Resurgent Roadshow roars back into black

MOVIEWORLD operator Village Roadshow has turned last year’s $66.7 million loss into a narrow profit, with improved ticket yield and visitation likely to see further improvements in the coming year.

The company, which also runs Wet’n’Wild, Top Golf, Paradise Country, Australian Outback Spectacular and Sea World, netted $200,000 profit in the year to June 30, a result it said was pummelled by the misfired Commonwealth Games and the ongoing impact of four deaths at rival theme park Dreamworld.

The profit widens to $7.5 million when the $100 million sale of the company’s Oxenford land, and the $40 million sale of its Wet’n’Wild in Sydney, are taken into account.

Pre-tax earnings were sharply down on the previous year, diving from $136.3 million to $90.9 million.

Village is continuing to be harmed by the fatal tragedy at Dreamworld, owned by rival operator Ardent Leisure, which yesterday announced an eyewatering $88.6 million loss for the year — $26 million higher than the previous year’s $62.6 million loss.

The dearth of tourists in the April school holidays thanks to the broken promise of the Commonwealth Games also hurt Village’s bottom line, the company said.

However, it said the market was improving and it expected 2019 to be stronger in both attendance and yield terms.

“There is a strong indication that Gold Coast Theme Parks have returned to a positive trajectory as evidenced by the best month of July on record in terms of ticket sales,” the company said.

“Importantly, very strong ticket sales of the most important ticket category, the season pass, were $3.2 million above budget and $6 million up on the prior corresponding period, with significant yield increase.”