Experience Co. has been busy over the summer holiday period, offloading two of its businesses as the ASX-listed group looks to turn around its current fortunes.
In an update to shareholders in late December, Experience Co. announced it had entered into a contract for the sale of the Great Barrier Reef Helicopters (GBRH) to the Morris Group, which became effective on 1 January.
The company led by former Tourism Australia boss John O’Sullivan also revealed it had sold its canyoning business and assets, which was expected to deliver net proceeds of approximately $17.5 million.
Furthermore, Experience Co. has appointed Nash Advisory to run a divestment process for those businesses identified as non-core in the company’s strategic review, which it noted was an “urgent necessity” in November due to its poor financial performance.
Experience Co.’s non-core businesses are Raging Thunder Adventures and RnR White Water Rafting (Tully River and Barron River white-water rafting), Cairns Hot Air Balloon Co., Byron Bay Ballooning Co., and Hunter Valley Ballooning Co..
O’Sullivan said it was “particularly pleasing” to hand over the Cairns-headquartered GBRH and canyoning businesses to the Morris Group and Cairns Canyoning respectively.
“The group continues to execute the outcomes of the strategic review announced on 20 November 2019,” he said.
“The completion of the divestment of GBRH and other non-core assets provides the business with flexibility to pursue growth opportunities better aligned to our core business, expertise and with a focus on return on invested capital.”
Image source: Great Barrier Reef Helicopters/Facebook