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The Melbourne-based company will also sell its film financing business VREG, its stake in the US-listed iPic film channel Nasdaq, and its marketing services business in London, "at the right time," he said.
Mr. Burke explained that with the recent sales of his joint-venture film company in Singapore, Wet 'n' Wild Sydney, and his capital increase in mid-2018, Village's track record was solid and he could take his time with the sale of badets. "The timing is to do it in a way that maximizes shareholder value," he said.
Village announced an underlying profit of $ 12.8 million for the six months ended December 31, confirming the sale of badets on the agenda, compared with zero for the corresponding prior period. Village has announced its intention to resume paying dividends to the annual result baduming performance improves.
On a statutory basis, Village posted a net profit of $ 2.4 million, compared with $ 171.9 million for the previous corresponding period, which had been boosted by the sale of a stake in a Singapore film channel .
Revenues increased 2.2% to $ 525.5 million, while earnings before interest, taxes, depreciation and amortization increased 31% to $ 65 million, thanks to improved performance of Hobbies.
Village's amusement parks, which include its largest division, have struggled since the accident of Dreamworld, its rival Ardent Leisure, when four people died after falling off a raft during the Thunder River Rapids downhill in 2016. However, as expected, the significantly improved result was achieved after improving weather conditions and higher yields on the notes.
Burke said the first half result provided "clear evidence of a turnaround" and that Village would continue to "straighten the ship".
He named Clark Kirby, the managing director of the theme parks division, as his preferred candidate, but said that Village would conduct a global search for his replacement.
"My family patrimony is linked to Village Roadshow, I will not attend an appointment," he said.
Mr. Kingston paid tribute to Mr. Burke for changing from a 14-year-old ticket collector to the position of Executive Director. Mr. Burke was hired by the father of the Kirby brothers, Roc, 63 years ago, and became CEO in 1988.
"But now is the time for Village leadership and cultural renewal, and the extensive executive search for the new CEO is welcome," he said.
"The half-year results are a first step in the right direction, but the overall return on Village's badets is still too low.
"There is an urgent need to further reduce the excessive overhead costs of the company.It is also necessary to sell non-core badets so that Village management can focus on the core activities of Queensland theme parks and Australian cinemas. "
The family conflict began in the middle of last year but became public this year. John Kirby is wronged by what he sees as the lack of direction of the company, a stock price that has more than halved in the last five years and the removal of dividends.
However, the Kirby brothers and Mr. Burke control about 42% of Village Roadshow, through a combination of direct holdings and their stake in Village Roadshow Corp. Each has a third of Village Roadshow Corp.
John Kirby can not use the majority of his shares to vote for change because they are held in a private company. His brother and Mr. Burke do not vote him. He indicated that he was exploring legal options and that he might end up in court to petition for the dissolution of the private company.
The most closed shares rose 1.9% to 3.29 dollars on Friday.
Gold Coast amusement park EBITDA was $ 36.5 million in the half, up from $ 29.4 million in the prior period, while Topgold contributed $ 2.6 million.
EBDITA's Wet 'n' # 39; Wild in Las Vegas slid 700,000 USD to 1.1 million USD, while Asian theme parks lost 400,000 USD in the first half.
Cinema EBITDA reached $ 24.9 million in the first half compared to $ 21.7 million for the same period last year.
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