Canadian Center Parcs-owner increases dividend more than 500 per cent despite profit slipping
The Canadian owner of Center Parcs increased the dividend it took out of the holiday park operator by more than 500 per cent last year, despite a slide in profits.
Brookfield took £298m in dividends from Center Parcs last year, up from £45.8m the year before, its accounts show.
Center Parcs was hit by the “Beast from the East” at the start of the year which caused the temporary closure of its Longleat village in March, only the fourth time in 30 years of trading that a park has closed.
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The bad weather also restricted the arrival of guests and forced the cancellation of some activities at other locations.
Center Parcs estimated the bad weather caused a £1.6m revenue hit and an and overall reduction in earnings before interest, tax, depreciation and amortisation of £1.5m.
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Profit for the 53 weeks ended 26 April fell a third to £30.6m from £40.8m the year before.
Brookfield bought Center Parcs in 2015 for a reported £2.4bn from its private equity owners Blackstone.