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Record Profit for Event

August 26, 2016 Financial No Comments Print Print Email Email

Major entertainment, hospitality and leisure operator Event Hospitality & Entertainment Limited (“EVT”) today announced a net profit after income tax for the year ending 30 June 2016 of $130.2 million, representing an increase over the prior year of $21.4 million or 19.6%. Normalised profit before interest, individually significant items and income tax increased by $27.0 million or 17.0% to $185.9 million.

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In announcing the result, EVT Group Managing Director Mr David Seargeant commented: “The Group recorded another exceptional result and a record normalised profit with each of the major businesses contributing to the profit uplift”. Mr Seargeant added: “The cinema exhibition circuits benefitted from a strong film line-up that included Star Wars: The Force Awakens, the surprise hit Deadpool and the Bond film Spectre. In Germany, locally produced films Fack ju Göhte 2 and Er Ist Wieder Da further contributed to the result”.

The Hotels and Resorts business recorded a strong uplift in normalised profit, with the Group’s QT and Atura branded hotels gaining significant brand awareness, loyalty and traction within the markets in which they operate. Across the Group’s owned Hotels, Occupancy increased by 2 percentage points and the Average Room Rate was up by 4.4% to $168. Thredbo also reported another strong season, with good conditions for snowmaking and consistent cold night time temperatures enabling top to bottom skiing for the entire season.

The Chairman Mr Alan Rydge announced a fully franked final dividend of 31 cents per share, bringing the total dividend for the year to 51 cents per share, an increase of 6 cents or 13.3% on the previous year’s total dividend (excluding the special dividend).

EVT is the market leading cinema group in Australia and New Zealand operating primarily under the Event, BCC and GU Filmhouse brands, and in Germany as the dominant exhibitor under the CineStar brand. EVT is currently ranked the 11th largest cinema group globally. In the Hotel and Resort segment, EVT operates under the Rydges, QT and Atura brands. EVT also owns the Thredbo Alpine Resort and has significant property holdings.

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