15th May 2014 09:04
LONDON (Alliance News) - Attractions and theme park operator Merlin Entertainments PLC Thursday said it has started the year well, with strong like-for-like revenue growth of 12% in the first 18 weeks of its new financial year, boosted by better weather in Northern Europe and throngs at its LEGOLAND parks following the release of 'The LEGO Movie'.
Merlin Entertainments runs almost 100 attractions in 22 countries, including the LEGOLAND chain of theme parks and Madame Tussauds wax museums.
The group said that like-for-like revenues in the first 18 weeks of the year were boosted by better weather in Northern Europe, and successful promotional activity around the release of 'The LEGO Movie' which upped trading at its two US LEGOLAND parks and LEGOLAND Discovery Centres. It said that trading in the period was also helped by weaker comparables a year earlier.
"However the strong summer trading in 2013 will mean that like-for-like growth will be considerably more challenging over the coming quarters. As such, full-year expectations remain unchanged with the group's underlying trading being consistent with the long term trajectory," said Chief Executive Officer Nick Varney in a statement.
Merlin Entertainments said total revenues grew 17% on a constant currency basis, and almost 11% at actual exchange rates, held back by the current strength of the sterling. It said that sales were boosted by the opening of new midway attractions throughout last year, and the opening of the LEGOLAND California hotel in April last year.
During the period, the group relaunched its UK Merlin Annual Pass, and launched a new premium pass in the German market.
"The group continues to be actively engaged in searching for new brands and strategic opportunities that fit Merlin's strict investment criteria," the company said.
Earlier this year, Merlin Entertainments announced deal with film studio Dreamworks for a new Shrek-themed attraction to launch on London's south bank.
Shares in Merlin Entertainments were trading down 0.4% at 353.615 pence.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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