REG - Brighton Pier Group - Trading Statement

Brighton PierAnnouncement

15/02/2023 07:16

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RNS Number : 9273P  Brighton Pier Group PLC (The)  15 February 2023

15 February 2023

The Brighton Pier Group PLC

(the "Company" or the "Group")

Trading Update

Brighton Pier Group PLC, a diversified UK leisure and entertainment business,
is pleased to announce a trading update for the 78 week period to 25 December
2022, following the accounting reference date change from the end of June to
the end of December.

The extended accounting period of 18 months was influenced by a range of
factors, both positive and negative. Overall, the Group performed well, and
continues to trade in line with market expectations having ended the 18 month
period with a stronger balance sheet. In the first 12 months, the Group
benefited from COVID-19 related government assistance and pent up demand as
the UK emerged from lockdown, while the final 6 months witnessed a decline in
consumer confidence and increased costs across the sector.

For the 78 week period as a whole, the Group reports total unaudited revenues
of £58.9 million (2019: £49.4 million), up 19% on the same pre-COVID 78 week
period ending 26 December 2019. This was driven by strong trading across all
the Group's divisions, benefitting from the acquisition of Lightwater Valley
in June 2021, support from the Government's temporary reductions in VAT, the
'Eat Out to Help Out' scheme and pent-up consumer demand. On a like for like
basis, sales were up 9% against the same pre-COVID 78 week period in 2019

Since the end of the previous audited financial year (52 weeks ended 27 June
2021), the Group has improved its balance sheet having repaid £9.1 million of
debt, reducing borrowings from £20.4 million to £11.3 million and reducing
its net debt by 46% from £13.1 million to £7.0 million.

Revenue of £18.8 million for the 26 weeks ended 25 December 2022 (2021: 22.8
million) is not easily compared with the same period in 2021 due to the
exceptional level of Government VAT support and pent-up demand post COVID-19
in the prior period. However, when compared to the same period in 2019,
revenue was up 8% and like for like sales (excluding Lightwater Valley) were
down 2%. This reflects a general dip in consumer confidence in response to the
difficult economic environment.

Preliminary results for the 78 weeks ended 25 December 2022 will be published
on 24 April 2023.

 

Commenting on the results, Anne Ackord, Chief Executive Officer, said:

"Like many in our industry, we have had to absorb higher costs relating to
wages, energy prices and other inputs. However, going into 2023, our
businesses remain profitable, well managed and backed by a strong balance
sheet and asset base.

We are confident in the ability of our management teams to operate well in our
markets, but we remain mindful of the continuing pressures from the wider
economic environment in which we trade."

 

Enquiries:

 The Brighton Pier Group PLC
 Luke Johnson, Chairman                                Tel: 020 7016 0700
 Anne Ackord, Chief Executive Officer                  Tel: 01273 609361
 John Smith, Chief Financial Officer                   Tel: 020 7376 6300

 Cenkos Securities plc (Nominated Adviser and Broker)
 Stephen Keys (Corporate Finance)                      Tel: 0207 397 8926
 Callum Davidson (Corporate Finance)                   Tel: 0207 397 8923
 Michael Johnson (Sales)                               Tel: 0207 397 1933

 Novella (Financial PR)                                Tel: 0203 151 7008
 Tim Robertson
 Claire de Groot
 Safia Colebrook

 

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