23rd Sep 2019 10:32
(Alliance News) - Brighton Pier Group PLC said Monday its profit rose in its recently ended financial year, on revenue that grew slightly on contributions from acquisitions.
The company, which operates Brighton Pier as well as a number of bars, reported pretax profit of GBP2.7 million for the year to June 30, up from GBP2.2 million year before. These figures includes GBP557,000 in costs from the pre-opening of sites, as well as closure and legal costs.
On an adjusted basis, pretax profit remained flat at GBP3.2 million.
Brighton Pier's revenue rose by 1.9% to GBP32.0 million from GBP31.4 million, benefiting from the acquisition of Paradise Island Adventure Golf in the prior financial year, which contributed GBP4.5 million of sales in the year, doubled from GBP2.2 million the prior year.
Segmentally, the company's Pier division revenue increased by 1.4% to GBP14.7 million, on higher sales from bars and catering facilities such as Palm Court and Horatios Bar.
However, the Bars division declined by 13% to GBP12.8 million, due to the closure of the Fez club in Putney, London, and the Reading Coalition.
Looking ahead, Brighton Pier said it is confident of another year of progress, and will continue to drive sales through new acquisitions and business developments.
"I am delighted that the group has delivered growth in both sales and earnings. Trading for the group during the important first two months of the current financial year - July and August - met budget. Consequently, we remain confident of our prospects," said Chief Executive Officer Anne Ackord.
Shares in Brighton Pier were up 5.1% at 52.00 pence each in London on Monday.
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