MERLIN ENTERTAINMENTS - 1H16 RESULTS
Merlin’s Entertainments posted broadly stable 1H16 results. Like for like revenues were down -1.1% to £573m but explained by the longer closure of some UK resort theme parks in anticipation of lower demand following last year’s accident at Alton Towers. In this seasonally calmer semester (40% of revenues, 30% of EBITDA), the -1.5% like for like EBITDA decrease to £126m is not concerning. Positively, Merlin reduced its usual cash burn at this time of year to - £36m from -£80m in 1H15 mostly on working capital. Net adjusted leverage (including operating leases) rose by 0.4x to 3.9x. Liquidity is strong.​
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