Experience Co held its AGM last week. The only thing usually to note from these events is the update since the FY2018 end.

FY19 1st QUARTER UPDATE
Experience Co Limited advise the following update for the period 1 July 2018 to 30 September 2018:
Passenger numbers: • Skydive (Australia and New Zealand) passengers are down 1.4% on same period last year (LFL) • Other Adventure passengers are up 1.6% on same period last year (LFL)
Based on the passenger numbers for the 1st quarter, together with the passenger bookings and processing during October to date, the business is tracking in line with management expectations and accordingly reaffirm FY19 guidance.

What to look at here is “Other Adventure passengers”. This is almost entirely the suite of Cairns tour businesses*. I’m not sure I would call 1.6% passenger growth on the previous peak season quarter an outstanding result. I think I would call it modest. As some businesses were acquired within the year I am assuming these are comparable numbers.

Experience Co has been an interesting ride for investors since the acquisitions into FNQ and the name change. Investors would now be down more than 50%:

I have repeatedly warned with every post that Experience Co is followed as an insight into an important sector of Cairns tourism and not investment advice. The lower share price will though constrain scope for further acquisitions.

* FNQ Cairns businesses: Raging Thunder; Reef Magic; Big Cat; GBR Helicopters; Tropical Journeys

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