| Thu 27 Sep 2007, 12:00 | | TRT - Tourvest Gearing Up For World Cup Growth |
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TRT
TRT
TRT - Tourvest Gearing Up For World Cup Growth
Tourism Investment Corporation Limited
(Incorporated in the Republic of South Africa)
(Registration number 1996/008144/06)
Share code: TRT
ISIN: ZAE000012472
"Tourvest"
TOURVEST GEARING UP FOR WORLD CUP GROWTH
Johannesburg, 27 September 2007 - The 2010 World Cup is raising awareness of
South Africa as a tourism destination and this is fuelling further growth in the
volume of overseas visitors to the country, says Tourvest chief executive Tommy
Edmond.
In Tourvest`s annual report for 2007, published today, Edmond says the group has
strategies in place to ensure that it benefits fully from the World Cup and from
the double-digit growth in overseas tourist numbers which it expects after 2010.
The overseas tourist market grew by 7% over the past year, contributing to a 25%
increase to R1.6 billion in Tourvest`s revenue for the year ended 25 June 2007.
Attributable earnings rose by 28% to R148 million.
"Tourvest`s performance is subject to two key factors: our retail travel
operation is dependent on the volume of activity in the local market while our
other businesses depend on the amount of money spent in South Africa by overseas
tourists, with our financial services division dependent equally on both
sectors." Edmond says.
"Against this background, Tourvest`s strategy has been to grow our South African
businesses while at the same time to expand our investments outside South Africa
to reduce our reliance on a single market. This has led to acquisitions in the
Caribbean (a souvenir curio and craft chain), Nigeria (a corporate travel
agency) and East Africa (an inbound tour operator). Locally, we have
diversified into the hotel, the game lodge and, most recently, the destination
restaurant sectors.
"Each of the new businesses has the potential to grow into a significant
contributor to the group`s bottom line and it is a key management objective to
ensure that this potential is fully realised."
For further information call Tommy Edmond, CEO, on 011 728 0540
Issued by du Plessis Associates on behalf of Tourism Investment Corporation.
dPA contact Helen McKane Tel : +27 11 728 4701, Fax: +27 11 728 2547, Mobile:
082 330 2034 or e-mail: tourvest@dpapr.com
Website : www.tourvest.co.za
Investment Bank and Sponsor to Tourvest
Investec Bank Limited
Date: 27/09/2007 12:00:01 Produced by the JSE SENS Department.
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