Ardent Leisure H2 Revenue Rises Profit Falls And Main Event FECs Soar

MILSONS POINT, Australia -- In the six months to Dec. 31, 2014, Ardent Leisure Group posted a net profit of $18.82 million, a 16.3% fall below the $22.49 million recorded in the previous six-month period.

Revenue in the same period was $285.86 million, a 14.1% increase compared with $250.62 million in the 2013 second half.

Ardent Leisure will pay an interim dividend of 7¢ per share to shareholders of record at Dec. 31.

Ardent Leisure, formerly Macquarie Leisure Trust, is an Australian-based amusement operator with more than 100 assets in Australia, New Zealand and the United States. Dreamworld and White Water World on Australia's Gold Coast (Queensland) are among its best-known theme and water parks.

The company also owns Main Event Entertainment, a U.S.-based family entertainment and bowling chain. It's headquartered in Dallas.

Main Event had total revenues of $61.6 million for the six month period, ended Dec. 31, a 52.7% increase over the prior period. An EBITDA of $13.3 million was recorded for the period, a 55.9% increase.

Ardent chief executive Greg Shaw said, "This outstanding result has been driven by strong constant center performance, where earnings before property costs grew by 9.2%, and excellent results from new centers that continue to materially exceed constant center revenue and EBITDA averages."

The company also believes lower fuel prices positively impacted discretionary spending in December and January. Total January unaudited revenues of $14.2 million were up 80.4% over January 2014, with constant FEC revenue growth accelerating to 17.7%.

Five new Main Event FECs have been opened since July last year, bringing the chain's portfolio of locations to 19. Three additional sites have been contracted, and another four locations are planned to open in the second half of 2016.

Ardent said it continued to deliver earnings growth in all divisions, except health clubs, which have been impacted by higher levels of competition. The company will look to turn this around by converting the Goodlife chain to a 24-hour business model, which it hopes will provide a more compelling product offering.

Click here to view Ardent Leisure's AAD HY15 results.