Brighton Pier Group lowers outlook after tough second quarter

25 July 2023 by
Brighton Pier Group lowers outlook after tough second quarter

Brighton Pier Group has lowered its annual outlook after a tough second quarter, which saw sales lag 2022.

The business, which owns and trades Brighton Palace Pier as well as eight bars, eight indoor mini-golf sites and Lightwater Valley Family Adventure Park, said the decline in disposable incomes and consumer confidence had impacted trading.

In its half-year update for the 26 weeks to 25 June 2023, it anticipated total sales for the period would be in the region of £16.2m. This time last year the business was reporting record sales.

Inflationary pressures, particularly food and beverage and staff costs have also impacted the group's operating margins and it warned that earnings after tax were expected to be below market expectations.

Chief executive Anne Ackord said: "The group is navigating a challenging trading environment, with persistent high inflation and reduced footfall continuing to affect disposable incomes across many of the group's trading sites. When combined with the ongoing cost pressures we face, it has led to lower than expected sales and earnings in the first half of 2023.

"While we still have many of the key summer weeks to come, recent trading in July has been impacted by a number of events outside of our control, namely weekend train strikes, stormy weather and the hotel fire across the road from the pier, which has disrupted sales. We will still attempt to capitalise on the forthcoming school holiday period of August, traditionally the busiest and most profitable period in our year."

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