DREAMWORLD BOSS SIMON KELLY: "WE CAN DO BETTER"
11 August 2017, Written by David Simmons
ARDENT Leisure, the group behind embattled theme park Dreamworld, expects its earnings to come in exceeding prior guidance, but CEO Simon Kelly thinks there's still room for improvement.
The group's core EBITDA is expected to reach $76 million, slightly exceeding prior guidance of $73-75 million.
Recently appointed CEO of Ardent, Simon Kelly, says the group can do better.
"From my relatively early days in the business, it is clear that there are many opportunities for us to do better," says Kelly who is helping revitalise the entertainment company following the tragic deaths of four visitors to the group's Dreamworld theme park last year.
"We are firmly focused on these opportunities which will deliver significant value upside for our securityholders."
"Dreamworld has faced very challenging trading since re-opening but is firmly on the path to recovery, however this will take some time."
Audited full year results will be announced by 31 August, and the company expects to report revenue of $586 million, down from $688 million last year, almost entirely thanks to Dreamworld being closed for 45 days.
The company said it expects recovery in Dreamworld figures, which has seen a decline in $37 million of revenue, to take two years.
Recent months have been tough for Ardent, who has faced activist investors attempting to overthrow members of the board of directors.
A reshuffle in management, particularly the ousting of Deborah Thomas as CEO, brought heightened attention to the struggling company earlier in the year.
Author: David Simmons