The Brighton Pier Group has seen their profits rise to unexpected levels after British holiday makers turned to domestic breaks during the Covid lockdown period.
The desperation for people to escape their houses following the end of restrictions proved fruitful for the company as they managed to pass the pre-pandemic sales, they were making with a revenue that came in at 14% above that of the 2019 levels.
Revenue was so profitable at the end of the August summer bank holiday that for the first time ever in the history of the attraction’s existence, they made over £1 million pounds in just one single week.
In the entire 13-week summer calendar, the company reported a total sales margin of £15.9 million up to the end of September. This figure means that compared even to the pre-pandemic revenue, takings were seen to be a substantial 44% higher.
The group also saw their shares rise by 10p to 63.53p, which is an 18% increase.
Some of this movement may be down to the company’s success in receiving an insurance pay out that covers their business interruption and allowed the company to achieve a £5 million settlement that has seen the end of year earnings to pass projections by £2 million.
This kind of result is positive news for the company who had admitted facing hardship during the long period of being forced to close, with the needs for government assistance crucial in its eventual survival.
The hope is that now the economy is slowly growing again now the country has reopened, this will only mean that the supply of visitors to the attraction will increase.
However, there are questions over whether the upswing would continue, with the insurance pay out being a singular payment and other rates reductions being given as a result of the pandemic, benefits which will no longer continue.
Photo Credit: Callum Parker