18th Sep 2014 06:54
LONDON (Alliance News) - Merlin Entertainments PLC Thursday said a positive trading performance over the summer from its attractions and theme parks, has left its confident in its outlook for the remainder of the year.
The attractions and theme park operator said throngs of customers continued to flood through the gates of its LEGOLAND parks over the summer, driving revenue growth of 3.8% at actual exchange rates for the 36 weeks ended September 6, and a 9.3% rise at constant currency, as sterling strength hit revenue on a reported basis.
In the year-to-date, Merlin said like-for-like revenue has grown 6.7% - with LEGOLAND parks up almost 14%, Midway Attractions up 3.2%, and its Resort Theme Parks sporting 4.2% growth.
"LEGOLAND Parks have continued to deliver good revenue growth. However, as expected, the summer period has seen a tapering of the growth rate as the impact of 'The LEGO Movie', and the associated marketing and promotion opportunities, moderate," the company said in a statement.
Merlin Entertainment, which runs almost 100 attractions in 22 countries, including the LEGOLAND chain of theme parks and Madame Tussauds wax museums, said new business development, mostly its Midway roll-out programme and new accommodation, have also lifted its growth.
It said so far profit growth has been "consistent with management's expectations", and is expecting full year earnings before interest, taxes, depreciations and amortisation margins similar to last year's levels.
"Whilst there remain some important trading periods to come, we are confident that we can deliver another year of good underlying growth. The prospects for 2015 and beyond are attractive, as Merlin continues to execute on its strategic growth drivers, and to focus on delivering memorable experiences for our visitors," said Chief Executive Officer Nick Varney in a statement.
The group, it said its Midway Attractions, which includes Sea Life and Madame Tussauds, experienced an improved summer trading performance after a more subdued start to the year, as it benefited from high capital expenditure projects.
It said its Resort Theme Parks also saw a strong summer, boosted by better weather in northern Europe and by new rides and attractions at theme parks such as its Alton Towers Resort.
"We are pleased with the growth enjoyed over the summer period and with the progress made against our strategic growth drivers," said Varney.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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