Crowds ‘marching back’

Theme park operator’s profit jumps to $76.5m

OUTGOING Village Roadshow CEO Graham Burke, who will hand over to Clark Kirby next year, says the “crowds are marching” back to theme parks three years on from the Dreamworld tragedy.

Mr Burke was speaking following Village’s AGM in Melbourne yesterday morning where shareholders overwhelmingly approved its remuneration report with 96.52 per cent of shares voted in favour. The company had a strong year for its theme parks division, led by Mr Kirby, with pretax earnings growing almost 100 per cent, to $76.5 million, from $38.3 million the previous year.

That was driven by fine weather and invigorated ticket sales at the company’s theme parks, which include Sea World, Movie World, Wet’n’Wild and Paradise Country on the Gold Coast.

In May it unveiled its $50 million rejuvenation of Sea World, including the New Atlantis-themed

precinct and three rides, The Vortex, The Leviathan, and The Trident.

Mr Burke said Village has turned a corner following the Dreamworld tragedy, which claimed four lives in October, 2016.

“We had this bomb go off with the tragedy at Dreamworld. It has taken two-and-ahalf years to work through that. I think the passion is back and the crowds are marching.”

Mr Kirby (pictured), whose family has been involved in a bitter internal feud with uncle and deputy chairman John Kirby being critical of the young Kirby’s appointment as CEO, said the directors had received strong shareholder support for its turnaround strategy.

“There is the usual clatter, as you know bit of a family issue still there, but overall there was huge support from our shareholder base for the turnaround of the theme parks and of the business as a whole,” he said. “And importantly the underlying business fundamentals. We have the strongest balance sheet in many years and are positioning for growth.”

Mr Kirby said his stint as CEO of the theme parks division was ideal apprenticeship for the top job next year.

“Having that ongoing role is really important to me because I love the business. I love the Gold Coast, I’m looking forward to bringing a lot of things we have done successfully there through the entire organisation.”

Mr Kirby said he would try to “honour” the history of the company by continuing to evolve and innovate its offering while bringing “flair” to the CEO role.