Langton Capital – 2022-08-03 – Just Eat, Comptoir, SBUX, GRG, Molson, Airbnb, Marriott, Uber & more:
Just Eat, Comptoir, SBUX, GRG, Molson, Airbnb, Marriott, Uber & more:A DAY IN THE LIFE: So, we reckon the puppy (known already as CD, i.e. ‘constant drain’) is ‘worth’ about 5,000 steps a day and one extra daytime visit to the pub each week. Let alone the one visit a month to the vet’s that you wouldn’t have, unless you were rather weird or you worked there, if you didn’t have a dog, and that’s either a good or bad thing depending on whether you’re considering your wallet, your waistline or your general health but, overall, I can see why people say that at least they get you out of the house. Also, having a good-looking beast, at least while she’s a puppy and is not doing anything unseemly, is a good way of meeting people if you’re that way inclined. However, as Jeff Goldblum says about cute little dinosaurs in Jurassic Park, ‘oooh, ahhh, that’s how it always starts. Then later there’s running and screaming.’ Anyway, no real regrets and we’ve made our bed on that one. On to the news: LANGTON EMAIL: The Free Email is now written in short form. Extended versions of many stories are in the Premium Email. Reply to this email if you would like to upgrade. Prices for the Premium at time of writing are £345 for one subscription, £595 for multiple, both plus VAT. Or sign up for easy in, easy out monthly option HERE JUST EAT TAKEAWAY – H1 NUMBERS: JET reports that ‘positive currency movements, leading to stable GTV at €14.2 billion and strong revenue growth of 7% to €2.8 billion in H1 2022’. The company says that ‘in H1 2022, Adjusted EBITDA improved by 29% to minus €134 million (minus 0.9% of GTV). This year-on-year and sequential improvement clearly demonstrates the path to profitability, both on an absolute level and as a percentage of GTV.’ Write downs of €3.2bn drove the company to a €3.5bn loss before tax compared with a loss of €486m in the prior year’s H1. EBITDA was minus €134m vs minus €189m in the prior period. See premium. Reply for sample or to upgrade. Single £324, multiple £595. PUBS & RESTAURANTS: Calls for more help: A survey for the Campaign for Real Ale (CAMRA) states that 52% of respondents have said the cost of a pint of beer is now unaffordable. Perhaps they would, wouldn’t they… • See premium. Reply for sample or to upgrade. Single £324, multiple £595. The Society of Independent Brewers (SIBA) has called on the new Prime Minister to support the small and independent brewers by committing to deliver the planned changes to alcohol duty by February next year… The cost of living crisis: Energy consultancy Cornwall Insight forecasts that the energy price cap will remain above £3,500 a year throughout most of 2023… • See premium. Reply for sample or to upgrade. Single £324, multiple £595. The RAC has reported that the cost of filling the average tank with petrol fell by £5 in the month of July. Tesco has said the price of unleaded is set to fall by 6.5p and diesel by 4.5p at its forecourts. Other news: Chris Wayne-Wills, the new chairman of UKHospitality Scotland, said there has never been a more pivotal or critical time for the industry. He said the industry could look to recruit people who had retired for second careers. The Scottish salmon industry has called on the government to stop Brexit-related delays to transportation of fish to France. COMPANY NEWS: Comptoir announced yesterday that Chaker Hanna (CEO) and Richard Kleiner (Chair) were to step down from their positions… • See premium. Reply for sample or to upgrade. Single £324, multiple £595. Starbucks has reported fiscal Q3 numbers saying that consolidated net revenues rose by 9% to a quarterly record $8.2 Billion. The company says that Q3 comparable store sales rose by 3% globally and by 9% in the US. SBUX adds that its sales would have been 2% better but for adverse currency movements. Earnings were 79c per share compared with 97c in the prior year. Prices up, volumes down… • See premium. Reply for sample or to upgrade. Single £324, multiple £595. Just Eat Takeaway.com (see results above) has announced that its Supervisory Board will nominate Mr. Jörg Gerbig for reappointment to its Management Board as COO. The MA reports that Red Oak Taverns has secured a six year £110m whole loan from Excellion Capital… Gregg’s shares closed up around 2.6% yesterday on the back of its H1 numbers. The group commented on current trading, saying that, in the 4wks to 30 July ‘LfL sales in company-managed shops were 13.1%’ over 2021. Co says ‘considerable uncertainties’ but adds ‘the Board’s expectations for the full year outcome remain unchanged.’ US chain Popeyes is to open a site in the Northeast, in the Gateshead Metro Centre, as it continues its UK-expansion. MCA reports that Taco Bell is about to open its 100th site in the UK, with Gino Casciani, general manager for Taco Bell UK & Europe, saying the company is only on “the ground floor” in terms of opportunities. Molson Coors Brewing Company reports Q2 earnings of $47.3m compared to $388.6m for the same period the year prior. Excluding items, Molson Coors Brewing Company reported adjusted earnings of $260.1m. The company’s revenue for the quarter fell 0.7% to $2.92 billion from $2.94 billion last year. Brown-Forman is set to invest more than £30m in The GlenDronach Distillery in a three year development which will more than double capacity as well as improve energy efficiency. The brand has seen global demand triple since 2016, according to the company. HOLIDAYS & LEISURE TRAVEL: Heathrow airport has flown over 1m passengers in the last 10dys. This makes the holiday getaway period the busiest since Christmas 2019. Heathrow says it has hired 1,300 new staff members. It says most are in security and adds that this part of the business now has the same capacity as it did in summer 2019… Airbnb yesterday reported Q2 and H1 numbers, saying that travel demand remains strong. It reports that around 104 million nights were booked on the platform in Q2… Marriott has reported Q2 numbers saying that the group was up sharply against last year but was still down 2.9% or so in terms of REVPAR when compared with Q2 2019… Uber has reported Q2 numbers saying that gross Bookings grew 33% year-over-year… Manchester airport has said that 92% of people had managed to clear security in less than 30 minutes during July, with this number rising to 95% in the final week of the month. The airport said it had been able to make this improvement during the peak summer period after recruiting hundreds of new staff since the start of the year. Marriott International reports Q2 revenue of $5.34bn, beating analyst forecasts of $4.83bn. Anthony Capuano, CEO, said ‘Second quarter average daily rate was robust, at 7 percent above 2019 levels, and worldwide occupancy reached 68 percent.’ FINANCE & MARKETS: The Nationwide Building Society has reported that annual house price growth in the UK picked up to 11% in July from 10.7% in June. House prices rose by 0.1% month-on-month… The Bank of England has reported that net mortgage borrowing fell to £5.3bn in June, from £8bn in May. Mortgage approvals slipped to 63,700 in June, from 65,700 in May. The World Bank has reported that food price inflation is impacting all economies and geographies – but some more than others… Sterling mixed at $1.2177 and €1.1953. Oil price up at $100.11. UK10yr gilt yield down 6bps at 1.84%. World markets broadly better yesterday. London set to open down around 18pts as at 6.30am. FORTHCOMING NEWS: It’s August now but nonetheless, we still this week have scheduled updates from Just Eat and Gym Group on this side of the Atlantic and by global majors including YUM Brands on the other. The Bank of England opines on interest rates on Thursday and Halifax briefs on house prices on Friday. RETAIL WITH NICK BUBB: • See premium. Reply for sample or to upgrade. Single £324, multiple £595. |
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