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TRT
TRT
Tourvest - Press release
TOURVEST INVESTMENT CORPORATION LIMITED
Registration number: 1996/008144/06
Share code: TRT
ISIN: ZAE000012472
For further information call
Tommy Edmond, CEO, on 011 728 0540
WITH RESTRUCTURING COMPLETED TOURVEST ANTICIPATES REAL GROWTH FOR YEAR
Johannesburg, 21 February 2006 - Tourvest today reported a 6.5% increase in
operating income for the six months to 25 December 2005 and said a stronger
second half was expected to produce real earnings growth for the full year to 25
June.
With comparatives restated to reflect Tourvest"s first time-adoption of
International Financial Reporting Standards (IFRS), turnover rose from R588.6
million for the first half of the previous year to R647.7 million and operating
income from R78.9 million to R84 million. (Today"s announcement notes that the
2004 interim results were distorted by some R8.1 million received from a VAT
refund and the sale of Starlight Cruises in that period.) Headline earnings per
share were down from 6.1 cents to 5.6 cents as a result of a higher tax charge
and an increase in minorities.
Chief executive Tommy Edmond said the group had started reaping the benefits of
the extensive restructuring of the past two years and all its operations, apart
from the financial services division, had delivered solid performances during
the review period. The outbound travel services division (operating income up
20% excluding the Starlight sale proceeds) and retail merchandising (operating
income up 34%) produced particularly good results. The financial services
division showed a 21% decrease in operating income due to reductions in outbound
volumes and note and traveller"s cheque purchases in its American Express
foreign exchange business.
Highlights of the period include:
* The partial completion of the Victoria Falls transaction - designed to
establish a dominant tourism activities presence in that region - through the
acquisition of the Zambian and Botswanan businesses concerned. (The Zimbabwean
component of the deal is still subject to regulatory approval in that country.)
* The acquisition of Cumming Travel, in line with the group"s strategy of
expanding its retail business. Cumming has a strong focus on the group,
conference and incentive sector of the market.
* The introduction of a powerful internet travel management engine, currently
in its pilot phase, to capitalise on the growing internet booking and sales
trend.
"There are still some areas in the group that need attention but in general our
operations are now in good shape. The strong rand continues to keep pressure on
us but we are nevertheless budgeting for a sound second-half performance which
should deliver real earnings growth for the full year. In the meantime, we
continue to look for acquisition opportunities both here and abroad and a number
of attractive prospects are currently under consideration," Edmond said.
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: 21/02/2006 12:16:03 PM Produced by the JSE SENS Department
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