27th Feb 2014 10:23
LONDON (Alliance News) - Merlin Entertainments PLC Thursday reported its fourteenth year of substantial progress and continuing growth after a landmark year, crowned by its flotation on the London Stock Exchange.
The leisure giant, which runs attractions such as Legoland Windsor and Madam Tussauds, joined the FTSE 250 index in December, making it a landmark year for the firm, said Merlin, which records continued growth in visitor numbers, revenue and profits.
Visitors, the lifeblood for the firm, rose 10.7% during the 52 weeks to December 28, 2013, reaching 59.8 million from the 54 million recorded last year, said the firm, resulting in a 10.9% increase in revenue, up to GBP1.19 billion from GBP1.07 billion in 2012.
Pretax profit also rose, reaching GBP186 million for the year, up from GPB140 million. Operating profit was boosted 12.3% to GBP290 million from GBP258 million in 2012.
The firm said the results demonstrates growth in its existing estate, as well as the increasing international roll-out of its brands.
Merlin has made good progress in meeting its strategic growth drivers during the year, it said, drivers including growing the existing estate through planned investment cycles - the firm has spend GBP95 million on new rides and attractions across the estate. The firm has also worked to exploit strategic synergies, including the reintroduction of the UK Merlin Annual Pass and increased the roll-out of new midway attractions, such as the recently announced deal with Dreamworks for a new Shrek-themed attraction to initially launch on London's south bank, which forms a strategic alliance with the firm to develop a sixth midway brand.
The firm said it has also remained focused on developing new Legoland parks during the year, as well as potential strategic acquisitions.
Nick Varney, Merlin Entertainments Chief Executive Officer, said, "We delivered our fourteenth year of strong growth, with continued delivery from our existing estate, underpinned by the ongoing roll out of our unique portfolio of leisure brands internationally. With seven new attractions in 2013 we are making good progress towards our stated long term aim of a geographically diversified business generating revenues equally across Europe, the Americas and Asia Pacific.
"At the same time, we delivered on our long-standing objective of becoming a publicly quoted company," Varney said. "The flotation of Merlin has given us the platform for the next stage of our development and we are now better placed than ever before to continue to build this robust, diversified business, based on our iconic attractions and our determination to deliver memorable days out for our many millions of visitors in 22 countries, across four continents.
Looking ahead, the firm expects progress to continue in 2014, with future growth being driven by further significant product investment planned for Merlin's existing estate, including the addition of accommodation at four theme parks and a further six midway attractions will be added to the portfolio. Merlin said these openings are currently slated to take place toward the second-half of the year.
"We are confident that our portfolio of attractions is well placed to take advantage of the world of opportunity ahead of us, with our pipeline of new business developments remaining as full as ever. We have multiple levers to drive growth and the right team in place to ensure continued delivery. Stand by for more Merlin magic ahead!" said Varney.
Shares in Merlin were trading down 0.27% at 370 pence per share Thursday morning.
By Alice Attwood; [email protected]; @AliceAtAlliance
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