Brighton Pier Group PLC (The) Trading Statement (9273P)
15 2월 2023 - 4:00PM
UK Regulatory
TIDMPIER
RNS Number : 9273P
Brighton Pier Group PLC (The)
15 February 2023
15 February 2023
The Brighton Pier Group PLC
(the "Company" or the "Group")
Trading Update
Brighton Pier Group PLC, a diversified UK leisure and
entertainment business, is pleased to announce a trading update for
the 78 week period to 25 December 2022, following the accounting
reference date change from the end of June to the end of
December.
The extended accounting period of 18 months was influenced by a
range of factors, both positive and negative. Overall, the Group
performed well, and continues to trade in line with market
expectations having ended the 18 month period with a stronger
balance sheet. In the first 12 months, the Group benefited from
COVID-19 related government assistance and pent up demand as the UK
emerged from lockdown, while the final 6 months witnessed a decline
in consumer confidence and increased costs across the sector.
For the 78 week period as a whole, the Group reports total
unaudited revenues of GBP58.9 million (2019: GBP49.4 million), up
19% on the same pre-COVID 78 week period ending 26 December 2019.
This was driven by strong trading across all the Group's divisions,
benefitting from the acquisition of Lightwater Valley in June 2021,
support from the Government's temporary reductions in VAT, the 'Eat
Out to Help Out' scheme and pent-up consumer demand. On a like for
like basis, sales were up 9% against the same pre-COVID 78 week
period in 2019
Since the end of the previous audited financial year (52 weeks
ended 27 June 2021), the Group has improved its balance sheet
having repaid GBP9.1 million of debt, reducing borrowings from
GBP20.4 million to GBP11.3 million and reducing its net debt by 46%
from GBP13.1 million to GBP7.0 million.
Revenue of GBP18.8 million for the 26 weeks ended 25 December
2022 (2021: 22.8 million) is not easily compared with the same
period in 2021 due to the exceptional level of Government VAT
support and pent-up demand post COVID-19 in the prior period.
However, when compared to the same period in 2019, revenue was up
8% and like for like sales (excluding Lightwater Valley) were down
2%. This reflects a general dip in consumer confidence in response
to the difficult economic environment.
Preliminary results for the 78 weeks ended 25 December 2022 will
be published on 24 April 2023.
Commenting on the results, Anne Ackord, Chief Executive Officer,
said:
"Like many in our industry, we have had to absorb higher costs
relating to wages, energy prices and other inputs. However, going
into 2023, 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 well in our markets, but we remain mindful of the
continuing pressures from the wider economic environment in which
we trade."
Enquiries:
The Brighton Pier Group PLC
Luke Johnson, Chairman Tel: 020 7016 0700
Anne Ackord, Chief Executive Officer Tel: 01273 609361
John Smith, Chief Financial Officer Tel: 020 7376 6300
Cenkos Securities plc (Nominated Adviser and
Broker)
Stephen Keys (Corporate Finance) Tel: 0207 397 8926
Callum Davidson (Corporate Finance) Tel: 0207 397 8923
Michael Johnson (Sales) Tel: 0207 397 1933
Novella (Financial PR) Tel: 0203 151 7008
Tim Robertson
Claire de Groot
Safia Colebrook
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END
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February 15, 2023 02:00 ET (07:00 GMT)
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