Campervan company Tourism Holdings (THL) has reported a net loss of $25.8 million for the year ended June, compared to a net profit of $39.4 million a year earlier, largely due to a $54.5 million non-cash writedown of its United States goodwill and deferred UK tax assets.
According to a news article by RNZ, revenue for the year was $937.2 million, up slightly from $921.7 million, while underlying profit fell to $28.7 million from $51.8 million.
The company declared a final dividend of 6.5 cents per share, down from 9.5 cents per share.
Despite the disappointing bottom line, THL said forward rental bookings indicated strong growth in global rental revenue, with double-digit percentage increases in all markets except the United States.
Chair Cathy Quinn acknowledged the difficulties, saying, “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.”
She added that the board believed the company had reached an inflection point and had plans underway to improve performance, reduce costs, and manage debt effectively.
Chief executive Grant Webster also highlighted the difficulties carried over from 2024, saying, “The global challenges in RV sales led to surplus rental capacity and lower utilisation than desired across all markets in FY25.”
However, he expressed optimism about the changes made, noting, “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,” Grant added.
Webster further stated that THL expects to exceed $100 million in annualised net profit within the next three to four years, reinforcing the company’s view that it is positioned for future growth.
This highlights both the challenges in global RV sales and the resilience of rental demand, showing how companies like THL are adjusting strategies to secure long-term profitability and stability in outdoor travel markets.
