Australia: Ardent Leisure 2022 FY Results: Increased Revenues, Higher Net Loss & New CEO

Last week, Australian theme park operator Ardent Leisure announced its 2022 full year results. The company, whose portfolio includes the Dreamworld theme park and Whitewater World water park on the Gold Coast, ended its fiscal year (FY) on 28 June. According to the results, the group’s operating results exceeded the levels of the previous year and FY 2019, despite the ongoing pandemic.

Accordingly, group revenue in FY 2022 climbed from 390.7 million to 637.6 million Australian dollars (AUD), an increase of more than 60 percent compared to 2021. This was driven in particular by increased revenues from the now-divested Main Event business unit as well as from the “Theme Parks & Attractions” division. Total revenue also increased compared to pre-pandemic results – in FY 2019, it was 483.3 million AUD, so it’s 31.9 percent higher in 2022. However, the operator saw a significant net loss in FY 2022 compared to the same period last year – it increased from 86.9 million AUD to 97.4 million AUD, a change of 12.1 percent. Adjusted EBITDA increased by 268.1 percent to 123.6 million AUD in FY 2022.

To start into the FY 2023 with a new focus and fresh wind, the company appointed a new CEO. Greg Yong, previously responsible for the Theme Parks & Attractions division, was additionally appointed CEO of the group. Ardent Leisure Chairman Dr. Gary Weiss commented: “Following the divestment of our Main Event business in June, the Board reviewed Ardent’s management structure and believes it is appropriate that Greg assumes overall management responsibility for Group activities. […]” The position had been vacant since June 2018. In addition, José de Sacadura, previously Group General Manager of Finance, was appointed CFO of the group.

Commenting on the performance of the company’s Theme Parks and Attractions division – which picked up in the second half of FY 2022 with the opening of the new “Steel Taipan” rollercoaster at Dreamworld – Yong said: “Whilst the first half of this year was challenged by nationwide lockdowns with borders effectively closed to Queensland for the period, we have seen a significant change in trajectory since the easing of restrictions at the end of December 2021. […]“ The company attributes the 373 percent increase in revenue for the Theme Parks & Attractions division in FY 2022 mainly to higher ticket sales and increased attendance (+18.4 percent). Yong adds: “We believe the business is well positioned to benefit from further potential upside in the tourism sector, particularly from international visitors, and therefore the positive momentum experienced recently should continue into FY 2023.” (eap)