Experience Co released FY20 results last week which was predictably in the circumstances a substantial loss of $51.4 million. However, as with Reef Casino last week, a big chunk of this was asset impairments of $35.7 million.
Experience comprises a skydive business at locations throughout Australia and New Zealand and a GBR Experiences business in FNQ. I did find this comment curious in their results presentation:
June, July and August are low seasonal months for both Skydiving and GBR Experiences.
Not the first incongruous comment related to seasonality and weather from the Wollongong skydiving corporate HQ. Commentary from the results presentation:
The value of Experience Co is that the acquired FNQ tourism businesses disclosed a good snapshot into a cross section of Cairns tourism business as a public listed company with substantial market share. That will now be diminished as non-core components are removed following a strategic review. The original Raging Thunder rafting and ballooning businesses are still to go. This will leave only the core reef fleet tour component.