THL is listed on the New Zealand Stock Exchange (NZX) and has just posted a net loss after tax of NZ$5.4 million for its full-year financial result, an NZ$8.9m improvement on the previous year’s net loss of NZ$14.3m.
Total revenue of NZ$345.8m was down 4% on the previous result due to reduced campervan rental revenue due to lockdown impacts.
It reports that record vehicle sales margins were achieved in all countries it operates, with average gain around NZ$29,000 per vehicle, up 137% on the previous year.
The appreciation in the value of used vehicle prices has resulted in real depreciation rates in FY22 being well below historical norms in all countries (and negative in the US). It is expected to increase from the current level in coming years.
Chief executive Grant Webster says FY22 was a year with two distinct halves.
“The first part of the year saw significant impacts from the COVID-19 Delta wave, travel border restrictions lifting later than initially anticipated, and an increasingly challenging global supply chain.
Within the context that international borders for most of the businesses remained closed for well over half of FY22, we are pleased with the businesses that have been profitable and focused on the recovery for those impacted by COVID-19,” he says.
THL and Apollo Tourism & Leisure Ltd (ATL/Apollo) continue to work with the New Zealand Commerce Commission and Australian Competition and Consumer Commission on obtaining clearance for a proposed merger.
This includes offering to divest a significant amount of its motorhome assets to Next Capital’s Jucy Rentals in a bid to satisfy regulators. A decision is expected to be available in September.
“The THL board recognise the potential of the proposed merger with Apollo in expanding our global business with greater geographic diversity and a wider breadth of manufacturing and sales across Australasia,” THL chair Cathy Quinn says
“The timeline for completing the various regulatory processes has been frustrating and we recognise that shareholders are likely to feel the same. However, at this point in time the THL board does still see merit in the transaction and can see a conclusion in a reasonable timeframe from now,” Quinn says.
