Experience Co. CEO John O’Sullivan to review business after FY19 result “below expectation”
It appears John O’Sullivan has his work cut out for him at Experience Co., with the ASX-listed company reporting a $48.3 million loss for the last financial year.
The loss was down from Experience Co’s $6.8 million profit in FY19, and was driven by $62.5 million worth of non-cash impairments for its adventure experiences segment.
Earnings before interest, taxes, depreciation and amortisation fell more than 29 per cent to $19.3 million, while the company’s revenue rose more than 19 per cent to $161.3 million.
Experience Co. CEO John O’Sullivan, who joined the company in late July from Tourism Australia, will undertake a strategic review of the business’ entire assets and operations, with the intention to update the market at its annual general meeting in November.
Bob East, chairman of Experience Co., said: “While our core skydiving business returned solid results, FY19 was a challenging year with overall financial performance below expectation, primarily in our far North Queensland operations”.
“The new leadership team, led by CEO John O’Sullivan, is well-placed to review and refine our strategic outlook, simplify the business and drive improved operational and revenue performance aimed at increasing shareholder value.”
O’Sullivan added: “I am excited to have joined the business and to lead the strategic review.
“I am confident that the result of the review will deliver improved performance and unlock the earnings and growth capability of this business placing it in a position to meet the demands of our customers in one of the fastest-growing sectors in Australia.”
Latest News
TTC’s hosting a masterclass series for Aussie agents unlocking the secrets of its five brands
TTC Tour Brands is hosting a Masterclass series this May and June to make it ‘easy-as’ for agents to unlock all the tips and tricks of selling across its five brands. Across weekly Wednesday sessions TTC Tour Brands is shining a spotlight on selling its brands and Groups. Each Masterclass will provide a 15–20-minute key insight session […]
Dorsett Melbourne appoints new director of sales Maggie Wong
This top female team at the Dorsett Melbourne aims to take the hotel to new heights - even the lucky eighth floor.
Western Sydney Tourism unveils fresh board ahead of ’26 airport opening
'Connect-Stay-Experience', that's the Western Sydney's tourism taskforce's motto. We sort of prefer 'West Is Best'!
From Olympians to mindset coaches, Helloworld’s OMC conference wraps in style
Say hello to a good time and make sure you're at 2025's edition!
Bunnik Tours welcomes KJ Phillips as the new BDM for QLD
We apologise in advance for winding Karen up as our State of Origin sledging begins to ramp up.
Drifter to usher in new age of affordable hybrid accommodation in Christchurch
Sort of like a hostel, but far, far ritzier!
Icebergs restaurateur Terzini joins Mangan at Sydney International Airport
Forget McDonald's or the sushi that's been there all day, dining at Sydney Airport just got a whole let better!
Sabi Sabi Earth Lodge: A beacon of luxury in the Kruger
If the lead image wasn't enough to convince you this is next-level luxury, take a peep inside.
Delegates ready for Africa’s travel showcase Travel Indaba at Durban ICC
How's it? We've requested a bag full of biltong on our reporter's return from this shindig.
APT’s world-first hydraulic-powered restaurant and bar ‘will be the envy of river cruises’
It may have been laughed off at first mention in the APT offices, but now it's here, APT are on top of the game!
Administrators appointed in wake of Air Vanuatu collapse – but there is hope
Another one bites the dust. We hope you sang to the tune when reading that!
South Australian beach crowned best ‘hidden gem’ in the country
Stoked baby! Or was that a typo?
Avalon Airport champions low-cost rail connection from Melbourne CBD
Avalon rail connection? Bring it on! In two years, say officials, but we say they've got Buckley's.
2024 Green Revolution Summit brings travel heavyweights into green fuel discussion
It's almost like the organisers read our article on sustainable fuel this week.
Wendy Wu Tours first China mega-famil for 100 travel agents will be full of Wow!
China travel guru Wendy Wu should have no trouble ordering 100 dumplings for key travel agents on her mega famil.
Oaks Hotels & Resorts gets behind Netball’s Suncorp Super League
So Netball Australia draws its moral line somewhere between Gina Rinehart and Oaks Hotels & Resorts.
Tourism Australia appoints new regional general manager United Kingdom
Expat Aussie Andrew Boxall steps off a Flight Centre gig to plant the flag as UK Tourism Australia GM.
Chef Alessandro Pavoni unveils Cibaria at Manly Pacific MGallery Collection
Only problem is you'll get stuck on the Spit Bridge on the way back, after you finish your meal.
Hotel Review: Atlantis The Royal – Stunning in every sense
You can look but you can't touch. At least that's what it feels like when reading an article on this masterpiece.
Flight Centre’s Big Red Sale starts today
Flight Centre taking inspiration from Qantas' Red tail sale yesterday, someone's gotta change for the next round.
Aurora Expeditions announces savings for solo travellers
Save your money and travel and go solo, just don't spend it all buying friends at the bar.
Etihad and Tourism officials launch free Abu Dhabi Stopover
Etihad's giving you free hotel stays on your stopover while Qantas pays fines for ripping people off.
New MSC Australia boss talks hot topics for local cruisers, including the Caribbean
New MSC Australia boss, Antonio Paradiso, spills the Caribbeans on where he expects Aussie cruisers will go next.
Contiki’s latest campaign inspires travellers to engage with the world around them
Hands off! Influencers invited on holiday and told not to post anything. We can assure you they're back at it now.
Aussies a hit on the conference floor for IPW 2024
Diana Ross on opening night, Keanu's Dogstar band and a dozen lobster rolls. All in a week's work at IPW 2024.
Disney excited about prospects of cruise business as Disney Treasure nears completion
Disney's booming cruising business is set to knock Disneyland experiences out of the park.
Scoot’s first E190-E2 flights take off between Krabi and Hat Yai
When flying's a pitch. Airline lite Scoot offers a standard seat pitch of 29” on its new 112-seater.
Premium hotel operator ERDI launches it’s own academy in heart of Melbourne
ERDI expects to be shaken not stirred with the launch of its ERDI Academy in its Melbourne hotels.
Tropical North Queensland action-packed events calendar for adventure enthusiasts
Sporting enthusiasts and adventure seekers are gearing up for an action-packed year in Tropical North Queensland, with a lineup of sports events and adrenaline-pumping experiences set to take centre stage in 2024. Leading the charge is the highly-anticipated return of the Crankworx World Tour ‘Paradise Edition’ to Cairns from 22-26 May 2024. The mountain biking […]
Singapore Airlines Group first to receive SAF from Neste as AU/NZ play catchup
Singapore leaving many in their green dust. Here in Australia, we're hoping for a tortoise and the hare type outcome
Qantas Red Tail sale discounts more than 200,000 fares
Qantas marketers forever thankful to the team who chose the red and white colours. How else would they name a sale!
Bannisters by the Sea unveils retreat style package for new mothers
Three hours in the car with a newborn from Sydney might be tough, but trust us, it'll be worth it when you arrive.
Nothing Bonza can do to prevent loss of planes, ACCC concerned by latest aviation developments
Going, going, gone. It seems...
APT offers destination incentives to enjoy the Best of Asia
Whether its a cocktail by the beach or a hike through the mountains, APT has you covered. You'll find us at the beach!
Disney Days returns with Inside Out 2 showing in Sydney, Brisbane, Melbourne and Auckland
Time is running out for agents to register their Expression of Interest to an exclusive screening of the much-anticipated Disney and Pixar film, Inside Out 2, hosted by Disney Destinations Australia/New Zealand team and partner United Airlines. Places are limited and applications must be in by 17 May. In addition to the screening of the […]
Get ready to roll the marketing dice with Susan Coghill: Travel DAZE EXEC 2024
It's heating up in Cairns and we're not talking about the weather! Get ready for a marketing masterclass with Susan.