28th Mar 2022 09:58
(Alliance News) - Brighton Pier Group PLC said on Monday it more than doubled its pretax profit and saw a surge in revenue in its half year.
Shares in Brighton Pier were up 10% at 92.70 pence on Monday morning in London.
In the first six months of its financial year, the amusement park company more than doubled its pretax profit to GBP6.6 million from GBP2.7 million. The London-based company's financial year ends June 27.
Revenue in the half rose to GBP22.8 million, nearly tripling from GBP8.2 million the previous year. Brighton Pier added that this was up 35% against the same period in 2019 - which occurred pre-pandemic.
The company said its 13-week period of summer trading to the end of September 2021, represents about 73% of the sales for the half and was a "record" trading period.
It explained that the pent-up demand following lockdown, school vacations, a record August bank holiday weekend, and the addition of Lightwater Valley adventure park all contributed to the strong sales seen during its first half.
As a result of its strong performance, the company said it now expects its full-year results to be ahead of market expectations.
Chief Executive Anne Ackord said: "The underlying trend for the first half is well above 2019 levels - a more meaningful comparison due to the pandemic. The period has also been boosted further by one off VAT and rates benefits. These factors combined have resulted in the group trading ahead of market expectations.
"Looking forward, we expect the sales trends to continue, benefiting also from the opportunistic Lightwater Valley acquisition. We believe our asset-backed group is well placed to record an excellent result for the full-year and beyond."
By Heather Rydings; [email protected]
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