Proactive Investors - Ride closures and lower footfall due to bad weather have led to poor trading conditions for The Brighton Pier (LON:PIER), the entertainment operator of the iconic seaside attraction.
Footfall in the four weeks to 21 July was down nearly a third compared to the equivalent weeks in 2023.
Brighton Pier had previously warned that like-for-like sales in the first 18 weeks of 2024 were down by half a million pounds.
The company now expects full-year sales to be worse than previously anticipated, leading to a substantial fall in Brighton Pier’s share price.
In opening trades this Friday, the stock collapsed a full 20% to an 18-month low of 31.55p.
Anne Ackord, Brighton Pier’s chief executive, said: "Despite significant efforts by our divisional management teams, who continue as always to strive for the best results possible, the overall group trading performance year to date has been disappointing.
“The potential return of summer weather in the next six weeks, combined with the additional revenue from admission charging may offset some of the year to date trading deficit.
Nevertheless, it is the board's view that the trading for the full 2024 summer season will be below expectations."