Brighton Pier PLC on Monday reported ‘record’ revenue and a rise in profit for the most recent 52-week period as sales recovered following the pandemic, but warned of ‘significant trading challenges’ to come.

Shares were down 19% at 57.13 pence each around midday on Monday in London.

For the 52 weeks that ended on June 26, the amusement park company reported a revenue of £40.1 million, up significantly from £13.5 million the year before. It was a ‘record result’, the company noted.

Brighton Pier added that this is up 25% on the same pre-Covid period in 2019, which brought in revenue of £32 million.

Pretax profit increased by 78% to £7.3 million from £4.1 million, as operating profit rose by 67% to £8.5 million from £5.1 million a year ago.

Chief Executive Officer Anne Ackord said: ‘The group’s strong recovery following the Covid pandemic has resulted in sales of more than £40 million for the first time in the group’s history. This reflects the hard work of all the group’s employees, for which we are very grateful.’

However, Brighton Pier said it looks ahead with caution.

‘Going forward, management recognise that the group is entering a period where economic pressures, both consumer discretionary spend allied with increased costs will present significant trading challenges,’ it said.

It maintains its low levels of debt and diverse offering will aid its resilience, and it remains optimistic in the longer term.

These results were published in accordance with the change of the company’s accounting reference date from the end of June to the end of December.

Copyright 2022 Alliance News Limited. All Rights Reserved.