“GHL plays an important role in supporting the council’s aspirations for the community and we appreciate this result,” she said.
GHL chief executive Richard Searle said the strong operating profit was not just a result of market conditions but highlighted the work the team had put in.
“The financial year has seen a significant uplift when compared to 2024,” he said.
“That return to profitability reflects operational discipline and favourable market conditions across most of our business units, particularly in the latter half of the year.”
GHL’s net assets grew by $14.4m thanks to the strong operating performance and revaluation of assets.
“These gains are non-cash but are a fair reflection of the land value and its potential,” Searle said.
GHL made $3.3m in operating cashflow, half of which will go to the council as shareholder.
“Last year the payment was $390,000 so this year’s amount is a great outcome.”
Searle said a highlight for him in his first six months as chief executive had been the relationship with the council and its management team.
“When two organisations align their strategies, have good people on board and communicate well, things fall into place.
“Unlocking regional opportunities and enhancing asset management will continue to be the focus of the board.”
Searle said over the past six months there had been progress across its three asset classes - land operations, property and tourism accommodation.
The $4.5m redevelopment of the Tolaga Bay Holiday Park – a collaboration between GHL, Top 10 Holiday Parks Group and Hauiti Inc – had started and the holiday park should be open by Christmas.
“The year had seen some staff and board changes, with the departure of financial lead Sophie Ricard and long-time board member Dave Mullooly,” Searle said.
Both had been thanked for their service.
Phil McLeod joined the team as the new chief financial officer.
Existing directors Andrew Allan and Hayden Swann were reappointed to the board, where they were joined by Alice Pettigrew and Richard Burke.
