Proactive Investors - Brighton Pier Group PLC (LON:PIER) fell over 13% on Monday after reporting poor weather had deterred visitors and hit earnings over the first half of this year.
Revenue fell by 14% to £13.9 million over the six months to June, the pier operator, which also runs bars, mini-golf and adventure park sites across the country, said on Monday.
This led to a drop in pre-tax earnings from £1.4 million to £0.4 million, as wet and windy weather in Brighton deterred tourists, while its bar division continued to face challenges.
Sales and earnings were on course to be lower than expected over the full year as a result, the company added, despite “ more encouraging” trading in the summer months.
“The group is focusing on disciplined cost management,” chief executive Anne Ackord commented.
“We are also actively looking into longer-term options that will reduce the pier's reliance on good weather.”
Shares fell 13% to 30.6p following the update.