26th Mar 2019 10:43
LONDON (Alliance News) - Nightclub owner Brighton Pier Group PLC on Tuesday reported a drop in interim profit, as rail disruption continued to hurt its main attraction.
Brighton Pier owns the eponymous attraction in Brighton, as well as a variety of nightclubs and bars in London under its Bars division. It also owns six mini-golf sites.
Weekend trains between London and Brighton have been reduced, leading to less visitor numbers to the pier, while poor weather in the half year ended December 30 also contributed negatively.
"Rail network disruptions to and from Brighton continues to affect the pier, which is disappointing; however once the engineering works are complete they will be of great benefit to future visitors travelling to the city and consequently to our Brighton businesses," said Chief Executive Ann Ackord.
Brighton Pier's revenue rose to GBP16.5 million from GBP16.0 million, but pretax profit fell to GBP1.4 million from GBP1.9 million. Stripping out exceptional items, profit fell to GBP1.7 million from GBP2.3 million.
Pier revenue rose to GBP7.9 million from GBP7.8 million, while Bars revenue dipped to GBP6.6 million from GBP8.0 million due to the refurbishment of its Putney Fez club in London.
Looking ahead, Brighton Pier is optimistic the railway improvements will boost the business, though closures will remain going into the start of the summer.
"The company's Pier, Bars and Golf businesses remain well invested, strongly cash generative and well positioned for future growth," added Ackord.
Brighton Pier also said Tuesday Bars Managing Director Leigh Nicolson will be leaving at the end of March. Ackord will take direct control of the unit once he departs.
Shares were 6.6% lower on Tuesday at 41.10 pence each.
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Brighton Pier