Brighton Pier Group PLC (The) – PIER – Final Results

Brighton Pier Group PLC (The) – PIER – Final Results

The Brighton Pier Group PLC (the Group) owns and trades Brighton Palace Pier, as well as eight indoor mini golf sites and twelve premium bars nationwide including.

These trading results for the 52 weeks ended 28 June 2020 (2019: 52 weeks ended 30 June 2019), a period which, since Spring 2020, has been defined by the COVID-19 pandemic.

On 20 March 2020, the UK Government instructed all hospitality and leisure venues to close. This resulted in the complete closure of the Group's bars and golf venues, as well as Brighton Palace Pier itself. All venues remained closed as at 28 June 2020. The Pier, along with those Golf sites situated in England and 2 of the Group's sites in the Bars division reopened on 4 July 2020, after the period end.

The prolonged closures have resulted in impairments to goodwill, property, plant and equipment and right-of-use assets totalling £8.1m. Of this, £7.2m relates to the Bars division, much of which remains unable to trade.

 

Financial results

52 weeks ended
28 June 2020

52 weeks ended
30 June 2019

£m

(unless otherwise stated)

£m

(unless otherwise stated)

Revenue

22.6

32.0

Group EBITDA before highlighted items

2.5

5.3

Group EBITDA after highlighted items

2.5

4.8

(Loss)/profit before taxation and highlighted items

(2.1)

3.2

(Loss)/profit before taxation after highlighted items

(10.2)

2.7

Adjusted (loss)/earnings per share - basic

(5.3)p

7.3p

Adjusted (loss)/earnings per share - diluted

(5.3)p

7.3p

(Loss)/profit after tax and highlighted items

(9.5)

2.2

(Loss)/earnings per share - basic

(25.5)

6.1p

(Loss)/earnings per share - diluted

(25.5)

6.1p

     Note that the comparative period figures do not include the impact of the adoption of IFRS 16.

 

Commenting on the results, Anne Ackord, Chief Executive Officer, said:

 

"The COVID-19 pandemic has presented an unprecedented challenge to our business. The closures during Spring 2020 came during what would normally be a key trading period, spanning both the Easter break in April and two May Bank Holiday weekends. Whilst the lost trade is disappointing, I'm proud of the way in which our team has responded to ensure the Group remains in a strong financial position in such uncertain times. Thanks to their efforts, the Group is well placed to resume normal trading at the earliest opportunity.''

All Group announcements and news can be found on www.brightonpiergroup.com.

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