Brighton Pier Group reports record revenues of £40.1 million
Brighton Pier Group has reported unaudited total net sales for the year to 26 June 2022 of £40.1m, up 25% on 2019 and a record result for the business.
It added that earnings before interest, tax, depreciation and amortisation (EBITDA) were also expected to exceed market expectations with projections of £10.8m.
On a divisional basis, Brighton Palace Pier like for like sales were up 12% on 2019. Its bars division's like for like sales, following re-opening from the end of July, were up 21% on 2019. The golf division's like for like sales were up 23% on 2019.
Strong cash flows enabled the business to repay £7.7m of debt (37% of borrowings) during the financial year.
Chief executive Anne Ackord said: "I have been delighted by the strength of the group's recovery following the Covid-19 pandemic and am pleased that we have surpassed £40m of sales for the first time in the group's history. This must be attributed to the endeavours of all the group's employees, for which we are very grateful.
"This trading period has been exceptional, benefiting both from pent-up customer demand and from hospitality-targeted government recovery packages. The cash-generative nature of the group's diverse businesses puts us in a unique position to capitalise on new opportunities as and when they arise."
As well as Brighton Palace Pier, Brighton Pier Group owns and trades nine bars nationwide under its Eclectic Bars group, eight indoor mini golf sites and the Lightwater Valley theme park in North Yorkshire.
Photo: Shutterstock / Michaeleasbest
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