Attention shareholders! The Ardent Leisure Group (ASX: AAD) share price has plunged 22% today.
Ardent Share Price
What happened?
Ardent's 22% share price plunge comes on the back of its half-year report, which was released to the market this morning.
In the report, Ardent's revenue fell 5% to $317 million but it reported a loss of $49 million — down from a profit of $22.7 million this time last year.
During the reporting period, a fatal incident occurred at Ardent's Dreamworld theme park, which resulted in the park's closure for 45 days. As a result, Dreamworld's performance was well below earlier expectations and the group was forced to write-down and revalue the asset by almost $94 million.
If there was one pleasing statistic to come from today's report, it was the strong growth reported from Ardent's US family entertainment centres, Main Event. It reported 30% revenue growth.
