LONDON (ShareCast) - (Sharecast News) - Brighton Pier Group has warned that its results will be "materially" impacted after the Covid-19 pandemic led to the closure of all of its venues.
The owner of Brighton Palace Pier, as well as 12 bars and eight indoor mini-golf centres, said it expected the closures to "materially impact its financial results for the period ending 28 June, and potentially also the subsequent period if mandatory closures or social distancing measures continue into the summer and beyond".

All Brighton Pier Group's venues were closed following the introduction of lockdown measures intended to control the coronavirus outbreak.

The group added that it was not currently possible to forecast how long its venues would remain shut for.

The Aim-listed company has furloughed 490 of its 500 staff, with all employees including management agreeing to take pay cuts for the duration of the closures. It has also secured two loans through the government's Coronavirus Business International Loans scheme worth a total of ?5m, and has received "support" from landlords "to reduce the cash impact of the March 2020 quarter rent period".

Anne Ackord, chief executive, said: "The UK and especially the leisure and hospitality industry have had to endure significant challenges over the last three months.

"We are ready to progress with the safe re-opening of our businesses, which must necessarily follow the steps set out in the Government's Covid-19 recovery strategy. While the timing will depend on a number of actors which remain uncertain, getting back to work is now the focus."

As at 1315 BST, shares in Brighton Pier Group were down 5% at 37.40p.

Brighton Pier Group reported interim results for the six months to 29 December in March. Pre-tax profits came in at ?1.8m, while revenues were ?17.3m.

Email this article to a friend

or share it with one of these popular networks:

• DIGG
• FACEBOOK
• STUMBLEUPON
• MIXX
• YAHOO BUZZ
• DELICIOUS
• REDDIT
• NEWSVINE