Brighton Pier Group hits ‘record’ revenues of £40m in FY22
Total group sales for the first nine weeks to 28 August 2022 were up 1% on a like-for-like basis versus the same pre-Covid period in 2019
The Brighton Pier Group, owners of Brighton Pier Palace and nine bars across the UK, has reported record revenues of £40.1m, compared with £13.5m in 2021, up 25% on the same pre-Covid period in 2019.
In the year to 26 June, 2022, the group reported EBITDA of £10.8m for the year ended 26 June 2022, double the £5.1m reported for the same period the year prior.
According to the group, this has been “driven by strong trading” and a “consistent gross margin performance, combined with government support from temporary reductions in VAT and business rates”. Since the end of the previous financial year, the group has reduced its net debt by 62% to £5m.
While the group’s outlooks for the UK economy for the remainder of 2022 and into next year remains uncertain, current total group sales for the first nine weeks to 28 August 2022 were up 1% on a like-for-like basis versus the same pre-Covid period in 2019.
The group said it had been able to mitigate some inflationary energy and wage cost pressures through targeted price increases, operational improvements and by fixing energy costs where possible early in 2022. Although, it added that as inflationary pressures head into double digits, these will become harder to mitigate over the short to medium term, which has increased uncertainty in budgeting and forecasting.
Anne Ackord, chief executive officer, said: “The group’s strong recovery following the Covid pandemic has resulted in sales of more than £40m for the first time in the group’s history. This reflects the hard work of all the group’s employees, for which we are very grateful.
“This exceptional period has benefitted both from pent-up customer demand and from hospitality-targeted Government recovery packages. The ongoing cash-generative nature of the group’s diverse businesses and strong balance sheet add resilience to The Brighton Pier Group.”
She added: “Nevertheless, as we enter into unchartered waters, economic headwinds make it difficult to predict both costs and consumer demand, so our outlook for the future must be one of caution.”
