowdown caused by the Middle East conflict, but said the long-term opportunity had not.<\/p>\n
Takeover update<\/p>\n
THL\u2019s board is still conducting due diligence with two parties that have made non-binding indicative offers.<\/p>\n
The company received the first offer from the consortium in August 2025, valued at $2.30 per share, before the consortium upgraded it in May 2026 to $3.10 per share.<\/p>\n
The consortium included BGH Capital (BGH) and the family interests of Luke and Karl Trouchet (Trouchet Shareholders). Luke Trouchet was a former director at THL.<\/p>\n
The consortium currently holds about 19.9% of the shares in Tourism Holdings.<\/p>\n
THL\u2019s board then announced it had received an additional offer from a party it considered a \u201ccredible strategic buyer\u201d, for the acquisition of 100% of the shares in the company, valued at $3.30 to $3.40 per share.<\/p>\n
The company confirmed due diligence with both parties remains underway and is expected to continue for another six weeks.<\/p>\n
\u201cBoth proposals remain non-binding and subject to a range of conditions; there can be no certainty that either will result in a transaction, and shareholders are not required to take any action at this time,\u201d the company said.<\/p>\n
THL declared a final dividend of 7.5c per share, taking the full-year dividend to 10.5c per share, an increase of 62% on the prior year.<\/p>\n