Brighton Pier Group has announced that its first-half earnings after tax are projected to fall short of market expectations. The company’s performance has been adversely affected by lower sales and inflationary cost measures.
Despite being the owner of Brighton Palace Pier as well as several bars and mini golf venues, the company revealed that sales have lagged behind 2022 levels. This decline can be attributed to the current macroeconomic environment, which has resulted in reduced disposable incomes and diminished consumer confidence.
For the period ending June 25, Brighton Pier anticipates total sales amounting to around £16.2 million ($20.8 million). Unfortunately, the company did not provide a comparative figure for reference.
In addition, the company has faced challenges in July, including unseasonably inclement weather, train strikes, and the impact of a fire at a major hotel situated opposite the pier’s entrance.
Nonetheless, despite these obstacles, Brighton Pier’s board assures stakeholders that management is actively working to mitigate the economic pressures. The company remains optimistic that all four of its divisions will maintain profitability throughout the entire year.
“We intend to leverage the upcoming school holiday period in August, which traditionally represents our busiest and most profitable period of the year. Given the continuation of current economic trends in the short to medium term, we approach the outlook with caution,” stated the board.