Revenues slide at Brighton Pier following 'traumatic' start to the year

Brighton Pier Group reported a slump in first-half profits on Monday and warned trading was unlikely to recover fully until the next financial year.

Revenues for the 26 weeks to 27 December came in at £8.2m, a 53% slide on the same period a year earlier, while profits before tax and one-off items fell 59% to £800,000.

The owner of Brighton Palace Pier, as well as nine bars and eight indoor mini-golf centres, said the first half had been dominated by the challenges presented by the Covid-19 pandemic, including lockdown rules closing its estate.

However, once government support measures - including the furlough scheme, rates relief and VAT deferral - and business interruption insurance were included, pre-tax profits rose to £2.7m from £1.8m in 2019.

Looking to the second half and the planned easing of lockdown restrictions, the AIM-listed firm said: "The closure of the group’s businesses on Boxing Day will impact the full year to the end of June 2021, and potentially into the first half of the next financial year while the bars division returns to normal."

Chief executive Anne Ackord added: "We look forward to the reopening of all our businesses, following what has been a traumatic time for the whole industry.

"We are encouraged by our performance during the relatively short times when we have been permitted to operate, and have full confidence that the group is well placed to take advantage of the opportunities that the anticipated staycation boom will present, along with the expected pent-up retail spend."

As at 1215 BST, shares in Brighton Pier were up 5% at 37.92p.