Brighton Pier Group PLC (The) Trading Statement (4283O)
2021年10月8日 - 3:00PM
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RNS Number : 4283O
Brighton Pier Group PLC (The)
08 October 2021
The Brighton Pier Group PLC
(the "Company" or the "Group")
Trading update, business interruption insurance and notice of
results and AGM
Trading update
Brighton Pier Group PLC, a diversified UK leisure business, is
pleased to announce a trading update ahead of publication of its
preliminary results for its financial year ended 27 June 2021 ("FY
21"), including an update in respect of the 13-week trading period
from 29 June to 26 September 2021.
The Group will announce its preliminary results for the 52 weeks
to 27 June 2021 on Monday 29 October 2021. The Group can confirm
that Business Interruption Insurance claims totalling GBP5 million
have been recently settled with its insurers. Payments on account
of GBP4.1 million have been received to date and the remaining
GBP0.9 million was received yesterday. These claims relate to
losses incurred to the end of June 2021. Earnings for FY 21 are
expected to be GBP2 million higher than market expectations on the
back of the confirmation of these insurance receipts.
The first 13 weeks of the new financial year have started
strongly. Due to the summer weather, school vacations and the
August bank holiday weekend, these summer weeks have historically
contributed a significant proportion of the Group's annual sales
and earnings. This year's key trading period has been boosted by
pent-up demand and disposable incomes that built up during
lockdown, significant increases in domestic holidays, a temporarily
reduced rate of VAT and rates relief by way of Government support
and the addition of the newly acquired Lightwater Valley theme
park. Collectively, these factors have provided a unique
opportunity for the business to maximise revenue and earnings and
to complete the integration of Lightwater Valley into the
Group.
With many of the indoor and outdoor restrictions lifted,
Brighton Palace Pier, the Group's mini golf sites and its food-led
bars were able to re-open from 17 May. Furthermore, the Group's
acquisition of Lightwater Valley theme park completed on 17 June
and then, for the first time in 16 months, the Group's remaining
late-night bars opened from 19 July 2021.
With all four divisions mostly opened throughout, the Group is
pleased to report total net sales for the 13-week period of GBP15.9
million. This is 145% over the same period in 2020, and 44% ahead
of the same (pre-Covid) period in 2019 (or 30% ahead of 2019 if
benefit from the temporary VAT concession is excluded).
Like for like sales at the Pier were up 47% on 2020 and up 14%
on 2019; across the golf sites they were up 119% on 2020 and up 30%
on 2019; and, in respect of the latter 10 weeks of the period
during which the Bars division was fully open, its sales were up
36% up on 2019, with most venues closed in 2020. Combined with
trading from the newly acquired Lightwater Valley business, these
results have significantly exceeded the Group's expectations.
As a result of the strong summer trading performance, the Board
expects revenue and earnings for the 52 weeks to 26 June 2022 to be
significantly ahead of market expectations.
AGM
The Group's AGM, which will be held on Wednesday 15 December
2020 at 11.00a.m. and will take place on Brighton Palace Pier for
the first time in its history.
This announcement contains inside information within the meaning
of the Market Abuse Regulation.
Commenting on the results, Anne Ackord, Chief Executive Officer,
said:
"The sales over this important 13-week trading period have been
very strong across all divisions. I am particularly pleased at the
contribution Lightwater Valley has made to the Group's results and
to see all our bars back open and performing so well after such a
long period of closure.
It is also good to be able to report a new record, with the
final bank holiday week of this summer being the first time in the
Pier's history that it has achieved gross sales in excess of GBP1
million over a single week.
Lastly, I want to thank everyone who works in the Group for
their contribution to these outstanding results."
All Company announcements and news are available at
www.brightonpiergroup.com
Enquiries:
The Brighton Pier Group PLC Tel: 020 7376 6300
Luke Johnson, Chairman Tel: 020 7016 0700
Anne Ackord, Chief Executive Officer Tel: 01273 609361
John Smith, Chief Financial Officer Tel: 020 7376 6300
Cenkos Securities plc (Nominated Adviser
and Broker)
Stephen Keys (Corporate Finance) Tel: 0207 397 8926
Callum Davidson (Corporate Finance) Tel: 0207 397 8923
Michael Johnson (Sales) Tel: 0207 397 1933
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END
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October 08, 2021 02:00 ET (06:00 GMT)
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