Full Year 2024 Coast Entertainment Holdings Ltd Earnings Call Transcript
Key Points
- Visitation to Coast Entertainment Holdings Ltd (ASX:CEH) venues increased by 14.3% year-over-year.
- Revenue for FY '24 rose by 3.8% to $87 million, driven by a 3.1% increase in ticket sales.
- EBITDA for the Theme Parks business, excluding specific items, increased by 56.4% to $7.4 million.
- SkyPoint achieved its best revenue and EBITDA performance on record.
- The company has a solid balance sheet with no debt and $89 million in cash.
- High interest rates and persistent inflation have created cost pressures and dampened discretionary spending.
- Severe storms caused significant damage and trading disruption during the peak summer holiday period.
- The group recorded a consolidated EBITDA loss from continuing operations of $4.6 million.
- Deferred revenue increased to $12.1 million, indicating future revenue recognition challenges.
- International attendance remains below historical norms, particularly from key markets like China.
Good morning, everyone, and thank you for joining us today for the presentation of the FY '24 full year results for Coast Entertainment Holdings Limited. My name is Gary Weiss, and I'm the Chairman of Coast Entertainment. I'm joined on the call today by our Chief Executive Officer, Greg Yong; and our Chief Financial Officer, Jose de Sacadura.
I'll start by providing some preliminary remarks, and then I'll hand over to Jose and Greg to provide some further color.
FY '24 has marked another solid year for the group, with some important milestones achieved amid a tough trading environment. The last 12 months have seen a continuation of the challenging economic conditions, which began in the second half of FY '23. High interest rates and persistent inflation have created cost pressures and dampened discretionary spending for many leisure, retail and consumer-facing businesses.
For our Theme Parks, this was compounded by the impact of two severe storms, which caused significant damage and trading
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