Jump to content
Sign in to follow this  
Medusa42

Parques Reunidos Issues Profit Warning & CEO Resigns

Recommended Posts

http://www.expansion.com/empresas/2018/10/04/5bb63de6e5fdea2d608b45f7.html

https://translate.google.com/translate?hl=en&sl=es&u=http://www.expansion.com/empresas/2018/10/04/5bb63de6e5fdea2d608b45f7.html&prev=search

Quote

Parques Reunidos drops 2.8% on the Stock Exchange with its 'profit warning' and the departure of the CEO

 

The company has begun the search for a new CEO and its price has extended the falls it accumulated in the year after lowering its growth forecasts.

 

Parques Reunidos has been left without a chief executive, at least temporarily.  Fernando Eiroa presented his resignation on Thursday as CEO of the group, which was incorporated fifteen years ago and whose milestones include the company's IPO in 2016.

 

Eiroa, who did not specify the reasons for his departure, also leaves his seat on the council and the other positions he held in the group.  He thanked "the unconditional support" of his team, as well as the "trust and understanding of the board, investors and shareholders, who have made all this possible".

 

The operator of theme and leisure parks has already begun the search for a new first executive.  Meanwhile, Richard Golding, non-executive chairman of the board, "will continue the leadership and supervision of the Company until the appointment of a new CEO."

 

Parques Reunidos, which operates more than 60 amusement parks in fourteen countries, registered red numbers of 58.3 million euros in the first nine months of its fiscal year (October 2017-June 2018), with an ebitda of 5 , 1 million, 36% lower than in the same period of the previous year, and sales of 253 million, practically the same figure as in the same previous period.

 

The company announced yesterday that it will not meet its goal of increasing its revenues and EBITDA by 10% due to bad weather, and expects to close fiscal year 2018 with a "single digit" growth in both parameters.

 

This profit warning and the exit of the CEO have aggravated in the last session of the week the decreases that Parques Reunidos accumulates in the year.  Its quotation has fallen 2.89%, to 10.74 euros per title.  With this decrease, the annual balance shows losses of 26%.

 

 

Share this post


Link to post
Share on other sites

This could be interesting. I wonder if there US properties will end up getting sold off. They have a bunch of waterparks that I could see Six Flags snapping up. 

Share this post


Link to post
Share on other sites

will movie park germany be sold to paramount?, because they have the star trek and nickelodeon rides here

 

and what could happened to kennywood?, could palace enterainment buy this park?

Edited by harry2004

Share this post


Link to post
Share on other sites
On 10/5/2018 at 5:07 PM, harry2004 said:

will movie park germany be sold to paramount?, because they have the star trek and nickelodeon rides here

 

and what could happened to kennywood?, could palace enterainment buy this park?

 

Palace Entertainment is Parques Reunidos American Division

Share this post


Link to post
Share on other sites

ok. will parques reunidos spin off palace entertainment?

Share this post


Link to post
Share on other sites

I wonder if Palace has had no interest in Jazzland because Parques Reuniods doesn't. Ed Hart saved his park, why can't them (or at leas Palace)?

Share this post


Link to post
Share on other sites
On 10/8/2018 at 5:22 PM, GAcoaster said:

A profit warning doesn't mean they will sell off anything necessarily. 

Unless the only way to raise capital is to sell something off, and they'll go with the low hanging fruit first.  And I don't think they're at that point yet.  

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
Sign in to follow this  

×