EVT reports 21.6% HY profit increase on strong hotel growth
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The news: Entertainment and hospitality provider EVT reported a 21.6% increase in interim net profit after tax to $37.8 million, driven primarily by the hotel business division.
The numbers: Normalised group revenue was 5.4% higher, at $683.8 million, while normalised earnings before interest and tax stood at $105.1 million, a 5.5% increase year-on-year.
The hotels division delivered a revenue increase of 5.7%, while entertainment saw a 3.5% increase.
The group declared an interim dividend of 18 cents per share.
The context: CEO Jane Hastings said the results were driven by strong momentum in the hotel division, supported by key events including the Lions rugby tour and the Ashes cricket series, which generated strong demand during the period.
She said the acquisition of Pro-invest Hotels management and the launch of EVT Connect Hospitality also supported the group's hotel growth strategy.
EVT Group said it expects the hotel division to maintain strong momentum in the second-half, while growth in the entertainment division is forecast to be more modest. Thredbo full-year EBITDA is expected to be around $23 million.
The source: ASX
