Merlin's summer disappoints but doesn't endanger the credit profile
Merlin Entertainments (‘Merlin’), the UK-based, second-largest theme park operator worldwide, held a detailed conference call to present disappointing 3Q headline figures and to outline a degree of strategic change.
The ongoing security concerns in Europe (c.60% of revenues) and notably London finally took their toll on the business. Indeed, from a 3.7% increase in revenues at constant scope and currency during 1H17, revenue growth for the year to date period ending October 7, shrunk to only 0.3% (reported: +12.6%, at constant scope: +5.9%). According to our estimates this implies a c.3.1% like-for-like revenue decrease in the company’s peak 3rd quarter of the year.
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