SeaWorld share price leaps on cost-cutting plans as attendance continues to sink

 
Billy Bambrough
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Sjenza the polar bear is drawing fewer people to SeaWorld San Diego
Sjenza the polar bear is drawing fewer people to SeaWorld San Diego (Source: Getty)

SeaWorld – the US leisure park at the centre of an animal rights storm – has announced a new cost-cutting initiative in the middle of its change in strategy.

Shares in the company leapt at the open after sinking in the pre-market on the back of its third quarter results. Attendance fell 0.4 per cent to 8.3m, blamed on adverse weather in the north east of the US.

SeaWorld’s third-quarter earnings fell to $65.7m (£52m), from $98m in the same period a year ago. Revenue declined two per cent to $485.3m.

SeaWorld said in March it would abandon breeding its signature killer whales in a bid to reshape its image following public backlash against the treatment of animals.

The company now wants to reduce costs by around $65m, targeting $40m in net savings by the end of 2018.

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