AGM season: Village Roadshow looks forward to strong year ahead with Clark Kirby set to assume CEO role

Outgoing Village Roadshow CEO Graham Burke says crowds are ‘marching back’ to the company’s Gold Coast theme parks. Here’s why.

Village Roadshow owns Movie World on the Gold Coast.

OUTGOING Village Roadshow CEO Graham Burke, who will hand over to Clark Kirby next year, says the “crowds are marching” back to theme parks three years on from the Dreamworld tragedy.

Mr Burke was speaking following Village’s AGM in Melbourne this morning where shareholders overwhelmingly approved its remuneration report with 96.52 per cent of shares voted in favour.

The company had a strong year for its theme parks division, led by Mr Kirby, with pretax earnings growing almost 100 per cent, to $76.5 million, from $38.3 million the previous year.

That was driven by fine weather and invigorated ticket sales at the company’s theme parks, which include Sea World, Movie World, Wet’n’Wild and Paradise Country on the Gold Coast.

In May it unveiled its $50 million ­rejuvenation of Sea World, including the New Atlantis-themed precinct and three rides, The Vortex, The Leviathan, and The Trident.

Graham Burke will hand over the reins as CEO to Clark Kirby next year. Picture: Luke Marsden.

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Mr Burke said Village has turned a corner following the Dreamworld tragedy, which claimed four lives in October, 2016.

“We had this bomb go off with the tragedy at Dreamworld. It has taken two-and-half years to work through that. I think the passion is back and the crowds are marching.”

Mr Kirby, whose family has been involved in a bitter internal feud with uncle and deputy chairman John Kirby being critical of the young Kirby’s appointment as CEO, said the directors have received strong shareholder support for its turnaround strategy.

“There is the usual clatter, as you know bit of a family issue still there, but overall there was huge support from our shareholder base for the turnaround of the theme parks and of the business as a whole,” he said.

Clark Kirby will take on the CEO role at Village Roadshow next year. Picture: Adam Head

“And importantly the underlying business fundamentals. We have the strongest balance sheet in many years and are positioning for growth.”

Mr Kirby said his stint as CEO of the theme parks division was ideal apprenticeship for the top job next year.

“Having that ongoing role is really important to me because I love the business. I love the Gold Coast, I’m looking forward to bringing a lot of things we have done successfully there through the entire organisation.”

Mr Kirby said he will try to “honour” the history of the company by continuing to evolve and innovate its offering while bringing “flair” to the CEO role.

Shares were down 1¢ in intraday trading to $3.19.

An artist impression of The Vortex ride at Sea World's The New Atlantis. Picture: Village Roadshow