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.”