StockMarketWire.com - Leisure business Brighton Pier upgraded its outlook on annual profit and revenue following a 'strong' summer of performance and a £5 million boost from business interruption insurance claims.

The company expects revenue and earnings for the 52 weeks to 26 June 2022 to be 'significantly' ahead of market expectations.

Business interruption insurance claims totalling £5 million had been recently settled with its insurers, the company said.

'Earnings for FY 21 are expected to be £2 million higher than market expectations on the back of the confirmation of these insurance receipts,' it added.

The first 13 weeks of the new financial year started strongly, with total net sales for the 13-week period of £15.9 million, up 145% from last year, and up 44% from 2019.

'This year's key trading period has been boosted by pent-up demand and disposable incomes that built up during lockdown, significant increases in domestic holidays, a temporarily reduced rate of VAT and rates relief by way of Government support and the addition of the newly acquired Lightwater Valley theme park,' the company said.

Like for like sales at the Pier were up 47% on 2020 and up 14% on 2019, while Golf sites sales were up 119% on 2020 and up 30% on 2019.

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