After publishing a trading update ending on 26 December 2021, Brighton Pier Group stated that their divisions were well on their way to recovery.
The entertainment business said that the Covid-19 restrictions implemented in December had some impact on their overall performance, on the other hand, their total trading went up by 9% in 2019.
Brighton Pier Group said: “The period started strongly and the businesses have continued to deliver an extremely robust performance.” On a more positive note, the group added that they expect a 177% increase in total sales, amounting to £22.7 million.
Brighton Palace Pier's sales went up by 15% in 2019, and the golf division sales increased by 33%. Brighton Pier Group’s Lightwater Valley theme park, acquired in June 2021, is said to continue to trade ahead of their expectations.
Brighton Pier Group's Chief executive, Anne Ackord, said that their businesses have been targeting growth in the UK entertainment sector; with the golf division being the most 'cash-generative' and popular among the others.
The future looks bright for the business as they stated that: “Strong cash flow generation is expected to enable the group to pay down £7.7 million of debt, reducing borrowings 38 per cent by the end of June 2022.” They reiterate that they believe 2022 will be a good year for trading.
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