Experience Co (ASX:EXP) FY24 performance:  Revenue up nearly 17%, unaudited EBITDA jumps 27% despite weak Q4

Highlights

• Experience Co is an Australian company providing skydiving and adventure activities and experiences
• In FY24, EXP’s sales revenue increased by 17%, while underlying EBITDA grew by 27.43%
• Boucaut (Anthony Penn) has the maximum stake in the firm with a shareholding of almost 23.13%

Experience Co Limited (ASX:EXP) is an ASX-listed adventure tourism company, offering a range of exciting services. The company operates through multiple sites across Australia and New Zealand.

In the financial year 2024 (FY24) ended 30 June 2024, the company recorded almost 17% YoY rise in its sales revenue to AUD 127 million, around 30% YoY increase in skydiving revenue to AUD 62.10 million and around 27% YoY growth in underlying EBITDA to AUD 14.40 million.

Meanwhile, in the fourth quarter of FY24, total revenue of EXP jumped 3% annually to AUD 29.8 million. The company’s performance in 4Q was affected by unfavourable weather conditions in Australia, especially impacting Treetops Adventure and Skydive Australia in NSW.

Top 10 shareholders of EXP

The top 10 shareholders of EXP have around 74.65% shareholding in the company, while the top four have 59.75% of the shareholding. Boucaut (Anthony Penn) and Richmond Hill Capital Pty. Ltd. have the highest stakes in the group with a shareholding of ~23.13% and ~14.81%, respectively.

Recent business update

Through an ASX update dated 15 August 2024, the company notified that it would publish its FY24 earnings report on 22 August 2024. A teleconference will follow the earnings released, scheduled at 10am on same day.

Outlook

EXP’s focus is on corporate cost efficiency and it is conducting a strategic review of its operations. The company is expected to share an update on the strategic review in FY24 results presentation.

Considering the speed of international recovery and ongoing domestic trading conditions, the company’s management feels that unlocking of the long-term earnings potential is likely to be slower than earlier forecasted.

Share performance of EXP

EXP shares closed flat at AUD 0.14 apiece on 20 August 2024. In the last one year, EXP’s share price has dropped by 37.78%, and in the last three months, it has surged by almost 3.70%.

The 52-week high of EXP is AUD 0.240, recorded on 06 October 2024, while the 52-week low is AUD 0.125, recorded on 24 May 2024.

EXP Daily Technical Chart, Source: REFINITIV

Note 1: Past performance is neither an Indicator nor a guarantee of future performance.

Note 2: The reference date for all price data, and currency, is 20 August July 2024. The reference data in this report has been partly sourced from REFINITIV.

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