Profits rise at Rainbow's End

New Zealand Experience reported a 76.6% rise in half year net profit to $1 million, mainly due to growth in visitor numbers at its Rainbow's End Theme Park.
An additional 24,000 guests visited the Park and the significance of this increase in guest numbers and revenue during the current six month period provides a positive indication that recent initiatives are being rewarded and reflected in reported profits and cash flows.
Revenue rose 19.4% to $5.8 million for the half year, reflecting the value of greater visitor numbers and an increased level of spending.
Chairman Tony Frankham advised that Rainbow's End has well exceeded projected targets for the period with a very strong lead up to Christmas and fine weather conditions during key trading periods within the six months.
Frankham explained "revenues have increased by 19% and this been attributed to several factors. In conjunction with the opening of the new Invader ride in December 2009, Rainbow's End has progressively targeted a range of initiatives and improvements directed at improving visitor numbers. These initiatives include a revised marketing strategy, other capital investment and improvement projects such as a purpose built stage, new food and beverage outlets, and general enhancements throughout the Park to refresh the customer experience on a continuing basis."
A second series of the popular night rides evening events was successfully run in September and October 2010 providing guests with live music, entertainment, and the opportunity to enjoy Rainbow's End throughout the day and into the night. The further success of this series means it is now part of the regular calendar of annual events at the Park.
Corporate and group functions in the lead up to Christmas proved to be very popular and this area of business recovered significantly from the same period last year.
The Park has taken on additional staff to operate new attractions and food and beverage outlets as well as cater for the increase in guest numbers.
Frankham added "it's very pleasing to be able to employ more staff in this economic climate.
"We have also increased our commitment to in house training programmes which develop our staff in the areas of customer service and safety."