Experience company announces amendment to FY18 results release

  • Sep 03, 2018 AEST
  • Team Kalkine
Experience company announces amendment to FY18 results release

In an early trade today, i.e. 3 September 2018, EXP stock rebounded 0.765% to $0.395 after the company announced amendment in FY18 results in relation to intersegment cost and revenue adjustments.

Following the release of last twelve months results on 29 August 2018, Experience Co Limited today on September 3, 2018 recognized that some intersegment revenue and cost of sales items had been incorrectly eliminated within the Skydiving Segment that should have been eliminated within the Other Adventure Experiences segment. However, the amendment has had no impact on Group results, the segment revenue of skydiving Australia and other adventure experiences has changed drastically. 

In comparison to previous release of 22.2% decline, skydiving Australia revenue got changed to growth of 0.9% in revenue to $52.2 million. This in turn has brought down the segment revenue growth of other adventure experiences from 478.9% to new 379.6%.

Also, there has been wrong allocation of depreciation charge which has casted significant change in segment EBITDAI while overall group’s EBITDAI remained the same. Normalised EBITDA of skydiving Australia and other adventure experiences amended from $15.1 million and $16.4 million to $16.7 million and $14.8 million, respectively.

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