Trading Statement

RNS Number : 4283O

Brighton Pier Group PLC (The)

08 October 2021

 

The Brighton Pier Group PLC

(the "Company" or the "Group")

Trading update, business interruption insurance and notice of results and AGM

Trading update

Brighton Pier Group PLC, a diversified UK leisure business, is pleased to announce a trading update ahead of publication of its preliminary results for its financial year ended 27 June 2021 ("FY 21"), including an update in respect of the 13-week trading period from 29 June to 26 September 2021.

The Group will announce its preliminary results for the 52 weeks to 27 June 2021 on Monday 29 October 2021. The Group can confirm that Business Interruption Insurance claims totalling £5 million have been recently settled with its insurers. Payments on account of £4.1 million have been received to date and the remaining £0.9 million was received yesterday. These claims relate to losses incurred to the end of June 2021. Earnings for FY 21 are expected to be £2 million higher than market expectations on the back of the confirmation of these insurance receipts.

The first 13 weeks of the new financial year have started strongly. Due to the summer weather, school vacations and the August bank holiday weekend, these summer weeks have historically contributed a significant proportion of the Group's annual sales and earnings. This year's key trading period has been boosted by pent-up demand and disposable incomes that built up during lockdown, significant increases in domestic holidays, a temporarily reduced rate of VAT and rates relief by way of Government support and the addition of the newly acquired Lightwater Valley theme park. Collectively, these factors have provided a unique opportunity for the business to maximise revenue and earnings and to complete the integration of Lightwater Valley into the Group.

With many of the indoor and outdoor restrictions lifted, Brighton Palace Pier, the Group's mini golf sites and its food-led bars were able to re-open from 17 May. Furthermore, the Group's acquisition of Lightwater Valley theme park completed on 17 June and then, for the first time in 16 months, the Group's remaining late-night bars opened from 19 July 2021.

With all four divisions mostly opened throughout, the Group is pleased to report total net sales for the 13-week period of £15.9 million. This is 145% over the same period in 2020, and 44% ahead of the same (pre-Covid) period in 2019 (or 30% ahead of 2019 if benefit from the temporary VAT concession is excluded).

Like for like sales at the Pier were up 47% on 2020 and up 14% on 2019; across the golf sites they were up 119% on 2020 and up 30% on 2019; and, in respect of the latter 10 weeks of the period during which the Bars division was fully open, its sales were up  36% up on 2019, with most venues closed in 2020. Combined with trading from the newly acquired Lightwater Valley business, these results have significantly exceeded the Group's expectations.

As a result of the strong summer trading performance, the Board expects revenue and earnings for the 52 weeks to 26 June 2022 to be significantly ahead of market expectations.

AGM

The Group's AGM, which will be held on Wednesday 15 December 2020 at 11.00a.m. and will take place on Brighton Palace Pier for the first time in its history.

This announcement contains inside information within the meaning of the Market Abuse Regulation. 

Commenting on the results, Anne Ackord, Chief Executive Officer, said:  

"The sales over this important 13-week trading period have been very strong across all divisions. I am particularly pleased at the contribution Lightwater Valley has made to the Group's results and to see all our bars back open and performing so well after such a long period of closure.

It is also good to be able to report a new record, with the final bank holiday week of this summer being the first time in the Pier's history that it has achieved gross sales in excess of £1 million over a single week.

Lastly, I want to thank everyone who works in the Group for their contribution to these outstanding results."

All Company announcements and news are available at www.brightonpiergroup.com

Enquiries:

The Brighton Pier Group PLC	Tel: [phone]
Luke Johnson, Chairman	Tel: [phone]
Anne Ackord, Chief Executive Officer	Tel: [phone]
John Smith, Chief Financial Officer	Tel: [phone]
Cenkos Securities plc (Nominated Adviser and Broker)
Stephen Keys (Corporate Finance)	Tel: [phone]
Callum Davidson (Corporate Finance)	Tel: [phone]
Michael Johnson (Sales)	Tel: [phone]

 

END

 

 

TSTBIBDGDBGDGBR