Tourism Investment Corporation Limited - Tourvest Looks Outside For Growth
TOURISM INVESTMENT CORPORATION LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1996/008144/06)
Share code: TRT
ISIN: ZAE000012472
For further information call
Tommy Edmond, CEO, on +27 11 339 6044
TOURVEST LOOKS OUTSIDE FOR GROWTH
Johannesburg, 30 September 2005 - Following a two-year period of restructuring
and refocusing, the Tourvest group is now soundly positioned for a new growth
phase, says chief executive Tommy Edmond.
In the group"s 2005 annual report, published today, Edmond notes that until the
end of 2003, Tourvest"s profit was largely attributable to a favourable exchange
rate. When the rand started strengthening, it exposed some infrastructural
deficiencies which have now been addressed. While the group would always be
currency-dependant, this reorganisation should enable it to achieve real
earnings growth even at a rate of R6 to the dollar.
"Given the substantial market shares we hold in our existing businesses,
Tourvest will have to seek this growth beyond its existing borders or in new
market sectors, or both," says Edmond.
"Our businesses have some unique skills, which we believe are eminently
exportable to other regions or applications: our expertise in destination
retail is undoubtedly world-class; we have shown that we are capable of
competing effectively for the duty-free concessions of major international
airlines; and we have developed advanced abilities in foreign exchange retail.
We are actively seeking opportunities for leveraging our specialist skills, and
we are confident that we shall be successful in finding and exploiting these,
but this will inevitably be a time-consuming process."
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
Date: 30/09/2005 10:00:09 AM Produced by the JSE SENS Department
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