The Brighton Pier Group PLC (the Group) owns and trades Brighton Palace Pier, as well as seven indoor mini golf sites and twelve premium bars nationwide including two ping-pong concept bars.
The results for this 52 week period contain the first full year’s trading of Paradise Island Adventure Golf (2018: 30 weeks).
Financial Highlights | 52 weeks ended | 53 weeks ended | ||
£m (unless otherwise stated | £m (unless otherwise stated)ed | |||
Revenue | 32.0 | 31.4 | ||
Group EBITDA before highlighted items | 5.3 | 5.2 | ||
Group EBITDA after highlighted items | 4.8 | 4.4 | ||
Profit before taxation and highlighted items | 3.2 | 3.2 | ||
Profit before taxation after highlighted items | 2.7 | 2.3 | ||
Adjusted earnings per share – basic | 7.3p | 7.8p | ||
Adjusted earnings per share – diluted | 7.3p | 7.6p | ||
Profit after tax and highlighted items | 2.2 | 1.8 | ||
Earnings per share – basic | 6.1p | 5.2p | ||
Earnings per share – diluted | 6.1p | 5.0p |
Pier division highlights
· Celebrated the 120th anniversary of the opening of Brighton Palace Pier, in May 2019
· First full year of trading since the upgrade of the restaurant and bars last year – revenue up 17% year-on-year.
· Conference and events business up 37% year-on-year
· Upgrade by Network Rail of the London to Brighton mainline railway complete by May 2019: this will benefit the current year and beyond.
· Recent structural surveys do not indicate any requirement for exceptional repairs (this was also the case in FY 2018).
Bars division highlights
· Putney site underwent a full refit and re-opened in November 2018 as ‘Le Fez’. The site is trading ahead of expectations and won a “Best in Putney customer service award for 2019”.
· Successful disposal of the freehold interest in Derby for gross proceeds of £800,000.
· Successful sub-let of Reading Coalition, completing the bars rationalisation process.
Golf division highlights
· First full year under the Group’s ownership and trading in line with expectations at the time of the acquisition.
· One new Golf site was opened at Rushden Lakes in March 2019 and is trading ahead of expectations.
· Further site due to open at Drake’s Circus in Plymouth in October 2019.
Commenting on the results, Anne Ackord, Chief Executive Officer, said:
“It was a pleasure to welcome the national tourist boards to the pier to celebrate the 120th anniversary of its opening. The pier has benefited hugely from the new investment in the transformed Horatio’s Bar and Palm Court restaurant-but of equal importance has been the continued investment in the structure over the last 6 years. This continued investment will ensure that this landmark venue will be there for future generations to enjoy for another 120 years.
The re-opening of our venue in Putney as ‘Le Fez’ in November last year has been an outstanding success for the Bars Division and the management team at the club.
Our new golf site opening at Rushden Lakes, the first since our purchase of Paradise Island Adventure Golf last year, has performed beyond expectations and we are looking forward to our next opening at Drake’s Circus in Plymouth later this year.
I am delighted that the Group has delivered growth in both sales and earnings.”
Trading for the Group during the important first two months of the current financial year – July and August 2019 – met budget. Consequently, we remain confident of our prospects.”
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