Investors were disappointed by the half-year results of Apollo Travel and Leisure despite strong revenue and profit growth over the previous year due to a spate of acquisitions, including North American van rental company CanaDream and several retail outlets.
Apollo’s revenue was $172m for the six months to Dec 31, 2017, while net profit came in at $16m.
Apollo now has 4200 rental vans in Australia, New Zealand and North America. It also manufactures and sells vans in ANZ under the Winnebago, Adria and Talvor brands.
Shares have fallen by more than 10% since the results announcement yesterday, which at times appeared short on details and was revised and resent late in the day.
Apollo said the result met expectations and that the outlook remains positive.