25th Sep 2018 11:50
LONDON (Alliance News) - The Brighton Pier Group PLC said on Tuesday it saw a rise in profit in its recently ended financial year, despite only slight revenue growth during the period.
The company, which operates Brighton Pier as well as a number of bars, reported pretax profit for the year to the end of July at GBP2.3 million, up 21% from GBP1.9 million the year before. This was on revenue that rose 1.3% to GBP31.7 million from GBP31.3 million.
The revenue total benefited from the company's acquisition of Paradise Island Adventure Golf in December 2017, which contributed GBP2.2 million in sales in its 30 weeks of trading. However, it was held back by the removal of GBP1.4 million in revenue due to bar disposals or closures.
Additionally, revenue growth was limited by the peak season in August and September not being as strong as in the prior year for Brighton Pier itself and by the decision to use the winter months to close sections of the pier, which is on the English south coast.
Within the bars division, progress was made, Brighton Pier said, with good performances on weekends and key dates such as Halloween and Christmas in spite of strong competition.
"The successful acquisition of Paradise Island Adventure Golf during the financial period has added a new income and profit stream with further growth potential for the group. We are looking forward to opening our first new golf site at Rushden Lakes in the spring of 2019," said Executive Chairman Luke Johnson.
"I am immensely proud of the work that has been done by the team at the pier to completely refurbish the restaurant and bars on time and on budget. The result has been a truly transformed Horatio's Bar and Palm Court restaurant. The improved capacity and additional outside space, together with the improved conference and events capability, will improve earnings for the future," Johnson added.
Shares in Brighton Pier were down 0.5% at 100.50 pence on Tuesday.
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