UK's Brighton Pier Group dives on profit warning
25/07/2023 10:39
** Shares of Brighton Pier Group Plc PIER.L slump as much
as 29.8% to 40p, their lowest since April 8, 2021
** The UK leisure and entertainment company sees half-yearly
earnings after tax below market expectations, hurt by weak
second-quarter sales and inflationary cost pressures
** Co sees total sales for the six months ended June 25 in
the region of 16.2 mln pounds ($20.8 mln), about 60% lower than
year-ago period
** PIER says July trading impacted by unseasonably poor
weather, train strikes and mainly due to an about week-long
disruption caused by a fire incident at a hotel opposite Pier
entrance
** "If the hottest June on record can't get the punters to
the seaside and spending money on Brighton Pier, it's hard to
know what kind of sales catalyst the leisure operator needs to
do well" - AJ Bell analyst Danni Hewson
** Stock set to post worst day since March 2015, if trend
holds
** Shares currently trading down 28.1%, taking YTD losses to
more than 36%
($1 = 0.7785 pounds)
(Reporting by Aby Jose Koilparambil in Bengaluru)
((abyjose.koilparambil@thomsonreuters.com))