Coast Entertainment Holdings (CEH) H2 2024 earnings summary

Executive summary

• Achieved first positive consolidated EBITDA (excluding Specific Items) for continuing operations since FY16, despite high interest rates, inflation, and severe storms disrupting peak trading periods.

• Visitation increased 14.3% year-over-year, with ticket sales up 3.1% and highest value since FY16.

• Revenue grew 3.8% to AUD 87 million, driven by new attractions and increased promotional activity.

• Deferred revenue rose 12% to AUD 12.1 million, reflecting a shift to annual passes.

• Maintained a strong balance sheet with AUD 89.2 million cash and no debt as of June 2024.

Financial highlights

• Group revenue: AUD 87 million, up 3.8% year-over-year.

• Theme Parks & Attractions EBITDA (excluding Specific Items): AUD 7.4 million, up 56.4%.

• Consolidated EBITDA from continuing operations (excluding Specific Items): AUD 1.1 million, up 132%.

• Net profit after tax: AUD 2.6 million (prior year: AUD 664.7 million, which included a one-off gain from Main Event sale).

• Corporate costs reduced by 22.6% to AUD 6.3 million (excluding non-recurring items).

Outlook and guidance

• July 2024 saw visitation up 15.7% and revenue up 10.4% year-over-year, with EBITDA up 42.9%.

• Ongoing focus on cost discipline, efficiency, and leveraging new attractions to drive attendance and yield.

• Capital development pipeline progressing, with Rivertown precinct and Jungle Rush coaster on track for December 2024 opening.

• Anticipates completing share buyback in Q1 FY 2025 and progressing land development application.

• Management expects further insurance compensation for storm-related property damage and business interruption in FY25.