EVT Limited has announced plans to prioritise its hotel segment for future growth following a mixed financial performance in 2024. With revenue increasing by 3.9% to $1.22 billion, EVT (ASX:EVT) has placed a strategic emphasis on its expanding hotel portfolio, which delivered strong results despite challenges in other segments like entertainment and alpine resorts.
At the company's Annual General Meeting in October 2024, CEO Jane Hastings highlighted the ongoing success of the Hotels division, which achieved a record EBITDA of $101.5 million, up 16.1% from the previous year. "We are focused on growing our hotel brands, particularly QT Hotels, Rydges, and Atura, to capture new markets and expand internationally," Hastings noted. Key projects include the opening of QT Singapore, the first QT outside of Australia and New Zealand, and the development of new LyLo budget accommodations in Fremantle and the Gold Coast.
However, the entertainment division faced headwinds due to the after-effects of the Hollywood strikes, which disrupted the film supply, impacting cinema revenues. Meanwhile, Thredbo Alpine Resort also reported weaker earnings due to poor weather conditions during the ski season. Despite these challenges, EVT is optimistic about future growth, particularly with its focus on expanding its asset-light hotel management model across Australia, New Zealand, and internationally.
