Brighton Pier Group has this week confirmed it will pursue further acquisitions in the leisure sector, after reporting pre-tax profit of £4.2m for the year ending 27 June.
Brighton Pier Group has stated it will continue to consider “ attractive acquisition opportunities” in the leisure sector, after reporting a pre-tax profit of £4.2m for the year ending 27 June.
Attributing a fall in revenue from £22.6m to £13.5m to lockdown restrictions, the pier operator confirmed plans to expand its leisure and hospitality estate during the coming year.
“The results are testament to the hard work and dedication of the teams across all divisions and at all levels of the Group,” said CEO Anne Ackord.
“To end the year with the acquisition of Lightwater Valley has been particularly satisfying and a sign of how we have remained focussed on our stated aim to expand the Group by further acquisitions.’’
The profit report comes one year after the group revealed a pre-tax loss of £10.2m, and reflects a 47 percent year-on-year rise in sales at Brighton Palace Pier, and a 14 percent rise on 2019, while sales at the group’s golf sites rose 119 percent on the 2020, and bar sales increased 36 percent over the same period.
BPG purchased the 175- acre theme park Lightwater last year for £5m, with group chair Luke Johnson hailing the acquisition as “an excellent example of how the Group can create a growth enterprise, operating across a wide variety of leisure and entertainment assets in the UK.”
“I believe there are more opportunities available to the Group in this sector and we continue to assess attractive acquisition opportunities in family leisure and the broader leisure sector.”