Apollo Tourism & Leisure has recorded a $61.2 million loss in the 12 months to 30 June 2020, with no dividend for shareholders.
The loss follows a $3.7 million profit in FY19, and included $38.9 million of non-cash impairments to intangible and other assets, as well as a $12.5 million loss on sale of the RV specialist’s US rental fleet.
However, despite the impact of COVID-19 resulting in Apollo’s income declining significantly since April, with rental revenue down roughly 94 per cent in the final quarter of FY20, total revenue rose by 0.7 per cent to $366.7 million.
Apollo has been busy pivoting its rental focus towards domestic markets, which usually make up approximately 20 per cent of the annual booking revenue in Australia, New Zealand and Canada.
Domestic booking revenue is up on average by 38 per cent in Australia, 229 per cent in New Zealand and 115 per cent in Canada for June and July.
Furthermore, Australian RV sales orders taken between May 2020 and July 2020 were up on average by 16 per cent per month.
Apollo noted that it has managed liquidity through a combination of principal repayment holidays, cost reductions, government support, accelerated fleet sales and reduced capital expenditure.
Luke Trouchet, CEO and managing director at Apollo, said: “The impact of the coronavirus and its associated government restrictions has been devastating for the global tourism industry.
“Apollo has reacted quickly and implemented initiatives to mitigate the impact on the business and ensure that Apollo will be in a position to benefit when tourism activity recovers.”
Featured image source: Apollo Motorhome Holidays