LONDON (Alliance News) - Merlin Entertainments PLC on Thursday reported growth in profit and revenue in its recently-ended financial year, despite a tough summer when a rollercoaster crashed at Alton Towers, and said it has signed a partnership deal with Big Bus Tours.
The theme park and attractions operator said pretax profit in the year ended December 26 rose to GBP237 million from GBP226 million the year before, as revenue increased by 2.3% to GBP1.28 billion from GBP1.25 billion.
Merlin said strong performances from its LEGOLAND Parks and Midway Attractions divisions offset difficult trading at Resort Theme Parks, the latter which saw the temporary closure of Alton Towers last summer following a rollercoaster crash.
Like-for-like revenue grew by 8.2% at LEGOLAND Parks and by 2.3% at Midway Attractions, but fell by 12% at Resort Theme Parks.
Merlin will pay a total dividend of 6.5 pence per share, a 4.8% increase on the 6.2p paid the year before.
"Trading at this seasonally quiet point in the year is in line with expectations, with planned investments and new developments on track," Merlin said in a statement..
Separately, the company announced that it has invested USD34.4 million in Big Bus Tours, the owner of Hop On Hop Off city tours, for a 15% stake.
The strategic partnership will provide opportunities for cross-selling, promotions and joint sales and marketing activity, Merlin said.
"We are delighted to announce this investment and partnership with Big Bus Tours. We see significant revenue synergies from this business with our own city centre attractions and there is already a clear overlap in eight cities, including London, Hong Kong and San Francisco," Chief Executive Nick Varney said.
By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews
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