Half Year 2025 EVT Ltd Earnings Call Transcript
Key Points
- EVT Ltd (ASX:EVT) reported a record first-half EBITDA for the hotels division, up 10.9% to $58.2 million, indicating strong performance and margin improvement.
- The company's Fewer Better cinema strategy led to record results in average admission price and merchandising spend per head, mitigating the revenue impact of reduced admissions.
- The hotels division achieved a record first-half revenue, with occupancy up 3.4 points to 79.6%, approaching pre-COVID levels.
- EVT Ltd (ASX:EVT) declared a fully franked interim dividend of $0.16 per share, reflecting a commitment to returning value to shareholders.
- The company has a strong property portfolio valued at around $2.3 billion, with plans to divest non-core properties to recycle capital into hotel growth initiatives.
- Revenue for the first half was $649.1 million, marginally down 1.5% on the prior year, indicating a slight decline in overall performance.
- The entertainment group revenue was down 3.7%, impacted by film supply disruption following the 2023 Hollywood strikes.
- Thredbo's revenue was down 1.9% due to adverse winter weather, with the resort closing four weeks earlier than planned.
- The entertainment group EBITDA was down 14.9%, reflecting challenges in maintaining profitability amidst fewer blockbuster film releases.
- In New Zealand, admissions were down 14.5%, revenue fell by 10.5%, and EBITDA resulted in a loss of $800,000, highlighting regional performance issues.
Thank you for standing by and welcome to the EVT Limited half-year results. (Operator Instructions)
I would now like to hand the conference over to Ms. Jane Hastings, CEO. Please go ahead.
Thank you. Hi, everyone. Before we get started, I'd like to acknowledge the traditional custodians of the land I'm speaking to you from this afternoon, the Gadigal people of the Eora Nation. I'd like to pay my respects to elders past and present, and I'd like to acknowledge any and all Aboriginal and Torres Strait Islander people joining us today.
Thanks for joining the call, everyone. Revenue for the first half was $649.1 million, marginally down 1.5% on prior year. The hotel's division first-half revenue was up 2% on prior year to $207.1 million. The entertainment group revenue of $371.6 million was down 3.7%, with first-half film lineup impacted by film supply disruption following the 2023 Hollywood strikes.
Thredbo was impacted by adverse winter weather
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