Parques Reunidos sees 7.6% revenue increase in first quarter

Parques Reunidos revenue increased 7.6% to €66m ($81m) in the first quarter of the 2017-2018 financial year.

Revenue grew in all regions for the quarter with Spain securing a new record of €20.8m ($25.6m), an increase of 10.2% compared to the same period the previous year. The US and the rest of Europe saw revenue increase by 7% and 6% respectively.

The growth was supported by a 25% increase in sales of season passes as well as Halloween and Christmas events, which resulted in a 16% revenue increase during those periods.

Even with the revenue increase, Parques Reunidos still posted a negative EBITDA (earnings before interest, taxes, depreciation, and amortisation) with a loss of €4.2m ($5.1m). However, the company states that the first quarter only represents 11% of annual revenues.

Parques Reunidos owns and operates more than 60 attractions around the world. Its portfolio includes theme parks, zoos, aquariums, water parks and entertainment centres in 14 countries.

The company announced earlier this month that it would be opening its second Lionsgate Entertainment City attraction in Madrid. It also partnered Discovery Communications last October to develop themed entertainment centres based on Discovery’s intellectual property portfolio, which includes Discovery Channel, TLC, Animal Planet, Eurosport and more.

Parques Reunidos is reportedly close to acquiring Belantis, a theme park located in Leipzig, Germany. It also signed a deal in November 2017 to develop Ducati World, a themed area dedicated to the iconic motorcycle brand, at Mirabilandia in Italy.