LONDON (ShareCast) - (Sharecast News) - Leisure and entertainment business Brighton Pier Group said on Wednesday that its extended 18-month trading period had been influenced by "a range of factors", both positive and negative.
Brighton Pier stated it had "performed well" over the year and a half ended 25 December and stated it continues to trade in line with market expectations. For the 78 week period as a whole, the group reported total unaudited revenues of £58.9m - up 19% on the same pre-Covid 78 week period ending 26 December 2019.

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 six months saw it experience a decline in consumer confidence and increased costs across the sector.

While the AIM-listed group stated revenues of £18.8m for the 26 weeks ended 25 December was "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, when compared to the same period in 2019, Brighton Pier highlighted that revenues were up 8% and like-for-like sales were down 2%, reflects "a general dip" in consumer confidence in response to the difficult economic environment.

Chief executive Anne Ackord 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."

As of 1125 GMT, Brighton Pier shares were down 9.64% at 61.90p.





Reporting by Iain Gilbert at Sharecast.com

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