Grant Webster
Level 1, 83 Beach Rd, PO Box 4293, Auckland 1010

Tourism Holdings Limited Analysis


Tourism Holdings Limited is New Zealand's premier tourism company. It is the largest provider of holiday vehicles for rent and sale in Australia and New Zealand under the Maui, Britz, Mighty, KEA Australia and Motek Vehicle Sales brands. In the USA it owns and operates the Road Bear RV Rentals and Sales brand.

Within New Zealand, Tourism Holdings Limited also operatse Kiwi Experience and the Discover Waitomo Group which includes Waitomo Glowworm Caves, Ruakuri Cave, Aranui Cave and The Legendary Black Water Rafting Co.

In 2012 the company entered in a joint venture to form RV Manufacturing Group LP, New Zealand's largest motorhome and specialist vehicle manufacturer. RVMG LP has operations both in Auckland and Hamilton.


The following information was extracted from Tourism Holdings Limited's half year report, released on 20 February 2024:



  • Net profit after tax (NPAT) of $39.7M, an increase of 58% on the prior corresponding period (pcp)
  • Rentals performs well globally, with rental yields growing or remaining stable in all markets
  • Continued rental fleet growth, with closing rental fleet of 7,366 up 15% on the pcp
  • An interim dividend of 4.5 cents per share declared, 100% imputed and 25% franked
  • A challenging global vehicle sales environment sees fewer sales volumes. Gross profit margins are now normalising in most markets, in line with our expectations
  • Action Manufacturing and Tourism deliver record half-year results and are on track to deliver record results for FY24
  • We currently expect NPAT in FY24 to be around $75M. Rental demand and yields continue to outperform expectations which provides some upside potential. There also remains a level of uncertainty around retail vehicle sales which provides downside risk
  • We reiterate our goal to deliver $100M in NPAT in FY26

thl today releases its results for the six months ending 31 December 2023.

Cathy Quinn, thl Chair, said “we consider that we are in a strong position today. We have made significant progress on the integration of the merger, realisation of synergies and are managing a large change programme positively whilst organically growing the business with the recovery of international tourism. We are being responsive to broader market conditions, in particular the vehicle sales market and managing our fleet investment decisions.”

Grant Webster, thl CEO, said “the two clear trends through our results have been the outperformance of rentals on a global basis and ongoing volatility in vehicle sales. Our rentals businesses in each market have delivered positive results, supported by strong rental yields that saw good growth in most markets. Our overall result was impacted by the ongoing challenges in the global vehicle sales market, which are also evident across the broader automotive retail market.

“Action Manufacturing and our Tourism division have also had strong performances, delivering record half-year results with both on track to deliver record full year results in FY24.”

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