Strong Year For ILT Despite Covid-19 Constraints

The Invercargill Licensing Trust recorded a $1.4 million loss during April as a result of Covid-19, reporting a 55% decline in sales compared to the same time last year.

But total sales for the year were still 1.5% higher than last year – up $1.3 million to $93.2 million.

In a report was submitted at the ILT board meeting on Thursday June 18 the chief executive announced that fortunately a $1.2 million Government wage subsidy meant the overall trading loss during Covid-19 was reduced to just $200,000.

“Just four weeks earlier (end of February 2020 we were ahead of last year by $1.7 million or 2.1%.

“The global Covid-19 pandemic and the associated health measures in New Zealand took the most effect from 23 March 2020,” he said.

“This resulted in the closure of all our businesses for this last week in March which resulted in the loss of sales to the tune of approximately $650,000.”

CEO Chris Ramsay said, in the report, they had been fortunate in both the 2019-20 years to have large and varied events which helped to improve sales.

“Another major boost to our revenues and the city was the beginning of the Auckland to Invercargill direct Air New Zealand flights in August 2019.”

Bottle store sales were up 5% on last year.

Chris said the effects of Covid-19 would continue to be felt for some time, with group tour bookings remaining at zero while borders stayed closed.

This would result in a continued loss of $550,000 compared to last year.