Latest News

Back to Latest News back

 

Asset sales reduce Experience Co’s half-yearly losses as tourism operator

Asset sales reduce Experience Co’s half-yearly losses as tourism operator
February 20, 2021

Experience Co, Far North Queensland’s largest biggest tourism operator, has revealed a half-yearly net loss of $200,000 in its results to 31st December.

Experiencing a significant downturn in income, the ASX-listed company’s losses were offset by the $27 million sales of hot air ballooning operations and Cairns-based white water rafting firm Raging Thunder.

In a notice to shareholders, Experience Co Chief Executive, John O’Sullivan said the results could have been worse, advising “we are pleased to have recommenced all core operations by the end of the first half, and more so, that we are a tourism business generating cashflow. Our business has seen resilient consumer demand, despite the pandemic and uncertainty of interstate borders.”

O’Sullivan also indicated opportunities that might exist to acquire rival businesses after JobKeeper ends while revealed details of the progress of the company’s new $6.7 million floating pontoon-based hotel to be moored at Moore Reef on the Great Barrier Reef.

Construction is well under way ahead of the attraction’s 2022 launch as an extension of the Dreamtime Dive and Snorkel indigenous sea ranger tours.

The two-storey structure will have a purpose-built laboratory - the first of its kind on the Great Barrier Reef - and a floor-to-ceiling underwater observatory, all built at Cairns shipyards.

The multimillion-dollar attraction has been backed by a $3 million contribution from the Queensland Government with Experience Co financing the remaining $3.7 million cost.

Looking forward, O’Sullivan stated “we remain grateful to governments at all levels for their financial and non-financial support and we look forward to continuing to work together as the industry emerges from the pandemic.”

As for future acquisitions, he noted “we are still very active in monitoring what’s out there.”

Anticipating that international arrivals will be unlikely for a lengthy period, O’Sullivan predicted the skydive business could reach about 50% of normal operations in Australia, but only 20% in New Zealand while reef tourism operations could get up to the 40-50% mark.

O’Sullivan concluded “that’s not assuming any pick up, if you will, of people suddenly having pent-up demand for travel.

“Those are very directional estimates, but they’re sort of the trend lines that are starting to emerge.”

Founded in 1999, Experience Co offer adventure experiences of tandem skydiving, hot air ballooning, white water rafting, canyoning, sea kayaking, and tours to the Great Barrier Reef.

The company currently has numerous locations throughout Australia and New Zealand.

Images: Construction is advancing on Experience Co's new Dreamtime Island tourist pontoon to be stationed at Moore Reef from 2022 (top, credit: Experience Co) and Experience Co's John O'Sullivan (below).

Related Articles

18th February 2021 - Australia’s $45 billion export tourism Industry at risk without JobKeeper replacement

12th February 2021 - Seek jobs website shows rise in demand for hospitality and tourism staff

11th February 2021 - Tourism Australia launches new campaign to boost business events across Australia

4th February 2021 - Visit Sunshine Coast and Tourism Noosa partner in launching new tourism campaign

1st February 2021 - Without JobKeeper Australian tourism businesses face ‘annihilation’

1st February 2021 - Queensland tourism industry anticipates Easter boost from Sydney visitors 

30th January 2021 - Australian tourism industry unites to call for post-March Federal Government business support

21st January 2021 - Australian tourism industry haemorrhaged almost $7 billion over the summer holidays

20th January 2021 - WTTC predicts over 100 million global tourism jobs could be recovered during 2021

19th January 2021 - Tourism Australia Managing Director predicts top global travel trends for 2021

15th January 2021 - Queensland Government announces $200,000 in new funding for cultural tourism

7th January 2021 - Cairns’ Tjapukai Aboriginal Cultural Park to close as COVID-19 hits tourism business

29th December 2020 - Preparing for a tourism revival in 2021

18th December 2020 - Cabinet reshuffle sees Dan Tehan named new Federal Tourism Minister

30th October 2020 - Cairns Regional Council endorses plan for Reef management

23rd October 2020 - New Tourism Tropical North Queensland leader to guide region’s recovery

31st August 2020 - $11.3 million funding boost announced for Far North Queensland tourism

13th June 2020 - Cairns Convention Centre redevelopment completion delayed by three months

10th February 2020 - Experience Co cuts Cairns tourism jobs in restructuring

31st July 2019 - Tourism Tropical North Queensland partnerships help Chinese visitors gain insight into Green Island

25th June 2019 - Underwater hotel planned for Great Barrier Reef

6th May 2019 - Staff shake up at Tourism Australia

12th January 2018 - Company behind Queenstown skydiving accident ceases trading

5th December 2017 - Sunlover Reef Cruises launches new pontoon for half day reef tour

16th October 2017 - Mission Beach skydiving operations suspended after triple fatality

19th January 2015 - Skydivers survive plane crash over Lake Taupo


Asking a small favour
We hope that you value the news that we publish so while you're here can we ask for your support?

The news we publish at www.ausleisure.com.au is independent, credible (we hope) and free for you to access, with no pay walls and no annoying pop-up ads.

However, as an independent publisher, can we ask for you to support us by subscribing to the printed Australasian Leisure Management magazine - if you don't already do so.

Published bi-monthly since 1997, the printed Australasian Leisure Management differs from this website in that it publishes longer, in-depth and analytical features covering aquatics, attractions, entertainment, events, fitness, parks, recreation, sport, tourism and venues management.

Subscriptions cost just $90 a year.

Click here to subscribe.

 

supplier directory

The Complete Guide to Leisure Industry Products & Services.

See the directory see all

GLADSTONE MRM

Gladstone Health & Leisure (Gladstone MRM Pty Ltd Australia) is a leading supplier of leisure management and fitness software and is endorsed by leading health and fitness professionals and…

read more

Access / Billing / Fitness / Technology / Venues

 
 

The Jump Pad

The Jump Pad is a safe, flat inflatable made in a variety of sizes which can be used indoor or outdoor. From 3mx3m up to a whopping 9mx21m. Markets include Indoor and outdoor playgrounds, schools,…

read more

Attractions / Entertainment / Play

 
 

WATERPLAY Solutions Corp

Whether your goal is increasing your centre's revenues or creating an engaging environment, why not add play to your project? If you're looking for stylish aquatic play features, kid-tested…

read more

Aquatics / Attractions / Play / Recreation / Waterparks

 
 

TICKETSERV

As of 2018, TicketServ operates as SeatGeek Asia Pacific Pty Limited, part of international ticketing platform SeatGeek. Click here to contact SeatGeek Asia Pacific via their entry in…

read more

Attractions / Entertainment / Events / Sport / Ticketing

 
 

Tim Batt Water Solutions

Tim Batt Water Solutions are at the very forefront of the commercial aquatic business in Australia, with over 30 years specific experience supplying and installing chemical control and dosing…

read more

Aquatics / Environment / Recreation / Technology / Venues

 
 

PRIAVA

About Priava's Technology -  Priava is a cloud-based and centralised venue and event management system aimed at venues of all sizes. With its familiar and easy-to-use web interface, the…

read more

Attractions / Billing / Entertainment / Events / Technology

 
 

Perfect Gym

Perfect Gym Solutions is a software as a service (SaaS) solution purpose-built to service the fitness industry, with over 1000 clients servicing over 2 million gym members across 40 countries making…

read more

Access / Fitness / Marketing / Recreation / Technology

 
 

PathMinder

PathMinder Pty Ltd have partnered with AllUser Industries srl to bring Europe’s most advanced high security portals to the Australian and New Zealand markets. AllUser Industries started to…

read more

Access / Fitness / Recreation / Security

 
 
 
 

get listed with our suppliers directory

Get your business noticed in our targeted directory. Viewed by 10,000 industry professionals per week!

list your business