Brighton’s rocking: BPG bounces back with record revenues topping £40m for the first time

Brighton Pier Group financials
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While the majority of its assets were heavily affected by the pandemic, Brighton Pier Group has announced a strong recovery and a record breaking performance for the year to 26 June 2022, with the operator’s revenue topping £40m for the first time ever.

 

The company that owns Brighton’s Palace Pier has reported record revenues, with annual turnover topping £40m in its most recent financial year – 25 percent more than pre- Covid figures.

Brighton Pier Group announced that trading had been “ahead of expectations” with revenues hitting £40.1m in the 52 weeks to Sunday 26 June, up 196 percent on the equivalent period in 2021 and up 25 percent on 2019.

“Exceeding £40m of sales is a record result for the group,” said a company spokesperson. “This robust performance underlines the continued strong demand for the group’s diverse offering of leisure experiences across a range of demographics in the UK.”

On a divisional basis, Brighton Palace Pier like for like sales were up 12 percent on 2019, its bars were up 21 percent, and its golf division increased 23 percent. Meanwhile, Lightwater Valley theme park, acquired in June 2021, continues to trade ahead of the company’s expectations at the time of acquisition.

“The Group continues to generate strong cash flows, enabling the repayment of £7.7m of debt (37 percent of borrowings) during its financial year,” continued the spokesperson. “This leaves the group well positioned for the future, with a strong balance sheet, underpinned by high-quality assets.”

The group’s preliminary results for the year will be announced in September, together with an update on trading over the summer period, which represents a significant portion of the group’s sales and profits. Chief executive Anne Ackord is confident the company’s strong performance will continue, hinting that further acquisitions could be on the horizon.

“I have been delighted by the strength of the group’s recovery following the covid-19 pandemic and am pleased that we have surpassed £40m of sales for the first time in the group’s history,” she said. “This must be attributed to the endeavours of all the group’s employees, for which we are very grateful. This trading period has been exceptional, benefiting both from pent-up customer demand and from hospitality- targeted government recovery packages. The cash-generative nature of the group’s diverse businesses puts us in a unique position to capitalise on new opportunities as and when they arise.”


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