Brighton Pier Group - Sweating the assets

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.

Den vollständigen Artikel lesen ...