Event Hospitality & Entertainment Limited (EVT) announced a half-year result with a solid rebound, despite a period of government restrictions and the cessation of JobKeeper in Australia.
The Group’s normalised revenue was $438 million, up $155.1 million, and EBITDA was $64 million, up $95.1 million on the prior comparable half-year.
Event’s statutory profit was $33.3 million, a $93.6 million improvement on the prior comparable half-year reported loss.
The Group’s Entertainment business benefited from the desire of locked-down customers to go to the movies, and the release of blockbuster hits such as Spider-Man: No Way Home and the James Bond hit No Time to Die.
The implementation of the Cinema of the Future strategies to leverage this demand meant that customers were spending more each visit and generated higher profit per customer.
According to the group’s ASX announcement, Event’s Hotel brand’s strong performance was due to “strong average room rate growth.”
In announcing these results, EVT CEO Jane Hastings said: “In this half-year period, the Group navigated materially greater government lockdowns and restrictions than the prior comparable period.
“Despite this, the transformation strategies and actions we have completed over the past few years, ensured we are agile and able to respond to the ever-changing landscape.”
EVT chairman, Alan Rydge, added: “Our strong balance sheet, underpinned by the property portfolio, and management’s agile response to COVID-19 positions the Group well to navigate through the Omicron wave, leverage pent-up demand one restrictions ease, and invest for future growth.
“On behalf of the Board, I would like to thank our CEO and entire management team for their continued commitment and expertise in guiding the Group through the most challenging period, and overseeing a transformation which is providing a strong foundation for the future.”
EVT owns the largest cinema circuits in Australia, New Zealand, and Germany, as well as 70 hotels including Rydges Hotels and Resorts, QT Hotels and Resorts, and more.