Summit Fitness Equipment is now part of NovoFit - see www.ausleisure.com.au/suppliers/novofit/read more
Theme parks and cinemas perform but Village Roadshow profits dip
Leisure industry giant Village Roadshow has reported that its theme parks and cinemas divisions performed strongly through the 2015/16 financial year, although overall the group reported its post-tax profit was down 60% to $16.5 million due to $36 million in losses.
While its total income was $1.07 billion, slightly higher than the previous year, Village Roadshow’s latest annual figures reported its post-tax profit falling 60% to $16.5 million due to $36 million in losses.
As a result of the profit slump, John Kirby and Graham Burke, joint Chief Executives and Chairmen of Village Roadshow, have each reduced their base salary by 37% from $2.7 million to $1.7 million.
While the company has also removed their right to borrow up to $2 million, the pair have increased their potential bonuses from 22% to 50% of total remuneration.
Village’s theme parks in Australia, Asia and the USA delivered earnings of $88 million, although 100,000 fewer people visited Wet'n'Wild Sydney because of "unseasonably wet weather".
An increase in movie ticket prices and more food and beverage sales delivered record earnings of $82 million for the cinema division, thanks to hits like Deadpool, Finding Dory, Star Wars: The Force Awakens, and the fourth instalment of the Hunger Games saga.
However, the group wrote off nearly $36 million, related to $7.6 million of restructuring costs, a $5 million impairment in the marketing division, and a $20 million loss in the film financing division.
Nonetheless, the group is confident about the future of its film division, with Star Wars: The Force Awakens becoming the biggest movie of all time in North America, overtaking the previous record held by James Cameron's Avatar, and a range of expected high performing movies expected.
Other developments include the introduction of a premium lounge at Wet'n'Wild Sydney, the opening of a TopGolf facility on the Gold Coast this year and planned theme parks in China.
Burke is optimistic about the coming year, telling analysts "people will always want to go out!"
Image: Wet'n'Wild Sydney
5th August 2016 - NEW STAR TOUR TAKES GUESTS BEHIND THE SCENES AT WARNER BROS. MOVIE WORLD
21st July 2016 - WARNER BROS. MOVIE WORLD ANNOUNCES VIRTUAL REALITY COASTER
3rd June 2016 - WARNER BROS. MOVIE WORLD CELEBRATES 25 YEARS OF MOVIE MAGIC
9th March 2016 - SEA WORLD RESORT NAMED ‘BEST AUSTRALIAN FAMILY RESORT’
26th February 2016 - VILLAGE ROADSHOW THEME PARKS BOOST GROUP PROFITS
12th November 2015 - WET’N’WILD’S FIRST CHINESE WATERPARK TO OPEN BEFORE THE END OF 2016
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