Improvement noted

EVENT Hospitality and Entertainment’s hotel division reported a normalised EBITDA of $33.49 million for the 12 months to 30 Jun, a $27.5m drop on the previous corresponding period.

However, the result did show a solid improvement made in the second half of the financial year, close to doubling from $11.35 million (1H) to $22.1 million, while the company’s Thredbo resort saw EBITDA dwindle by close to $18 million in the second half of the year on the back of stricter travel restrictions brought on by the outbreaks of Delta.

Overall Thredbo saw revenue and EBIDTA both increase when compared to the previous year, up 6.4% to $78.66m and 19.7% to $29.78m respectively.

Travel restrictions quashed capacity at Thredbo by 50% and produced close to half fewer skier days, but its parent company pointed to an optimistic growth plan which includes four more trails over the next two years.