Major entertainment, hospitality and leisure operator EVENT Hospitality & Entertainment Limited (“EVT”) today announced a full year result with Group revenue from continuing operations of $998 million, up 2% on the prior year. Normalised profit after income tax from continuing operations was $104.3 million, a decrease of 6.7%. Overall, statutory net profit after tax including discontinued operations was $111.9 million, consistent with the prior year.
In announcing the result, EVT CEO Jane Hastings said: “The full year result was driven by continued strength from Hotels, Thredbo, and New Zealand cinemas, offset by a relatively weaker second half performance from the Australian cinema market. The Hotels result was particularly pleasing with growth achieved on a record prior year profit despite well-publicised headwinds in key hotel markets with new supply. Thredbo also achieved another record result following the strong 2018 snow season.”
“Event’s Australian entertainment revenue was relatively flat despite a more challenging second half due to a weaker line up of Hollywood films resulting in a $30.3 million decline in overall Australian market box office. The second half included fewer blockbusters and substantially more family films which attract a more price sensitive audience. Despite the film line up challenge, Event grew it’s market share of blockbuster and family films year on year. New cinemas, Event Cinemas Kawana and Event Cinemas Tauranga, incorporating new premium cinema concepts delivered strong results and have validated the future cinema upgrade programme. Profit was impacted by the new revenue accounting standard for expired movie vouchers, a decrease in third party screen advertising revenue, and new cinemas in growth corridors yet to mature. The New Zealand circuit delivered a record year with growth in market share and the trading result was up after adjusting for insurance proceeds in the prior year. The new financial year has had a strong start across Australia, New Zealand and Germany due to a stronger film line up.”
Ms Hastings also