Writs are out and about enjoying themselves, which is good news for businesses like Brighton Pier that offer a great time.
Owners of the famous pier say today that “pent up” demand, nice weather, and fast accommodations helped the popular tourist attraction surpass pre-pandemic sales. Revenue was up 14% from 2019 levels in the crucial summer trading period. The last August bank holiday saw the pier take £1 million in a week for the first time in its history.
“It’s nice to be able to report a new record,” said chief executive Anne Accord.
Brighton Pier Group, which also owns other attractions such as Yorkshire’s Lightwater Valley theme park, said sales at the group totaled £15.9 million in the 13-week to the end of September. This was up 44% from pre-pandemic revenue in the same period.
The company was also boosted by the news of the insurance payment. Brighton Pier Group said it had secured £5 million through its business interruption insurance cover, which reimbursed the company for business lost during the pandemic. As a result, full year earnings are expected to be £2 million higher than the market forecast.
Shares rose 10p, or 18%, to 63.53p.
“There’s finally some good news for the bar-to-golf and peer-to-theme park group,” said Russ Mold, investment director at AJ Bell.
“Business interruption insurance claims worth £5 million have been paid, while fun and refreshment seekers return to their bars and sites in greater numbers as the economy restarts in the wake of several periods of lockdown Is.”
Mold said the main question was whether the company could maintain a good momentum.
“The insurance claim is a one-time benefit,” he said. “The company has also been helped by rate relief and VAT reduction and what could be an initial burst of relief from thirsty, hungry and fun-hungry customers.”