Jasons Travel Media has reported a 35.3 per cent increase in annual net profit to $982,000, having spent $2.57 million on acquisitions during the past year.
In the year to the end of March, the company made three acquisitions - the internet booking websites of Strait Solutions; the
Today-Tonight visitor guide print publications in Christchurch and Queenstown; and the brochure distribution services and two visitor guides of Whytewaters in Queenstown.
An upgraded version of the main www.jasons.com website was also launched, and was making strong year-on-year traffic growth, the company said.
Jasons Travel reported revenue up 11 per cent from a year earlier to $13.65m, while earnings before interest, tax, depreciation and amortisation (ebitda) rose 48.9 per cent to $2.64m.
Interest charges were $448,000, compared to $256,500 in 2007, with the rise greater because of funding requirements for acquisitions, chairman Geoff Burns said.
As a result of a rights issue completed in November, the interest charge was expected to fall back again this year.
Capital spending - which was $585,000 compared to $438,500 - was expected to track back to 2007 levels in 2009 following the completion of the major part of the website upgrade in the 2008 year, Burns said.
The ebitda figure was affected negatively by a one-off adjustment in the work in progress account, with a more conservative approach being taken.
"Our new acquisitions, together with continuing improvements in our legacy businesses, have resulted in another positive growth performance for shareholders," Burns said.
The company said it was expecting revenue and profitability growth in 2009.
But it also said shareholders should be aware there was some uncertainty around short term prospects of the tourism sector as a whole, which may act as a counterweight to the organic growth being budgeted for.
A fully imputed final dividend of 2.24c (net 1.5c cents) is to be paid.
Shares in the company last traded at 80c at the start of May, having ranged between $1.065 and 66.8c in the past year.
- NZPA
