Experience Co Limited Appoints New CEO; Bob East To Resume Previous Role

  • May 06, 2019 AEST
  • Team Kalkine
Experience Co Limited Appoints New CEO; Bob East To Resume Previous Role

Experience Co Limited (ASX:EXP), (formerly called Skydive the Beach Group Limited) is an adventure, tourism and leisure company which offers skydiving experiences in Australia and New Zealand. White water rafting, canyoning, hot air ballooning, boat and helicopter tours to the Great Barrier Reef, along with customised tours are among few other activities that the company provides.

On May 6th, 2019, EXP made an announcement stating that it has appointed John O’Sullivan as the company’s Chief Executive Officer (CEO). The appointment, made after a rigorous recruitment process since February 2019, would be effective from 29 July 2019. Bob East would stand down from the current role as Executive Chairman at the same time when John would begin work as CEO. Bob would resume his former role as Non-executive Chairman of EXP after that. John would also be part of the board of directors and be appointed as an executive director.

With an experience over 25 years, John has held senior executive roles in tourism and related industries sector. Few of his previous work places include Football Federation Australia, Events Queensland and Fox Sports. He holds great exposure towards sales and marketing, event management and digital technology on a local and global forum. Prior to joining EXP, John was the managing director of Tourism Australia. In his last post, John efficiently managed a team of more than 200 staff in 13 locations across the globe. He also managed a budget of in excess of $150m in appropriations annually from the government.

An executive MBA and a graduate member of the Australian Institute of Company Directors, John holds leadership qualities and is known for forming teams to improve performance and to place increased investment where required to get the most effective results.

Welcoming John O’Sullivan on board, Founder and MD, Anthony Boucaut stated that the company is overwhelmed to utilize John’s expertise towards growth and development of the group’s business.

Earlier this year on 26 February, Experience Co Limited released its 1H19 results. The company furnished an EBITDA of $17.3 million, making an improvement of 31.1% when compared to its pcp ($13.2 million in 1H18). The underlying EBITDA guidance provided for FY19 ranges between $30 million to $33 million.

The Statutory net profit after tax amounted to $7.4 million, significantly up when compared to 1H18 reported at $4.6 million. The revenue soared 42.3% to $84.3 million, from $59.2 million in 1H18. The skydiving volume was up 1.7% to 92,664 from 91,108 in 1H18; Australia up 1.4% to 65,377 (1H18: 64,494 and New Zealand up 2.5% to 27,287 (1H18: 26,612).

The adventure experiences were impacted by weather conditions and a softer FNQ tourism market. EPS increased to 1.3 cents, from 1.0 cents in 1H18. The company delivered strong operating cash conversion. The net cash from operating activities was up, a notable 203.9% growth to $15.2 million from $5.0 million in 1H18.

The company laid down the following key objectives, i.e. efficient capital management, focus on return on equity, earnings and free cash flow per share.

Share Price Information:

On the technical front, the stock closed the day’s trade at A$0.295(as of 6 May 2019), trading up by 9.259% as compared to its previous day’s price. In the last six months, the stock has delivered a return of -5.17% while the YTD stands at -8.33%.


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