- Release Date: 24/01/13 17:41
- Summary: FORECAST: NZE: Preliminary Financial Results and Expectations
- Price Sensitive: No
- Download Document 3.45KB
NZE 24/01/2013 15:41 FORECAST REL: 1541 HRS New Zealand Experience Limited FORECAST: NZE: Preliminary Financial Results and Expectations PRELIMINARY FINANCIAL RESULTS AND EXPECTATIONS 24 January 2013 New Zealand Experience Limited (NZE), owner and operator of Rainbow's End Theme Park, will make its preliminary announcement of the financial results for the first six months to 31 December 2012 on 21 February 2013. RESULTS FOR THE SIX MONTHS TO 31 DECEMBER 2012: Preparation of the financial results for presentation to the Board of NZE is continuing. Draft results have been received by the Committee of Independent Directors of NZE, that Committee being in place in relation to the Takeover Offer process which is currently still in progress by Rangatira Limited in respect of the shares of NZE. Further to the update on year to date trading provided on 11 December 2012, the draft results for the six months to 31 December 2012 indicate a net profit after tax which is similar to the corresponding period to 31 December 2011. Visitor levels have been lower than our own internal targets, primarily affected by greater than anticipated disruption to the operations from the substantial redevelopment undertaken to transform the Castle Land area into Kidz Kingdom. The full closure of this area was determined as the best means of achieving required completion targets. This also caused a flow on effect to our normal pricing structures due to the change in offerings to accommodate our younger visitors. The short-term outcome is disappointing, however that impact is now behind us with stage one of Kidz Kingdom completed on time and open for visitors to enjoy. Construction works relating to stage two which will complete the development and is due to open in April, can continue without further disruptions. We remain confident that Kidz Kingdom will provide an excellent platform for the growth of the Park into the future. FULL YEAR EXPECTATIONS TO 30 JUNE 2013: Our expectations set at the start of this year were for a target net profit after tax of $1.4 million to $1.6 million. Based on the draft results for the first half of the year, we expect to revise our full year expectations to be within a range of $1.3 million to $1.4 million. As occurred in the last financial year we will continue to seek out initiatives to maximise our year end results. Our updated target will be confirmed and advised when we make our preliminary announcement on 21 February 2013. We do not expect the second half of this financial year to be as strong as the corresponding period to 30 June 2012, due to promotional activity associated with the April opening and launch of Kidz Kingdom, coupled with initial operating costs, and also the scheduled refurbishment of three of our major rides in the main park area, including a full repaint of the high profile and feature Fearfall and Roller Coaster rides. The 2013 financial year promises to be one of substantive change for the Park, with the excitement and prospects of Kidz Kingdom and the continuing refresh programme for the main park (of which Kidz Kingdom is one part). We will also be continuing with our planning process for the next new attraction for the main park as we look to further grow our visitor numbers in the 2014 financial year. For enquiries relating to this release please contact Rodney Walshe, Chairman of the Board and of the Independent Committee, on 021 630 777. End CA:00232296 For:NZE Type:FORECAST Time:2013-01-24 15:41:25
- Forums
- NZX - By Stock
- NZE
- Ann: FORECAST: NZE: Preliminary Financial Results
Ann: FORECAST: NZE: Preliminary Financial Results
Featured News
Add NZE (NZSX) to my watchlist
Currently unlisted public company.
The Watchlist
SER
STRATEGIC ENERGY RESOURCES LIMITED
David DeTata, Managing Director
David DeTata
Managing Director
SPONSORED BY The Market Online