The group’s results for the year ended 26 December 2009 showed revenue increased by 16.1% to £769m overall or by 12.9% to £720.2m like-for-like, including 60% growth in sales of the Merlin Annual Pass.
On a constant currency basis, group revenue was up 9.4% overall and 6.4% like-for-like.
Ongoing earnings before interest, taxes, depreciation and amortisation (EBITDA), ie excluding exceptional and non-trading items and shareholder monitoring fees, increased by 16.6% to £238.6m.
On a constant currency basis ongoing EBITDA was up 9.2%.
Cash generated from operations totalled £233.6m, while the group invested £101.2m during the year.
Chief executive, Nick Varney, commented: ‘We are delighted with Merlin’s performance in 2009.
‘In the midst of a deep global recession we welcomed over 3m more visitors to our attractions and recorded the ninth straight year of double-digit percentage growth in historical EBITDA in our core businesses.
‘This is a unique business, with a clear strategic vision – and the management team and resources to deliver it.
‘These results demonstrate the resilience of our business model and are the product of continued investment in the business over the past decade.’
The world’s second biggest visitor attraction operator behind Disney, Merlin’s portfolio comprises: SEA LIFE, Madame Tussauds, LEGOLAND, The Merlin Entertainments London Eye, Dungeons, Gardaland, LEGOLAND Discovery Centres, Alton Towers Resort, Warwick Castle, Thorpe Park, Chessington World of Adventures and Zoo, Underwater Adventures, Heide Park and Earth Explorer.
The group is privately owned, with its primary shareholder the Blackstone Group, which purchased the company in May 2005.
Its other shareholders are KIRKBI A/S, the Merlin management team and Dubai International Capital.
KIRKBI A/S is a Danish family-owned investment company, which holds 75% of the LEGO Group.
Merlin also announced the addition of a further non-executive director to its board: Brian Wallace, group finance director of Ladbrokes.
See also:
Merlin wants slice of Florida action (22/01/2010)
Merlin takes Tussauds to Thailand (16/12/2009)
Merlin continues ‘aggressive’ expansion plan (28/10/2009)
Merlin rebrand for the London Eye (12/08/2009)
Merlin ‘cautiously optimistic’ about new season (17/03/2009)