Tourism Holdings Limited usually called 'thl' and formerly known as The Helicopter Line is a large New Zealand tourism company that has been listed on the New Zealand Stock Exchange since 1986.
The company began as a scenic helicopter flightseeing business and quickly grew by acquiring new businesses and diversifying. The thl business is now much different from its early years - in 2007 an extensive asset sale programme began followed by various mergers and acquisitions in 2010–2012. It is now the world's largest provider of commercial RV rentals with rental operations in New Zealand, Australia, United States, Canada and the United Kingdom/Ireland.
Sale of assets
In 2007, thl began to sell off a number of its business units including: Milford Sound Red Boats Kelly Tarltons Antarctic Encounter & Underwater World Great Sights New Zealand and Fullers Bay of Islands, initially by way of joint venture, which thl exited from Johnstons Coachlines, initially by way of joint venture, which thl subsequently exited from Its Wholesale Packaging unit
As some of these businesses were sold midway through the thl 2009 financial year, they are referred to as discontinued operations.
2009 financial results
On 26 August 2009, thl announced it had achieved a net profit of $2.9 million in the year ended 30 June. This was a substantial decline on the previous year when a $14.3 million profit had been achieved. thl noted that discontinued operations had made a small profit however continuing operations had made a loss.
2014 financial results
On 25 August 2014, thl announced a successful turnaround in the company's profitability and outlook with 192% increase in Net Profit After Tax of $11.1 million and gross annual dividend of 11 cents in calendar year 2014. A further 35% increase in forecast NPAT for FY15 of at least 15 million was also announced.
New chief executive
During the 2009 financial year, CEO Trevor Hall resigned from thl. He was replaced by Grant Webster.
2012 New Zealand rental business merger
In September 2012, plans began to merge thl with two other major New Zealand campervan rental companies: United Vehicle Rentals and Kea Campervans. The proposed merger was a result of falling visitor numbers from key markets in Europe such as Germany, The Netherlands and the UK, as well as the strengthened New Zealand dollar making New Zealand a more expensive destination. Combining the three businesses would lower overall operating costs and make it the most “logical, strategic and best response to the challenging realities facing the New Zealand campervan market”. On 19 October 2012 this merger was approved at a special thl shareholders meeting, effective 1 November 2012.
El Monte Rents acquisition
In December 2016, it was reported that Tourism Holdings would acquire US-based recreational vehicle hire company, El Monte Rents, for $65.3 million. The deal will be funded through debt from existing lenders and 3.4 million shares in Tourism Holdings. The acquisition provides Tourism Holdings with the second-largest market share, behind Cruise America, in the US recreational vehicle rental market with 28; whilst Cruise America holds 52%. The New Zealand Herald noted that the acquisition provided Tourism Holdings with the perfect opportunity to remodel its US operations to resemble its New Zealand and Australian Businesses.