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Tenanted pub company
Today’s Daily Note
Langton Capital - 2025-04-30 - YNGA, SBUX, CCH, PPHE, Pizza Union, spending, VE Day & other:
YNGA, SBUX, CCH, PPHE, Pizza Union, spending, VE Day & other:A DAY IN THE LIFE: Well, I was forced inside by the sun yesterday and, in April, that may well be a first. Indeed, I braved shorts. Which was a shock to local wildlife and, as the trousers I swapped out of had worn out, had holes in the pockets, the top button had fallen off and the zip didn’t work, I threw them away thus severing yet one more link with the long-departed BHS – a mean person’s shop of the last century – and ensuring a bout of post-partum depression from which I admittedly rapidly emerged. Because the bin men come Wednesday morning and the trousers, I will not call them shorts, were threatening to make me famous for all the wrong reasons so that was that. On to the news: LANGTON EMAIL: The Free Email is now written in short form. Extended versions of many stories (after the ellipses) are in the Premium Email. Reply to this email if you would like to upgrade. Prices for the Premium are £395 for one subscription, £695 for multiple, £995 for very large subscribers, all plus VAT. Or sign up for easy in, easy out monthly option per subscriber HERE https://www.paypal.com/cgi-bin/webscr?cmd=_s-xclick&hosted_button_id=87YUG2Z5W7PSN PUBS & RESTAURANTS: Consumer spending: Accountant KPMG has updated on consumer sentiment and spending in its Q1 2025 Consumer Pulse, saying that ‘consumer confidence remains volatile and below pre-pandemic levels.’ It adds that this has slipped further in Q1 this year but ‘there is a separation between personal finances and the UK economy. Over half of consumers report that they feel ‘confident’ or ‘comfortable’ with their current financial situation - meaning they can spend freely day-to-day, and another third saying they can manage through budgeting...’ • See premium. Reply for sample or to upgrade. Single £395, multiple £695. Limited time offer: PayPal alternative monthly £25 + VAT per sub. Easy in, easy out. VE Day: Deputy Mayor for Culture and the Creative Industries in London, Justine Simmons, has written to hospitality businesses in the capital saying that the Mayor’s office would like to ‘encourage your business to take part in a very special occasion for London and the nation on Thursday 8 May, the 80th anniversary of VE Day....’ • See premium. Reply for sample or to upgrade. Single £395, multiple £695. Limited time offer: PayPal alternative monthly £25 + VAT per sub. Easy in, easy out. Other news: The European Commission reports that EU countries exported €29.8 billion worth of alcoholic drinks to non-EU countries last year. Wine was the most popular export by value (with a 56.2% share), followed by spirits & liqueurs with 29.7%... The UK government has announced a consultation on proposals to widen the current sugar tax on soft drinks to include milk-based drinks. YOUNG & CO – FULL YEAR UPDATE: Young & Co has this morning reported updated on full year trading and our comments thereon are set out below: Headline numbers. Young & Co has updated on full year trading saying that the company ‘has traded well through the financial year.’ It says total managed revenue (which includes both Young's and City Pubs) for the 52-week period is up 25.4%. LFL sales are up 5.7% and the company reports that ‘the positive momentum reported in January has continued.’ It says in ‘the 13-week period ending 31 March, like-for like sales were up 7.7%, and total managed revenue increased by 16.2%.’ YNGA concludes that ‘as a result, trading for the full year was in line with expectations.’ • See premium. Reply for sample or to upgrade. Single £395, multiple £695. Limited time offer: PayPal alternative monthly £25 + VAT per sub. Easy in, easy out. COMPANY NEWS: Starbucks has reported profits for the quarter to end-March (the company’s fiscal Q2) down by around a half. The company reports revenues up by 2% to $8.8bn, in line with expectations, but net income down 50% to $384.2mn. Analysts had predicted quarterly profits of $551mn. Global LFL sales were down 1%, the fifth quarter of declines.... • See premium. Reply for sample or to upgrade. Single £395, multiple £695. Limited time offer: PayPal alternative monthly £25 + VAT per sub. Easy in, easy out. Heineken has taken a stake in UK energy-drinks business Tenzing. Financial terms were not disclosed. Coca Cola HBC reports on Q1 trading saying that it saw 10.6% organic revenue growth in the quarter. Volumes were up by 1.8%. The company CEO Zoran Bogdanovic says ‘we continued the positive momentum for our business as we report a strong start to the year, in a range of market conditions....’ The MCA reports that Prezzo is preparing for a major rebrand, with a new name set to be unveiled in a formal announcement on Thursday. Chief marketing officer Mark McCulloch notes on LinkedIn ‘an Italian icon is about to have a makeover. News about the new look Prezzo coming this Thursday at 10:30am. Stay tuned…’ Pizza Union Ltd has reported its FY numbers for the period ended 28 December 2024 to Companies House. The company operates six pizza restaurants, with a large take-away component, across Central London. The company did not open any new restaurants in the year under review, the second full year in which it has opened no new sites. The last new site to be opened commenced trading in Jan 2022. Headline numbers: Revenue fell to £7.634m from £8.184m in the prior year. Gross profit slipped by 4.4% to £5.933m from £6.207m in the 52 weeks to 31 Dec 2023 but operating profit nonetheless rose to £694k from £542k in the prior year as a result of admin expenses dropping by 5.2% to £5.240m and the absence of impairment charges (2023: charge of £140k).... • See premium. Reply for sample or to upgrade. Single £395, multiple £695. Limited time offer: PayPal alternative monthly £25 + VAT per sub. Easy in, easy out. Fuller’s is bringing back ‘its popular Shakespeare in the Garden and Opera in the Garden productions this summer – plus the debut tour of Wind in the Willows.’ The productions are now in their fourteenth year. In the US, brand owner Domino’s Inc has reported Q1 numbers saying that net income increased 18.9% to $149.7 million, or $4.33 per share, compared to $125.8 million, or $3.58 a share in the prior-year period. Revenues rose to $1.112 billion versus $1.084.6 billion the same quarter last year.... • See premium. Reply for sample or to upgrade. Single £395, multiple £695. Limited time offer: PayPal alternative monthly £25 + VAT per sub. Easy in, easy out. HOLIDAYS & LEISURE TRAVEL: Power has now been restored (or it had been as of yesterday evening) in most of Spain and Portugal. Flights – and travel by any other means – had been severely impacted by the blackouts. PPHE has updated on Q1 trading saying that ‘as highlighted in our FY 2024 results announced in February, Q1 is traditionally the quietest quarter. Total revenue of £77.6 million, an increase of 0.7% year-on-year (Q1 2024: £77.0 million). Like-for-like revenue decreased by 5.6% largely due to the comparable leap year impact and Easter falling within Q2 which resulted in a later opening of the Croatian leisure portfolio and impacted the UK and Dutch markets in particular....’ • See premium. Reply for sample or to upgrade. Single £395, multiple £695. Limited time offer: PayPal alternative monthly £25 + VAT per sub. Easy in, easy out. Dalata has updated on trading in a statement to be read to its AGM later today saying that ‘we have made great progress in expanding the Group’s presence in the UK’ and adding that ‘today, we have also announced we have secured an agreement for lease for a new hotel 4-star Clayton hotel to be developed in Madrid in line with our strategy of targeting locations in Gateway cities in Europe....’ • See premium. Reply for sample or to upgrade. Single £395, multiple £695. Limited time offer: PayPal alternative monthly £25 + VAT per sub. Easy in, easy out. Royal Caribbean Group yesterday evening reported Q1 numbers saying that EPS was $2.70 and Adjusted EPS was $2.71. These results ‘were better than the company's guidance due to stronger than expected pricing on close-in demand and lower costs mainly due to timing....’ • See premium. Reply for sample or to upgrade. Single £395, multiple £695. Limited time offer: PayPal alternative monthly £25 + VAT per sub. Easy in, easy out. OTHER LEISURE: PureGym yesterday reported full year numbers to 31 December 2024 saying that revenue rose by 10.2% to £605m and adjusted EBITDA was 16.6% higher at £154m. The company says ‘2024 was an excellent year for PureGym with significant progress made in advancing its strategic growth, notably through the acquisition of Blink Fitness, giving the Group a foothold in the world’s largest fitness market.... • See premium. Reply for sample or to upgrade. Single £395, multiple £695. Limited time offer: PayPal alternative monthly £25 + VAT per sub. Easy in, easy out. Universal Music Group has reported Q1 numbers saying that ‘revenue of €2,901 million increased 11.8% year-over-year, or 9.5% in constant currency, driven by solid growth in Recorded Music and Music Publishing.... Adidas has made plain the fact that tariffs will increase the price of sports footwear in the US. CEO Bjorn Gulden says ‘since we currently cannot produce almost any of our products in the US, these higher tariffs will eventually cause higher costs for all our products for the US market.’ FINANCE & MARKETS: Tariffs: US President Donald Trump is reported to have personally has called Amazon founder Jeff Bezos after it emerged that the latter was likely to highlight the cost of the President’s tariffs on bills for customers. Amazon is reported to have backed away from the idea.... The White House has said that trade talks between the UK and the United States are ‘moving in a very positive way’. The White House has also indicated that President Trump is about to climb down on some of his auto tariffs. Sterling lower at $1.3389 and €1.1776. Oil also down at $63.50. UK 10 year gilt yield 3 basis points lower at 4.47%. World markets better but London forecast to open little-changed as at 6.30am. RETAIL WITH NICK BUBB: • See premium. Reply for sample or to upgrade. 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