Ardent Leisure enjoys 19% growth to deliver record earnings

Ardent Leisure, which, among a range of leisure industry, assets owns and operates Gold Coast attractions Dreamworld and WhiteWater World, Goodlife Health Clubs and AMF Bowling has delivered double digit growth in revenue and core earnings for the year to 30th June 2013.

Recording revenue of $448.9 million, up 15.1% on prior year, and core earnings of $50.3 million up, 19.2% on prior year, highlights of the Group's performance include: Goodlife Health Club's earnings growing by 52%, boosted by successful acquisitions and a return to solid revenue and earnings growth in Theme Park division which operates Dreamworld and WhiteWater World along with the SkyPoint and SkyPoint Climb attractions.

Explaining that its growth came through successfully providing quality leisure and entertainment experiences at affordable price points, Ardent Leisure Group Chairman, Neil Balnaves stated "the Group has continued to diversify earnings and benefited from exceptional performances from the Health Club division, where EBITDA grew by 52% and from Main Event in the United States, where EBITDA in US dollars grew by 34.1%.

"The period has also seen the Theme Park division return to solid growth, with revenues up 3.6% and EBITDA up 5.3%. All divisions have recorded a solid start to the 2014 financial year."

Theme Parks

Ardent's s Theme Park division recorded total revenues of $97.1 million for the period, an increase of 3.6% on prior year revenues of $93.7 million. An EBITDA of $30.5 million was recorded, representing an increase of 5.3% on prior year EBITDA of $28.9 million.

A revised brand and marketing strategy, anchored by successful unlimited World Pass campaigns, resulted in an 8% lift to annual attendance underwritten by a strong performance in the local market.

Investment in unique new product, including the DreamWorks Kung Fu Panda precinct, the return of the Big Brother series and two new tiger cubs all added new experiences and customer value.

Upgrades to Food and Beverage, Retail and Photographic product delivered improved guest satisfaction and in-park spending opportunities, which helped drive operating margins to 33.2% against 32.5% recorded in the prior year.

The positive momentum has continued in the new financial year, with year to date revenues of $14.4 million to 18th August up 5.6% on the prior year.

Marinas

d'Albora Marinas recorded total revenues of $23.1 million against $23.7 million recorded in the prior year. An EBITDA of $10.7 million was recorded, matching the prior year EBITDA of $10.7 million.

A small decline in revenue for the period was offset by improved operating margins. The d'Albora portfolio continues to benefit from strong occupancies throughout the year as a result of premium locations in Australia's most popular waterways.

Trading in July 2013 achieved revenues of $1.7 million, in line with the prior year.

Bowling

The Bowling division recorded total revenues of $115.2 million for the year, reflecting a 0.9% increase on prior year revenues of $114.2 million. An EBITDA of $12.8 million was recorded, representing a 13.8% decline on prior year EBITDA of $14.8 million.

Constant centre performance improved in the second half, with constant centre earnings before property costs flat to the prior year against a 6.3% decline in the first half, as a result of stronger school holiday trading and tighter management of controllable costs.

Customers have responded well to new value promotions throughout the school holidays, while new and refurbished centres continue to deliver positive results, with Penrith exceeding expectations and solid improvements on trading trends in refurbished centres.

In order to return to growth, ongoing focus is being placed upon enhancing customer experiences and delivering increased value to all customer segments to drive loyalty and increased visitation, particul