Tourism Holdings (THL) chief executive Grant Webster did his best to sound upbeat last Thursday at the company’s annual meeting in Auckland after a horror year for shareholders that has seen the value of their shares almost halve in value since the start of the year.
Describing the company’s dramatic profit downgrade in May – when its profit guidance was slashed to between $50 million and $53m from $75m previously – as “a defining moment for THL” requiring deep reflection, Webster said it had led to “significant questioning and a review of the state of tourism and its prospects by everyone involved, given the quantum and timing so close to year-end”.
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