DEBBIE IMPEDES ARDENT LEISURE RECOVERY, WASHES OUT RESULTS
Written on the 11 April 2017 by Paris Faint
ARDENT Leisure (ASX: AAD) has suffered a hit to its recovery cycle following the Dreamworld ride disaster that claimed the lives of four, after ex-Tropical Cyclone Debbie and remarkable weather patterns struck the Gold Coast during the month of March.
In its 3Q17 trading update, the group recorded an unaudited revenue of US$61.5 million up more than 25 per cent on the prior corresponding period (pcp).
While this result shows Ardent is beginning to regain its heavy losses, the company says it could have been better as severe weather caused a $3.1 million hit to revenue.
"From 1 to 24 March 2017, the Gold Coast experienced a 159 per cent increase in total rainfall versus pcp, including greater rainfall occurring on weekend days," the report says.
"This unfavourable weather negatively impacted the general recovery trend since the Dreamworld tragedy."
Despite the hurdle, Ardent says its overall recovery in the theme parks department remains on track.
Its Main Event chain in the US added a new centre in Jacksonville during the most recent quarter, and is on track to open six new centres before the financial year is out.
Main Event achieved record revenue growth in 3Q17, hitting a total unaudited revenue of $61. 5 million up more than 25 per cent on pcp.
AAD shares have dropped 1.17 per cent to trade at $1.94 at around midday.
Business News Australia
Author: Paris Faint