Rainbow's End Achieves Earning Targets

New Zealand Experience, operator of Rainbow's End theme park, said it is on target to achieve signalled earnings and is working to help its 74.9% shareholder exit its investment.
The company reported net profit after tax of $1.538 million in the year to 30th June, including several non-recurring items.
New Zealand Experience Chairman Tony Frankham told shareholders recently "for the year ahead we have already advised that our expected after tax profit will be in the range of $1.3 million to $1.5 million as a result of improved earnings before interest, tax, depreciation and amoritisation and a lower depreciation charge. I can report that we are on track to achieve this.�?
On 14th July the trustees of the estate of George Ryerson Gardiner said they were seeking assistance from NZ Experience to sell their 74.9% shareholding.
Interested parties have recently been provided with an information memorandum and invited to lodge indicative bids with Zeus Management, which is running the process on behalf of the shareholder. A buyer of the whole stake will have to bid for the company.
Frankham added âwe will provide an update to shareholders through an announcement to NZX in due course and at such time as we are in a position to do so."
The company ran a Night Rides series in March, opening the park late on four consecutive Saturday nights, and ran a similar series in September and October.
Frankham said the economic climate continued to add pressure to discretionary spending levels, âhowever, we continue to work on improving our marketing and promotional activity with emphasis on our value for money for a full day of family entertainment."