Ardent Leisure (ASX:ALG) rides again!
February 24, 2023Dreamworld owner Ardent Leisure has ridden back good times of old after reporting half-year revenues up by a whopping 136.5 per cent to $43.7 million, the highest in over six years.
The company, operating well-known brands Waterworld, Skypoint and Skypoint Climb, also recorded gains of 13 per cent on 1H20 pre-COVID levels.
The boost left earnings (EBITDA) in positive territory of $4.3 million for the first time since the first half of the 2017 financial year, an improvement of almost 135pc on the prior period and more than triple in the same period in 2020.
Ardent Leisure Chairman Dr Gary Weiss said the results show Australians are still up for a good time at its theme parks and attractions following a long recovery journey for Ardent, exacerbated by the COVID-19 pandemic and other recent challenging times.
Ardent Leisure Executive Chairman Dr Gary Weiss
He said last year’s sale of its US Main Event business has further boosted available cash, including $455.7 million to shareholders.
“The Group now has ample cash to fund its investment in the Theme Parks & Attractions business. With no debt and unencumbered assets, it has a solid financial foundation,” Dr Weiss said.
“Our priority is to focus on recovering and growing the Theme Parks & Attractions business back to, and beyond, historical earnings.
“We are encouraged by the growth trajectory experienced in the second half of FY22, which has continued into the first half of FY23.
“We believe the business is well placed to benefit further from the gradual return of international visitors and steady recovery of the tourism industry.”
About Ardent Leisure Group
Ardent Leisure engages in the investment, ownership, and operation of leisure and entertainment businesses in Australia. It operates a theme park with 40 rides and attractions, wildlife exhibits under the Dreamworld and WhiteWater World in Coomera, Queensland, and the SkyPoint observation deck and climb in Surfers Paradise, Queensland. The company was incorporated in 2018 and is headquartered in North Sydney, Australia.
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