Ardent Leisure Group

AAD Details

Recently, Ardent Leisure Group (ASX: AAD) announced the appointment of Simon Kelly as Group Chief Executive Officer and Managing Director, effective from 1 July 2017. The current CEO, Ms. Thomas will step down from the Board and her position as Chief Executive Officer and Managing Director and cease employment with effect from 1 July 2017. In accordance with her existing employment agreement, Thomas will be paid a termination benefit of $731,291 (equal to 12 months average base remuneration). Further, Ms. Thomas and Ardent have entered into a transitional arrangement, whereby she will provide ongoing support to the CEO, senior management and Board of Ardent in respect of the pending Coronial Inquiry into the Dreamworld tragedy.

During May 2017, Ardent Leisure’s Theme Parks visitation was declined 35.8% and unaudited revenues were down 35.4% yoy to A$3.9 million. However, Dreamworld remains focused on revenue driving initiatives in the lead up to the June/July school holiday period, including the launch of its June 2018 season pass and the return of afterhours events. For FY17, the company expects its Theme Park division to report an EBITDA loss of approximately $2.0-4.0 million ending 30 June 2017. AAD has moved up 26.2% in the last three months, while it was up 3.9% in the last one year (as on June 16, 2017). We give a “Hold” recommendation on the stock at the current price of $2.13


AAD Daily chart; (Source: Thomson Reuters)

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