Tourism Holdings’ (THL’s) FY16 NPAT of NZ$24.4m was in line with company guidance, 21% ahead of FY15 and 1.3% below our forecasts. The company grew EPS by 20.5% and has restored ROCE to 15.1% (FY15: 12.9%), which compares with its targeted long-term average of 14%. The dividend of 19 cents per share (50% imputed) is a 26.7% increase on FY15. THL has not given specific guidance for FY17 and, in line with previous years, further guidance will be provided at the Annual Meeting on 18 October 2016. The company confirmed that it will continue to work towards delivering NPAT of NZ$30m in FY18.
