Trading Update

RNS Number : 5595Y

Brighton Pier Group PLC (The)

17 January 2022

 

17 January 2022

The Brighton Pier Group PLC

(the "Company" or the "Group")

Trading Update

Brighton Pier Group PLC, a diversified   UK   entertainment business, is pleased to announce a positive trading update for the 26-week period ended 26 December 2021. The period started strongly and the businesses have continued to deliver an extremely robust performance. Whilst there was some impact in December due to the restrictions, over New Year the bars recovered their momentum, trading 9 % up on 2019.

The Group expects total sales of £22.7 million, up 177% on the same period in 2020 and up 31% against the same (pre-Covid) period in 2019.  On a divisional basis:

· Brighton Palace Pier like for like sales are up 15% on 2019

· The Golf Division's like for like sales are up 33% on 2019

· Bars like for like sales (for 23 weeks, division re-opened from end of July) are up 27% on 2019

· Lightwater Valley theme park acquired in June 2021 continues to trade ahead of expectations

Strong cash flow generation is expected to enable the Group to pay down £7.7 million of debt, reducing borrowings 38 % by the end of June 2022.

This represents an excellent performance during challenging times, underlining the attractions of a diversified asset base of experiential venues and bars well-positioned to benefit from growth in the UK entertainment sector. Management believe the Group is in a strong position to deliver a good result for the year, comfortably in line with market expectations.

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

"Our businesses target growth within the UK entertainment sector; all are popular, cash generative, asset-backed businesses with further organic growth opportunities - particularly so in the Golf division and the recently acquired Lightwater Valley.  

"We expect that 2022 will be a good year.  Alongside the announcement of our H1 results in March,  we intend to give longer term-guidance showing what we believe our businesses can deliver as we emerge from the pandemic."

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]
Novella (Financial PR)	Tel: [phone]
Tim Robertson
Claire de Groot
Fergus Young

 

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