The popularity of Brighton Pier Group’s (BPG’s) diversified low-ticket leisure offer underpins confidence in a significant bounce back from its FY23 ‘annus horribilis’ as well as in potential benefits from new initiatives, notably a £1 admission fee to the Palace Pier (annually over four million visitors as a free attraction) during key summer trading for non-residents of Brighton. The coincidence in FY23 of harsh weather, train strikes and protracted disruption from a fire near the company’s most important site, the Pier, is surely exceptional and it is testimony to BPG’s resilience that H223 adjusted EBITDA almost held year-on-year. As conditions normalise, despite no consensus forecasts for FY25, we see continued progress under entrepreneurial management with strong cash generation funding lucrative marginal revenue and further expansion as a consolidator.
21 May 2024
Brighton Pier Group - Sweating the assets
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Brighton Pier Group - Sweating the assets
Brighton Pier Group Plc (PIER:LON) | 44.5 0 0.0% | Mkt Cap: 16.6m
- Published:
21 May 2024 -
Author:
Richard Finch -
Pages:
2
The popularity of Brighton Pier Group’s (BPG’s) diversified low-ticket leisure offer underpins confidence in a significant bounce back from its FY23 ‘annus horribilis’ as well as in potential benefits from new initiatives, notably a £1 admission fee to the Palace Pier (annually over four million visitors as a free attraction) during key summer trading for non-residents of Brighton. The coincidence in FY23 of harsh weather, train strikes and protracted disruption from a fire near the company’s most important site, the Pier, is surely exceptional and it is testimony to BPG’s resilience that H223 adjusted EBITDA almost held year-on-year. As conditions normalise, despite no consensus forecasts for FY25, we see continued progress under entrepreneurial management with strong cash generation funding lucrative marginal revenue and further expansion as a consolidator.