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Merlin recovers from poor spell, eyes rooms for growth Thu, 1st Mar 2018 07:47 (ShareCast News) - Legoland park and Sea Life centre operator Merlin Entertainment reported an improvement in revenues and profits despite a year affected by UK terror attacks. Earnings before interest, tax, depreciation and amortisation of £474m was generated in the 52 weeks ended 30 December, up 9.5% on the prior year or 3.5% ahead if excluding currency effects. Revenues rose 11.6% at £1.6bn, or 6.6% at constant currencies and 1.0% on a like-for-like basis. Profit before tax rose 4.7% to £271m and adjusted earnings per share by 5.5% to 20.5p. The dividend was lifted 4.2% to 7.4p. Looking to 2018, the FTSE 250 company - the world's second largest visitor attraction operator - has begun taking a new approach to capital investment, which saw only six Midway attractions opened in the year, with more cash to be put into adding accommodation to its theme parks. Last year 383 accommodation rooms were opened at three of its seven Legoland sites and at Alton Towers, with 644 expected to open in 2018. Average annual capex is to be in the range of £70-80m in the medium term. There will still be investment in Midway, with annual capex of £60-70m and nine attractions scheduled to open in 2018, weighted towards the second half of the year, including the launch of 'The Bear Grylls Adventure' and a 'Peppa Pig' park. Chief executive Nick Varney said: "A year that started well with positive momentum in almost every part of the Group was ultimately defined by the unprecedented spate of terror attacks in the UK and poor to extreme weather throughout the summer season in Europe. Despite this, thanks to the efforts of our extraordinary team, we have reported overall growth in revenue, profit and cash flow, welcoming 66 million visitors - our highest on record." After good strategic progress last year, including the beginnings of its new move into accommodation expansion, six new Midway attractions, a new Legoland park in Japan and confirmation of plans to open Legoland New York in 2020, he said: "Merlin continues to evolve and, with attractive market fundamentals and the right strategy in place, we remain highly confident in the long term prospects for the business." Discussions were said to be ongoing regarding partner funding of Legoland Korea and tentative agreements were in place regarding a "number of opportunities" in China.