Brighton Pier Group warned trade in recent months has been ‘unusually difficult’ due to train strikes and wet weather.
Chief executive Anne Ackford also said ‘persistent high inflation’ and ‘cautious spending’ have taken their toll.
As a result of the update, shares crashed 10.5pc, or 4.5p, to 38.5p yesterday.
Clouds on the horizon: ‘Brighton Pier has faced a tough summer’
The company said it racked up a loss of £1m in the six months to the end of June after revenues fell to £16.2m from £17.3m a year earlier.
Sales then declined to £12.3m in the 12 weeks to September 17 from £12.6m over the same period a year ago.
Bosses at the group blamed ‘the weekend train strikes, exacerbated by exceptionally poor weather in July and August, and the temporary restriction of access following a fire at a major hotel opposite the entrance to the pier towards the end of July’ for recent weakness.
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Ackford added: ‘The regular weekend train strikes in particular have reduced visitor numbers on the pier by 18pc versus comparable weeks in 2022.
‘Combined with the unseasonably wet weather and the hotel fire that disrupted sales on the Pier for the final two weeks of July, trading has been unusually difficult. The group is navigating a challenging environment, with persistent high inflation and cautious spending by consumers negatively impacting trading.
‘When combined with the ongoing cost pressures, this has resulted in the group recording lower than expected sales and earnings in the first half of 2023.’
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