Brighton Pier Group revenues hit £59m post-Covid

The Brighton Pier Group recently reported revenues of £58.9m for the 18 months ending 25 December 2022. 

The majority of the revenues came from the group’s pier division, which accumulated a total of £25.3m, compared to £9.6m in 2021. 

The results also show the business has rebounded strongly, especially by managing to repay £9.1m of debt and enter the current more challenging market in a good financial position. Earnings before interest and taxes were £13.9m. 

The 18-month period results reflect the first uninterrupted trading period post-pandemic. The group said that the change from 12 to 18 months will enable more meaningful comparison of its financial performance going forward. 

Throughout the trading period, the group invested £1.3m in capital expenditure, £500,000 of which was spent on its pier division to upgrade the till systems and refurbish various food and drink outlets. The rest of the investment was spent on its bar and golf divisions as well on Lightwater Valley. 

In April 2023, the group extended the term on its £10.9m loan facility by 12 months to 5 December 2024, and over the coming months it is looking to restructure this debt. The intention will be to replace the loan and £1m revolving credit facility with a larger revolving credit facility and a reduced term loan. These new facilities will enable the group to reduce its interest costs.

Commenting on the results, Anne Ackord, chief executive officer, said: “Like many in our industry, we have had to absorb higher costs relating to wages, energy prices and other inputs. Nevertheless, 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 successfully in our markets, but we remain mindful of the continuing pressures from the wider economic environment in which we trade.”