A complete corporate overhaul of the group behind Skydive the Beach came in the year it made a loss of $48 million and its Illawarra founders were replaced by new executives.
Experience Co (EXP) said the loss was driven by writedowns in goodwill, and announced it was stocking up on corporate expertise under new CEO chief executive John O'Sullivan, who joined in July, and chairman Bob East, who joined last year.
EXP will face its annual general meeting on November 20 with its leadership structure almost completely overhauled, and Mr O'Sullivan promising a "cultural reset" and a simplified strategy.
Revenue was up but earnings were down almost a third to $19.3 million for the 2018-19 year.
The main cause of the loss was a $62.5 million impairment from EXP's North Queensland adventure businesses, where benefits from acquisitions, and slower trade, had forced a reduction in anticipated cash flow.
Company founder Anthony Boucaut left as managing director in September, stepping back to a non-executive (NED) board position.
Former CEO Anthony Ritter resigned "with immediate effect" in February as EXP told shareholders it had revised its profit forecasts down.
"I look forward to Anthony joining the board as NED and the ongoing contribution his depth of skydiving experience can provide to the board," Mr East said in July, while announcing a "strategic review" of the company led by Mr O'Sullivan.
While Mr Ritter is gone, Mr Boucaut is still invested in the company they founded in Wollongong in 1999. As of June he held about 180 million EXP shares - almost a third of the company.
Mr Boucaut had enjoyed a salary package in excess of $400,000, the company's annual report shows, while Mr Ritter's annual rate was boosted by bonuses the previous year to $444,000. Each of these included a $48,000 travel allowance.
The injection of experience has come both in the executive ranks and the boardroom.
Kathryn O'Brien takes the newly created position of chief revenue office, Joe Stein becomes general manager of Skydive Australia, and Adam Jones the new general manager of north Queensland operations.
Mr O'Sullivan had been the managing director of Tourism Australia and has also held executive positions with Football Federation Australia and Events Queensland.
In August he told shareholders the acquisitions had been poorly executed, while a "lack of accountability in operating businesses" had hindered growth. He promised a "cultural reset with focus on management capability, accountability and communication".
Joining as directors were Neil Cathrie, with a 27-year career in finance and governance with plumbing retailer Reece and others, and Michelle Cox, with 25 years' experience in marketing and tourism.
Chief financial officer (CFO) Owen Kemp joined last December as original CFO Phillip Turner left.
Mr East was previously CEO of the Mantra group.
The company took the name Skydive the Beach in 2003. It was floated on the ASX in early 2015 and changed its name to Experience Co in 2017. It used the $25 million from the float to buy its main domestic competitor, Australia Skydive.
It went on an acquisition spree, buying up tourism businesses in North Australia and New Zealand. Profits grew at first but the impact of those acquisitions is now in the sights of Mr O'Sullivan's strategic review.
In August Mr East said they would "simplify the business", while investors were told to expect "improved capital discipline".
EXP shares traded for 26c, up from August but far from highs of 85c in late 2017.