24th Apr 2023 11:42
(Alliance News) - Brighton Pier Group PLC on Monday said it "rebounded strongly" from trading interruptions during the Covid-19 pandemic, with increased revenue and profits during the last year and a half.
London-based Brighton Pier owns and operates entertainment venues including Brighton Palace Pier and the Lightwater Valley theme park.
Brighton Pier said that during the 18 months that ended December 25, pretax profit rose by 81% to GBP7.6 million from GBP4.2 million during the 12 months that ended June 27, 2021.
Revenue multiplied to GBP58.9 million from GBP13.5 million, though operating expenses also more than quadrupled GBP41.9 million from GBP12.3 million.
Brighton Pier changed its year end from June to December so that results covered all of calendar 2022 and the second half of 2021, reflecting its first uninterrupted trading period following the Covid-19 pandemic.
Chair Luke Johnson said: "The change of year end date will enable more meaningful comparison of the group's financial performance going forwards, as it ensures that the typically busy summer trading months are aggregated within a single reporting period."
Brighton Pier declared no dividend for the recent period, unchanged from the year before.
Chief Executive Officer Anne Ackord said: "Like many in our industry, we have had to absorb higher costs relating to wages, energy prices and other inputs. Nevertheless, our businesses remain profitable, well managed and backed by a strong balance sheet and asset base.
"We are confident in the ability of our management teams to operate successfully in our markets, but we remain mindful of the continuing pressures from the wider economic environment in which we trade."
Brighton Pier said it had repaid GBP9.1 million of debt in the current financial period, which it said would enable it to "remain resilient". It said that "inflation continues to provide a challenging environment" with wide-ranging cost increases, but stressed that all four of its divisions remained profitable.
Brighton Pier's shares were up 3.2% in London on Monday at 65.00 pence.
By Emma Curzon, Alliance News reporter
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