Living and Leisure Australia, owner of Melbourne Aquarium and Treetop Walks, has announced that it has reduced debt and losses during 2009 and is in a strong position to continue growth in 2010.

The group saw total revenue up 8.8 per cent on 2008 to AUD$123.5m (£69.4m, US$113m, €76.8m), reporting a net loss of AUD$15.4m (£8.7m, US$14.1m, €9.6m) - dramatically lower than the previous year's loss of AUD$74.8m (£42m, US$68.6m, €46.5m).

Chair, Julanne Shearer, said the group's $100m (£56.2m, US$91.7m, €62.1m)recapitalisation and corporate restructure - including the appointment of CEO John Schryver - in 2008 had "positioned us well to address the challenges presented by the global financial crisis".

"The geographic diversity of our attractions also provided protection from the effects of the economic downturn, while the more efficient use of our established facilities helped us to ensure the long-term sustainability of our operations," she added.

"Our aquariums, ski fields and treetop walks were well patronised throughout the year. During what have been uncertain financial times, our attractions offered a cost-effective leisure option for the increased numbers of families who chose to save their money and holiday at home."

In November 2008, the group opened its expansion to Melbourne Aquarium - which last month won the Best Major Tourism Attraction at the annual Victorian Tourism Awards.