Media and entertainment group Village Roadshow, declaring its continuing recovery ias its focuses on core businesss, reported a full year loss of $6.57 million.
Income was down 12.7% to $1 billion. However, EBITDA (earnings before interest, tax, depreciation and amortisation) was $124.9 million, up 37%.
Theme Parks earnings of were up 100% to $76.5 million following continued success of ticketing strategy, coupled with good weather.
Cost cutting will deliver annualised savings of more than $10 million.
EO Graham Burke says the company is well positioned in the "experience economy" where people are increasingly buying experiences rather than things.
He says the 2020 year is off to a good start, with record July attendances at theme parks and the outstanding performance of The Lion King in cinema, but offset by some softness in Film Distribution.
Executive Chairman Robert Kirby says: “We are very pleased with the improved operating performance delivered so far, with our stronger balance sheet, and the return to paying dividends. With outstanding underlying businesses, and exceptional people, VRL is well placed for sustainable growth in earnings and cash flow.”
The company declared a fully franked dividend of five cents a share.
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