Ardent Leisure returns to profit after sale of US business

The news: Ardent Leisure has swung back to profit thanks to the sale of its US amusement centres and improved visitor numbers at its Dreamworld theme park.

The numbers: The company reported a net profit of $664.7 million for the year to 30 June, compared to a $97.4 million loss a year earlier. However, excluding the one-off $682.4 million gain from the sale of its US-based Main Event business, the net loss narrowed to $17.7 million. It will not pay any dividend for the year.

The context: Ardent said its improved performance was helped by a 48.5% increase in ticket sales. However, international visitation remains significantly lower than pre-COVID levels. Earlier this week, Ardent reached a $26 million settlement in a shareholder class action relating to the 2016 Dreamworld theme park tragedy in which four people died.