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Ardent Leisure earnings again boosted by fitness and US earnings
Ardent Leisure first quarter earnings have been boosted by its family entertainment centre (FEC) businesses in the United States and further strong performance from its Goodlife Health Clubs division
The group, which also operates AMF and Kingpin Bowling; d'Albora Marinas; and the Dreamworld, WhiteWater World & SkyPoint theme parks and attractions on the Gold Coast, report revenues rising by more than 10% to $139.1 million in the three months to the end of September.
Underlying earnings rose 5.2% to $34.17 million, largely driven by the group's Main Event Entertainment chain of US-based FECs while Goodlife Health Club's lifted revenues and earnings by 5% and 9% respectively.
Commenting on the results, Chairman Neil Balnaves stated "a material increase in Main Event earnings contributions from the USA, with strengthening constant centre performance and exceptional performance from new centres, is the standout of a strong first quarter result.
The Main Event chain lifted revenues by 40% to $US28.6 million (A$30.9 million) in the quarter, while underlying earnings rose 30% to $US6.5 million.
Three new centres opened during the three-month period, taking Ardent's Main Event chain to 17.
Work on another three centres is underway, with two to open before the end of December and another in March.
Performance at Ardent's theme park division saw revenues dip to $25.4 million from $26.5 million, while underlying earnings dropped 7% to $9.62 million.
Ardent said the lower revenue had, in part, been offset by a $710,000 increase in prepaid annual pass revenue, which is yet to be recognised in the group's accounts.
The Group also plans to encourage more visitors to return to its parks by introducing new food and beverage offerings.
8th August 2014 - ARDENT LEISURE FURTHER EXPANDS GOODLIFE HEALTH CLUBS AND US FEC BUSINESS
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