Tourism Holdings Ltd (THL) also booked a non-cash gain of $24.9million on a US asset valuation in new joint venture company TH2 with US camper van manufacturer Thor Industries, which on paper takes its profit to $62.4million for the year.
Revenue was up 25% to $426million, earnings before interest and tax rose 33% to $63.5million and after-tax profit rose 24% to $37.5million.
New Zealand and Australian rental income grew by 10% and 9% respectively and in the US there were strong vehicle sales, up 22%.
Debt increased more than forecast, rising from $176million a year ago to $199million, as the size of the camper van fleet was increased
THL chairman Rob Campbell said the company was in the midst of reallocating financial and intellectual capital toward global growth.
''We intend making this transition while maintaining a positive income distribution policy, but the focus is on global growth, which requires reinvestment.
''There will be times of consolidation to create and execute on the global platform,'' he said in a statement.
THL reiterated its target of achieving $50million profit in full year 2020.
Shares in THL declined 3.5% after the announcement to $5.93. The final dividend is 14c, taking the full year to 27c, against last year's 21c.
There were a total 1.13 million camper van rental days, generating $231million revenue, with 5731 vehicles on the books at year end.
Forsyth Barr broker Suzanne Kinnaird said while there was strong growth reflected in the result, it was below expectations.
That shortfall was due to lower New Zealand vehicle sales, a reduced vehicle sales margin in the US and more investment than anticipated in the US joint venture digital company.
''The outlook is blurred, yet the chairman and chief executive's commentary outline an aggressive growth-orientated future, including the prospect of near term merger and acquisition [activity],'' Mrs Kinnaird said.
However, THL said it was aiming for a $50million profit in 2020, which Mrs Kinnaird said highlighted its confidence in the business.
''That bodes well given the company's historic track record in meeting and exceeding previous goals.''
Craigs Investment Partners broker Chris Timms said it was a ''good'' result which was in line with expectations. The negative was low margins on US camper van sales.
He said the company's comment that making an outlook was ''difficult'' until the annual shareholders' meeting in October, ''created some uncertainty for investors'', which produced the 3.5% share price decline.
''The market reaction was based on the outlook statement, not historical results,'' he said.
Mr Timms was ''comfortable'' with debt levels climbing to $199million, being less than Craigs' forecast of about $203million debt.
THL chief executive Grant Webster said in many ways the result was ''complex'', given one-off gains, US tax changes, the first full year contribution from El Monte in the US and exchange rate movement impacts.
He said the creation of joint venture TH2 with Thor was the highlight of the year, given the potential of the business and THL intended investing about $15million into it.
