REG - Brighton Pier Group - Trading Update

Brighton PierAnnouncement

17/01/2022 07:05

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RNS Number : 5595Y  Brighton Pier Group PLC (The)  17 January 2022

 

17 January 2022

The Brighton Pier Group PLC

(the "Company" or the "Group")

Trading Update

 

Brighton Pier Group PLC, a diversified UK entertainment business, is pleased
to announce a positive trading update for the 26-week period ended 26 December
2021. The period started strongly and the businesses have continued to deliver
an extremely robust performance. Whilst there was some impact in December due
to the restrictions, over New Year the bars recovered their momentum, trading
9 % up on 2019.

The Group expects total sales of £22.7 million, up 177% on the same period in
2020 and up 31% against the same (pre-Covid) period in 2019.  On a divisional
basis:

·    Brighton Palace Pier like for like sales are up 15% on 2019

·    The Golf Division's like for like sales are up 33% on 2019

·    Bars like for like sales (for 23 weeks, division re-opened from end
of July) are up 27% on 2019

·    Lightwater Valley theme park acquired in June 2021 continues to trade
ahead of expectations

Strong cash flow generation is expected to enable the Group to pay down £7.7
million of debt, reducing borrowings 38 % by the end of June 2022.

This represents an excellent performance during challenging times, underlining
the attractions of a diversified asset base of experiential venues and bars
well-positioned to benefit from growth in the UK entertainment sector.
Management believe the Group is in a strong position to deliver a good result
for the year, comfortably in line with market expectations.

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

"Our businesses target growth within the UK entertainment sector; all are
popular, cash generative, asset-backed businesses with further organic growth
opportunities - particularly so in the Golf division and the recently acquired
Lightwater Valley.

"We expect that 2022 will be a good year.  Alongside the announcement of our
H1 results in March,  we intend to give longer term-guidance showing what we
believe our businesses can deliver as we emerge from the pandemic."

Enquiries:

 The Brighton Pier Group PLC                           Tel: 020 7376 6300
 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
 Fergus Young

 

 

 

 

 

 

 

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