First Half FY25 Results Announcement
| Stock | Coast Entertainment Holdings Ltd (CEH.ASX) |
|---|---|
| Release Time | 21 Feb 2025, 8:46 a.m. |
| Price Sensitive | Yes |
Coast Entertainment Reports Strong First Half FY25 Results
- Group EBITDA (excluding Specific Items) of $1.9 million, third consecutive half-year of positive earnings
- Ticket sales increased 7.1% and visitation up 10.8%, highest since 1H16
- Successful launch of Rivertown precinct, expected to drive attendance and economic benefits
In the first half of FY25 (1H25), Coast Entertainment Holdings Limited (ASX: CEH) reported Consolidated EBITDA (excluding Specific Items) of $1.9 million, an increase of $1.8 million compared to the prior period. This marks the third consecutive half-year of positive earnings for the continuing business. The Group recorded operating revenue of $47.7 million, reflecting a 9.6% increase compared to the prior period and 23.4% above 1H20 pre-COVID levels, underpinned by a 7.1% increase in ticket sales and 10.8% growth in visitation. This represents the highest first half revenue for the continuing business and highest ticket sales performance since 1H16, achieved despite ongoing economic headwinds which have tempered consumer discretionary spending. The Theme Parks & Attractions business delivered EBITDA (excluding Specific Items) of $4.1 million, a 35.5% increase compared to the prior period. On 23 December 2024, Dreamworld successfully opened the highly anticipated attractions at Rivertown, along with the new Jane's Rivertown Restaurant. The guest response has been overwhelmingly positive, and this investment is expected to drive attendance and deliver economic benefits from 2H25 onwards.
The Group remains mindful of the ongoing economic headwinds, which continue to impact consumer discretionary spending. The Group sees considerable growth potential for the business, driven by the successful launch of Rivertown, the construction of the new King Claw attraction, and the continued recovery of international visitation, particularly from China.
The Board remains confident in the significant growth potential of the business, driven by the substantial investments to date, the gradual recovery in international visitation, resurgence of the local tourism industry and the potential for unlocking value from the Group's surplus land holdings.