Rising inbound tide buoys Tourvest results

TOURVEST’s inbound tourism services boosted the group’s interim results for the six months to December. The group reported an 18% increase in overall operating income to R99m. The group’s inbound tour operator business (TIO) achieved volume growth above market growth levels. Tourvest noted that there was a decrease in groups and an increase in FITs. “This type of traveller is more work and results in less revenue,” said Tommy Edmond, Tourvest ce. The group gave up on its Japanese business as a result of delays in debt recovery, but is currently rebuilding its business there. Tourvest Inbound Products (TIP) grew by 12% at an operating level. A loss of R1m was recorded by Shongololo, which the group attributes to unfavourable currency hedges. The group believes Shongololo will either break even or show a profit for the full year, due to a management change and the introduction of four new Commodore class coaches in January. Plans for the future include the expansion of its hotels and lodges into the Garden Route and Namibia and activities in other major tourist centres. Sue Lewitton (suel@nowmedia.co.za)