The Experience Co Ltd (ASX: EXP) share price has crashed 25% to 20 cents today and is now down 74% over the past year after the tourism group coughed up a profit downgrade today.
In further worrying news the group also reported its CEO, Anthony Ritter, had resigned from the company with "immediate effect".
The group's current CFO has only been in the job in two days so it's evident its management team is suffering from a lack of stability for now at least.
It seems forecasting was not a strong suit for the last CFO as today the group downgraded its full year revenue guidance to between $155 million to $165 million, compared to a prior forecast for revenue between $165 million to $175 million.
Full year guidance for EBITDAI has also been reduced to between $30 million to $33 million, compared to prior guidance for between $37 million to $41 million.
The company blamed the erroneous forecasts on "softer trading conditions in the FNQ other adventure activities" and unexpected rainfall or "adverse weather conditions" putting tourists off adventure activities such as sky diving or Great Barrier Reef boat trips.
Other businesses in the tourism sector including SeaLink Travel Group Ltd (ASX: SLK) and Event Hospitality & Entertainment Ltd (ASX: EVT) have performed reasonably well, although they're less leveraged to Queensland tourism, with Event actually flagging trade at its Port Douglas QT Hotel had been weak.
