New Executive Chairman Bob East has cleared the decks at Experience Co Ltd, with the company today downgrading its profit forecast and announcing the departure from executive ranks of its CEO Anthony Ritter and Founder/Managing Director Anthony Boucaut (Bowie).
Ritter has resigned, effective immediately, while Boucaut will become a non-executive director of the company he founded in Wollongong 20 years ago. These changes follow the resignation of CFO Phillip Turner in late September, 2018.
New CFO Owen Kemp started on Monday while Bob East, who was appointed Chairman of the business late last October, will assume the role of Executive Chairman until a replacement CEO is found.
Ian Douglas, formerly Director Corporate Finance at RSM Australia, has been appointed to the new position of General Manager – Corporate Development.
Meanwhile, Experience Co downgraded its FY2019 revenue forecast by around 6% to $155m – $165m due to “the continuation of softer trading conditions in Far North Queensland combined with adverse weather conditions impacting volumes and earnings in both January and February.
“We also expect this momentum will have some impact on volumes in coming months.”
The company said trading was down in December due to softer than expected international and domestic visitors.
Unaudited results for the six months to December 31 were $84.3m revenue and $17.6m earnings before interest tax depreciation and amortisation.
Experience Co was essentially a skydiving business when it listed on the ASX in 2015.
Since then it has acquired Australia Skydive, NZone Skydive, Skydive Wanaka, Raging Thunder Adventures, Reef Magic Cruises, Byron Bay Balloons, Great Barrier Reef Helicopters, Big Cat Green Island Reef Cruises and Tropical Journeys.
Much of its investment in geographical terms has been focused on Far North Queensland, leaving it exposed to the fortunes of this traditionally boom bust destination.