Ardent Leisure Appointed Mr. John Osborne as the New CEO of the Company.

Ardent Leisure Group’s (ASX: AAD) is involved in the operations of leisure and entertainment businesses in Australia and the United States. On 23 October 2018, Ardent Leisure Group announced that Mr. John Osborne has been appointed as Chief Executive Officer of the Theme Parks division which will be effective from 5 November 2018. Following this news, the share price of the company decreased by 0.623 percent as on 23 October 2018.

Mr. John Osborne is having plenty of experience as he has held the role of CEO, senior executive and board positions in the Leisure, Tourism and Hospitality sectors for more than 25 years. He has held the role of CEO for companies like Lantern Hotel Group, NextGen Health and Lifestyle Clubs, Accor Vacation Club, Recreational Tourism Group, Mingara Recreation Club and he has also been the COO of Crown Perth. 

According to the Company’s Chairman Dr. Gary Weiss, Mr. John Osborne will bring in excellent experience in business transformation, strategy execution, government, and private sector relations. He further added that Mr. John Osborne has a strong leadership skill.

In FY 2018, the loss incurred by the company increased by $26 million to $88.6 million as compared to a net loss of the corresponding previous year. In FY 2018, the revenue of the company decreased by 5.1 percent driven by the sale of three businesses. However, the revenue from the continuing businesses of the company increased by 16.1 percent over the prior corresponding period. Company’s Main Event revenue increased by 23.5% reflecting approximately 7.6 additional average centre equivalents and constant centre revenue growth of 1.6% on a like-for-like basis. Themes Park revenue decreased by 1.4 percent in FY 2018, although visitation level increased by 12.5 percent in the second half of FY 2018. On 30 April 2018, the company completed the sale of Bowling & Entertainment business for $160 million which generated a gain of $20.3 million for the company. EBITDA margin of the company was adversely impacted by certain FY 2017 cohort non-constant centres, restructuring costs, non-cash impairment charges, and other non-recurring costs. The company was having a strong balance sheet at 26 June 2018 with net debt of $11.3 million to support growth at Main Event and new attractions at Dreamworld following the sale of Marinas and Bowling & Entertainment businesses.

For FY 2019, the company is expecting moderate margin expansion based on investments made to support profitable new centre growth and develop long-term traffic building strategies. For FY 2019, the company is expecting ongoing annual costs to be in the range of $9 million to $10 million, assuming no significant changes to the structure or business strategy.

In the past six months, the share price of the company decreased by 14.63 percent from $1.880 to $1.605 as on 22 October 2018. AAD’s shares traded at $1.595 with a market capitalization of circa $769.93 million as on 23 October 2018 (AEST 4:00 PM).

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