Weather and strikes hit Brighton pier prospects
Brighton Pier Group warned that trading in recent months has been “unusually difficult” due to train strikes and wet weather.
Chief executive Anne Ackford also said “persistent high inflation” and “cautious spending” have taken their toll.
As a result of the upgrade, shares fell 10.5%, or 4.5p, to 38.5p yesterday.
Clouds on the horizon: ‘Brighton Pier has faced a tough summer’
The company said it racked up a £1m loss in the six months to the end of June after revenue fell to £16.2m from £17.3m a year earlier.
Sales then fell to £12.3m in the 12 weeks to September 17 from £12.6m during the same period a year ago.
Group bosses blamed the recent weakness on “weekend train strikes, exacerbated by exceptionally bad weather in July and August, and the temporary restriction of access following a fire at a major hotel opposite the pier entrance.” at the end of July”.
Ackford added: “The usual weekend train strikes, in particular, have reduced visitor numbers at the pier by 18 per cent compared to comparable weeks in 2022.
‘Combined with the unusually wet weather and the hotel fire which disrupted sales at the pier during the last two weeks of July, trading has been unusually difficult. The group is experiencing a challenging environment, with persistently high inflation and cautious consumer spending negatively impacting trade.
“When combined with continued cost pressures, this has resulted in the group reporting lower-than-expected sales and profits in the first half of 2023.”