REG - Brighton Pier Group - Trading Update

Brighton PierAnnouncement

26/07/2024 07:00

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RNS Number : 9215X  Brighton Pier Group PLC (The)  26 July 2024

26 July 2024

 

 

The Brighton Pier Group PLC

(the "Company" or the "Group")

Trading Update

 

The Brighton Pier Group PLC, a diversified UK leisure and entertainment
business, provides the following trading update for the first half of its
financial year (6 month period ended 23 June 2024) and beyond.

As previously announced, the first 18 weeks of the year saw like-for-like
sales approximately £(0.5) million below the equivalent period in 2023, owing
primarily to poor weather impacting trading on Brighton Palace Pier.

In the recent months since the last update, poor weather has continued
adversely impacting sales at the Pier, through a combination of rides closures
and lower footfall. Entering into the busy July summer holiday season,
footfall for the 4 week July period (ending on 21 July) was down 29% compared
to the equivalent weeks in 2023. Despite a warm and sunny spell in the last
week, and the successful implementation of charging non-residents £1 for
admission to the Pier during peak trading periods (both of which have
alleviated some of the trading pressures on the Pier), the Group now
anticipates that full year sales for the Pier will be lower than previously
expected.

The performance of the remaining three divisions are broadly consistent with
that reported previously:

-    At Lightwater Valley Family Adventure Park, a renewed focus on
enhancing the visitor experience through promotional offers and events, and
successful marketing campaigns, has improved footfall versus the prior year.
Although trading has not reached its full potential due to weather, sales for
2024 remain ahead of the equivalent weeks of 2023.

-       Paradise Island Adventure Golf has again delivered a resilient
trading performance with sales only marginally below the previous year.

-       The late-night sector continues to present trading challenges in
the Bars division, although the disposal of the three loss-making sites in the
early months of the year has partially mitigated the impact on earnings.

The Group has yet to trade the remaining six weeks of the summer season
through to the end of August. This period has typically contributed a
significant portion of annual Group sales and earnings. However, despite the
earnings from admission revenue, and the potential for improved weather in
August, the Group no longer believes the year to date sales and earnings
shortfall will be recovered and accordingly expect the Group's EBITDA for the
full financial year to be below market expectations.

 

Anne Ackord, Chief Executive Officer, said:

"Despite significant efforts by our divisional management teams, who continue
as always to strive for the best results possible, the overall Group trading
performance year to date has been disappointing.

The potential return of summer weather in the next six weeks, combined with
the additional revenue from admission charging may offset some of the year to
date trading deficit. Nevertheless, it is the Board's view that the trading
for the full 2024 summer season will be below expectations."

 

This announcement contains inside information

 

All Company announcements and other news are available at
www.brightonpiergroup.com (http://www.brightonpiergroup.com)

 

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

 Cavendish Capital Markets Limited (Nominated Adviser and Broker)
 Stephen Keys (Corporate Finance)                                  Tel: 0207 (Tel:0207) 397 8926
 Callum Davidson (Corporate Finance)                               Tel: 0207 397 8923
 Michael Johnson (Sales)                                           Tel: 0207 397 1933

 

 

 

 

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