This morning Star Entertainment Group Ltd (ASX: SGR) released its results for the financial year ending June 30, 2019. Below is a summary of the results with comparisons to the prior year.
- Adjusted revenue of $2,161m, down 1%
- Adjusted EBITDA $556.5m, down 2% (in line with guidance of $550m – $560m)
- Operating expenditure $1,061.3m, flat
- Adjusted net profit after tax $223.7m, down 8.4%
- Statutory net profit $198m, up 33.7%
- Earnings per share 21.6c, up 23.4%
- Final dividend 10cps, compared to 10.5cps
- Total dividends 20.5cps, flat
- Net debt at 1.9x statutory 12 month trailing EBITDA
- Domestic revenue in early H1 FY2020 marginally up on soft H2 FY 2019
This looks a pretty flat result from the Sydney, Brisbane, and Gold Coast casino operator with management flagging the soft domestic economy as a key headwind for a business leveraged to consumer spending.
" The Group remains focused on executing our long-standing strategy of investing to drive visitation and earnings to our network of properties located in sought-after destinations. The expansion and upgrades of our properties are being executed to plan, through a partnership approach that enables capital-efficient and de-risked growth," Chief Executive Officer, Matt Bekier said.
