Brighton Pier Group shares rallied in early Monday trading after it reported positive results for the 52 weeks ended June 17.
The company's shares jumped to a high of 83p on the news. However, they have since lost some initial momentum — trading at 73.5p, up 11.59%.
Revenue came in at £13.5 million compared to 22.6 million the previous year.
However, the company swung to a pre-tax profit of £4.2 million, compared to a £10.2 million loss for the same period in 2020, causing the rally in its shares.
Commenting on the results, Anne Ackord, CEO of Brighton Pier, said: “The past 18 months have, at times, been very difficult for our industry. The results we present here are testament to the hard work and dedication of the teams across all divisions and at all levels of the Group, so firstly I would like to thank our staff who contributed in so many ways to these results.
“I must also thank our suppliers and our landlords for their sensible and supportive approach. To end the year with the acquisition of Lightwater Valley has been particularly satisfying and a sign of how we have remained focussed on our stated aim to expand the Group by further acquisitions.”
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