Yahoo Finance Windy weather blows profits away at Brighton Pier Group
Wet and windy summer weather on the south coast meant the Luke Johnson chaired Brighton Pier Group remained mired in losses in the first half of the year.
Relentless buffeting by depressions prevented “high margin rides” on the attraction from operating while “a general downturn in domestic tourism in Brighton, leading to significantly fewer visitors onto the pier.”
Like for like revenues for the group, which also operates bars and mini-golf sites, fell from £14.9 million to £13.9 million in the six months to June 23.
A pre-tax loss of £0.2 million compared with a £3.9 million deficit last time, though if one off factors are excluded, the loss was £1.68 million, up from £972,000.
Sales at the group’s flagship attraction Brighton Palace Pier were down £1,1 million at £6.4 million “due to wet and windy weather throughout the first half of the year that forced rolling closures of higher-margin rides.”
The Bars division recorded sales of £2.6 million, down from £2.8 million, while turnover at the golf division was unchanged at £3.2 million.
CEO Anne Ackord said: “As previously reported, the Group experienced disappointing trading conditions during the first half of the year.
“While a warmer weather spell during August and the successful implementation of a £1 admission charge on the pier for non-residents offered some respite, the overall demand across the estate has remained subdued as consumers continue to closely manage discretionary spend.
“Looking forward, the Group is focusing on disciplined cost management, which will put us in the strongest possible position to capitalise once economic conditions have improved. We are also actively looking into longer term options that will reduce the Pier’s reliance on good weather.”
