Australia’s Echo Entertainment Group had a challenging 12 months to June 30, its full year results revealed.
Echo’s revenue increased seven per cent to $1,901.8m, with a 17.5 per cent growth in The Star offset by a weaker performance at the company’s Queensland properties.
The Star posted growth during the first half of trading period, driven by a new product opened during the previous financial year. However growth was impacted in the second half of the year by a tough consumer environment and a reduced promotional activity around the re-launch of its group loyalty programme.
Chairman John O’Neill admitted the company had a difficult year but “achieved a great deal to position itself for future earnings growth.”
Echo has also made “significant progress” on rebuilding the board and management team, he said, and the company is focused on improving its performance and shareholder returns in the new financial year.
