Brighton Pier Interim Revenue Falls As Rain And Wind Dents Trading

27th Mar 2018 13:32

LONDON (Alliance News) - The Brighton Pier Group PLC said on Tuesday revenue fell in its half year due to adverse weather and improvements, with the "seasonally quieter" second half ahead.

The Brighton Palace Pier owner said revenue fell to GBP16.0 million in the half year to December 24, from GBP17.7 million a year before. Pretax profit was largely flat at GBP1.9 million. Before tax and highlighted items, profit came in at GBP2.3 million compared to GBP2.6 million a year before.

Highlighted items in the period included GBP300,000 related to the acquisition of Lethington Leisure Ltd and GBP100,000 in pre-opening costs relating to the redevelopments of Wimbledon Smash and Reading Coalition.

The fall in revenue during the period was a result of "three key factors", the company said.

Firstly, due to rain and strong winds, trading during the pier's peak summer period of August and September was mixed and did not match the strong performance of the same period in the previous year.

Secondly, the company said it made the decision to utilise the winter months to close and improve the principal catering and hospitality offerings on the pier.

Finally, GBP1.2 million in sales in the previous period were due to six marginal bar sites that were closed during the six months to December in 2017.

"Trading for the first half is in line with market expectations and this trend is expected to continue through the seasonally quieter second half as management execute the group's strategy," the company said.

Shares in the company were flat at 104.00 pence on Tuesday.

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