Tourism Holdings CFO Davis on medical leave until next month

Friday 17th August 2018

Tourism Holdings chief financial officer Mark Davis is on medical leave until next month and will miss an already delayed annual results announcement.

Chief executive Grant Webster and financial controller Steven Hall will pick up Davis's duties until he returns in early- to mid-September, Tourism Holdings said in a statement. The Auckland-based rental campervan operator had already delayed announcing its annual results for a week to Aug. 28, citing illness.

"The board has carefully considered the workloads on the various people involved, especially in the lead-up to year-end results, and believes that the level of expertise available and oversight of the financial function within THL during Mark’s absence is appropriate," chair Rob Campbell said.

First NZ Capital analysts predict Tourism Holdings lifted annual profit 35 percent to $40.8 million in the year through June, and will pay a bigger dividend, as the company benefits from strong tourism numbers. In an earnings season preview, First NZ analysts said they were "cautious around the potential for softer outlook commentary" given a number of indicators such as rising oil prices pointed to a turn in the economic cycle.

Tourism Holding's shares slipped 0.2 percent to $6.06, having increased 0.3 percent so far this year. First NZ's target price for the company is $5.23.

Separately, Ministry for Business, Innovation and Employment figures released today show spending by international visitors climbed 9 percent to $11.1 billion in the year ended June 30, with German visitors the highest spending tourists per person at $5,900, or $563 million in total. Germans were more likely to freedom camp than visitors from other nations, in what's normally a longer stay and leads to more spending.

(BusinessDesk)

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