Business Description:
Ardent Leisure Group (AAD, formerly Macquarie Leisure Trust Group is a stapled security comprising a unit in the trust and a share in the operating company. AAD is a leisure property operator and owner with large businesses in Australian theme parks, bowling alleys and health clubs, with smaller businesses in Australian marinas and US family entertainment centres.

Strategy Analysis:
Clearly focused on the operation of owned and leased assets within the leisure sector, AAD strives to offer value-for- money and low priced entertainment, which has a mass market appeal. Investment focus is assets located in close proximity to domestic population centres, offering diversity in the income stream, predominantly reliant on domestic leisure markets with limited exposure to international visitors, and exposure to creditworthy tenants. Ardent Leisure Group reported NPAT up 89.8% to $36.14m for the year ended 30 June 2011. Revenues from ordinary activities were $375.86m, up 7.3% from last year. Diluted EPS was 11.49 cents compared to 6.29 cents last year. Net operating cash flow was $77.44m compared to $68.92m last year. The final dividend declared was 5 cents, taking the full year dividend to 11.5 cents compared with 10.75 cents last year.