New Zealand Experience Ltd, operator of Rainbow's End theme park, said it is on target to achieve signalled earnings and is working to help its 74.9 percent shareholder exit its investment.The company reported net profit after tax of $1.538 million in the
New Zealand Experience Ltd, operator of Rainbow's End theme park, said it is on target to achieve signalled earnings and is working to help its 74.9 percent shareholder exit its investment.
The company reported net profit after tax of $1.538 million in the year to June 30, including several non-recurring items.
"For the year ahead we have already advised that our expected after tax profit will be in the range of $1.3m to $1.5m as a result of improved earnings before interest, tax, depreciation and amoritisation and a lower depreciation charge. I can report that we are on track to achieve this," chairman Tony Frankham told shareholders at the annual meeting today.
On July 14 the trustees of the estate of George Ryerson Gardiner said they were seeking assistance from NZ Experience to sell their 74.9 percent shareholding.
Mr Frankham said today that interested parties have been provided with an information memorandum and invited to lodge indicative bids with Zeus Management Ltd, which is running the process on behalf of the shareholder. A buyer of the whole stake will have to bid for the company.
"We will provide an update to shareholders through an announcement to NZX in due course and at such time as we are in a position to do so," Mr Frankham said.
The company ran a Night Rides series in March, opening the park late on four consecutive Saturday nights, and ran a similar series in September and October.
Mr Frankham said the economic climate continued to add pressure to discretionary spending levels.
"However, we continue to work on improving our marketing and promotional activity with emphasis on our value for money for a full day of family entertainment."
