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Event Hospitality and Entertainment posts record profit

David Seargeant

David Seargeant

Event Hospitality and Entertainment Limited has reported a net profit after income tax for the year ending 30 June 2016 of AUD$130.2 million, representing an increase over the prior year of AUD$21.4 million or 19.6%.

Normalised profit before interest, individually significant items and income tax increased by AUD$27.0 million or 17.0% to AUD$185.9 million.

The Hotels and Resorts business recorded a strong uplift in normalised profit, with the Group’s QT and Atura branded hotels gaining significant brand awareness, loyalty and traction within the markets in which they operate.

Across the Group’s owned Hotels, Occupancy increased by 2 percentage points and the Average Room Rate was up by 4.4% to AUD$168.

Thredbo also reported another strong season, with good conditions for snowmaking and consistent cold night-time temperatures enabling top to bottom skiing for the entire season.

“The Group recorded another exceptional result and a record normalised profit with each of the major businesses contributing to the profit uplift,” said EVT Group Managing Director, David Seargeant.

“The cinema exhibition circuits benefitted from a strong film line-up that included Star Wars: The Force Awakens, the surprise hit Deadpool and the Bond film Spectre. In Germany, locally produced films Fack ju Göhte 2 and Er Ist Wieder Da further contributed to the result.”

Event Hospitality and Entertainment Limited Chairman, Alan Rydge, announced a fully franked final dividend of 31 cents per share, bringing the total dividend for the year to 51 cents per share, an increase of 6 cents or 13.3% on the previous year’s total dividend.

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