Steven Joyce has bought an 8.8 per cent shareholding in Jasons Travel Media. Picture / Richard Robinson
Expansion of web-based technologies is a top priority for Jasons Travel Media's new chief who has taken a stake in the listed company.
Steven Joyce, a former National Party election campaign manager, has been appointed Jasons' chief executive and bought an 8.8 per cent holding at 52c a share. Shares
in Jasons closed unchanged at 54c yesterday.
"I thought I'd better put my money where my mouth is," said Joyce, a non-executive director of Jasons for the past 18 months. "What's that line 'eat your own dog food'?"
Jasons' former chief executive, John Sandford, founded the company 39 years ago but said it was now time to step aside, although he would remain a board member and a shareholder through his family trust.
Jasons publishes five million copies of its 45 travel-related publications and employs 75 staff.
Joyce said internet expansion was a key to growth in the sector but the company's printed guides remained a priority.
"Don't under-estimate the power of the printed word, particularly in travel where people are looking for guides and reference books and the walk-around tour," he said.
"Now is a good time to be in tourism and travel because it's such a great industry."
Joyce is a former chief executive of Radio Works NZ, started in 1987, which has since been sold to CanWest. Radio Works owned a string of radio stations including The Edge, Solid Gold, Radio Pacific and The Rock. Joyce said he was happy with his holding and had no plans to increase it.
The Auckland-based travel information company posted a profit of $546,000 on revenue of $11.9 million in the year to March. Jasons was listed on the NZX at 50c a share in July last year.
