Last checked at 17 Jan 2022 07:00
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: 020 7376 6300 |
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 | |
Fergus Young |