Ardent Leisure Group Limited (ASX: ALG) has provided an unaudited initial business update for the year ended 27 June 2023, highlighting the continued expansion and good fortune of its theme park and attractions business.
Despite macroeconomic setbacks and lingering effects of the COVID-19 pandemic, the company delivered notable results, with an unaudited profit of $83. 9 million, representing a 70% year-over-year increase and a significant 25% increase over pre-COVID functionality in fiscal 2019.
Throughout the year, Ardent Leisure’s theme park and attractions business recorded the total ticket sale price since fiscal 2016, outperforming all subsequent years.
The per capita income source EX23 was the highest recorded in many years, reaching grades 54% higher than those of EX16. Outstanding guest ratings from Dreamworld/WhiteWater World and SkyPoint have consistently outperformed other Gold Coast theme parks, further editing the company’s reputation.
Despite some moderation in occupancy volumes and revenues in the current part of FY23, Ardent Leisure remains optimistic about its long-term performance. The company expects to break even in the current part of the year and expects to post its first positive EBITDA for the full year (excluding express items) since EX17.
This marks a significant improvement over the EBITDA loss of $15. 0 million for FY22 and shows the Group’s ability to bounce back from the demanding situations posed by the pandemic.
Looking ahead, Ardent Leisure aims to drive expansion and profitability by making new capital investments and attracting more domestic and foreign visitors. The company believes that as foreign and interstate visits improve, it will take advantage of the constant nature of many operating costs.
Ardent Leisure remains committed to its recently announced portfolio of new attractions, which is expected to drive increased visitor numbers and take the company to historic profit levels.
In addition to its operational achievements, Ardent Leisure is actively running on the progression of surplus land. With approximately 55 hectares of land, the Group aims to offload the initial progression permit for the entire site, which would provide valuable characteristics for the use of its land properties.
While the final results of this procedure remain uncertain, the company obtained positive feedback and continued with its offer, highlighting the prospect of long-term expansion and development.
As Ardent Entertainment reviews its capital position and financial needs, the company recognises the need for an adequate cash reserve given the economic situation and difficult situations facing the Queensland structural sector.
The Group will continue to explore capital control initiatives, adding the early receipt of a conditional attention for the sale of Main Event, which is valued at approximately US$8. 8 million, the timing is yet to be determined.
Ardent Leisure Group Limited continues to aim for sustained expansion and creation, leveraging its strong performance, continued investment in attractions and strategic capital management.
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