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Brighton Pier Group upbeat despite weak numbers
Owner and operator of the Palace Pier leisure facility in Brighton, Brighton Pier Group, posted its interim results for the 26 weeks ended 24 December on Tuesday, with revenue falling to £16m from £17.74m.
The AIM-traded firm's group EBITDA after highlighted items was £2.79m, down from £3.22m in the prior first-half period, while its operating profit was down to £2.07m from £2.11m.
Profit before tax fell marginally to £1.92m from £1.94m, with net debt rising to £13.37m from £7.95m.
Basic earnings per share were down at 4.9p from 6p, while diluted earnings per share stood at 4.8p, compared to 5.8p a year ago.
"During the period the group acquired Paradise Golf, and transformed the bars and Palm Court restaurant on Brighton Palace Pier," said executive chairman Luke Johnson in his very short comment on the results.
"The business is now well positioned to grow across all of its operations."