Langton Capital – 2022-11-24 – Jet2, Time Out, Xmas & the football, delivery, demographics & other:
Jet2, Time Out, Xmas & the football, delivery, demographics & other:A DAY IN THE LIFE: A case of extreme buyers’ regret yesterday when one of the Langton household accidentally voted for Matt Hancock in I’m a Celebrity whilst frantically trying to swipe left. The said person has apologised and said they feel ‘dirty’. Understandable and, if anyone has been affected by the issues mentioned above, help is to be had on various emergency help lines. Anyway, frost on the ground again up here this morning. And pitch dark and misty. 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 https://www.paypal.com/cgi-bin/webscr?cmd=_s-xclick&hosted_button_id=87YUG2Z5W7PSN PUBS & RESTAURANTS: Christmas: A NielsenIQ survey shows that 63% of shoppers think were planning to spend the equivalent amount as they did in 2021 on food and drink (including dining out), gifts, and travel this Christmas. Just 10% predict they will spend more and 27% expect to reduce their expenditure… • See premium. Reply for sample or to upgrade. Single £345, multiple £595. Limited time offer: PayPal monthly £25 + VAT. Easy in, easy out. Taking a more downbeat line, the latest EY Future Consumer Index has found that 43% of consumers are expecting to spend less over the festive season, compared to 22% for the same period last year… Demographics: Whilst pensioners are to see a double-digit increase in their incomes, the ONS reports that more than half of students in England are facing money problems as the cost of living soars, with more than 75% worried that increasing costs will affect their academic success. One in four said they had taken on new debt in response to increasing costs and nearly half said their mental health had suffered. World Cup. Flipdish estimates that orders of takeaway alcoholic drinks are set to spike by 40% during the World Cup, driven by 20% surges in volume and order value. Flipdish UK country manager Fionn Hart said ‘The hospitality industry is in need of a boost, and as Brits look to cosy up at home to watch the games, this global cultural moment will allow restaurateurs to capitalise on the takeaway boom that occurred post-pandemic’. The consumer. Moneyfacts reports that the average five-year fixed mortgage rate has fallen below 6% for the first time in seven weeks. It says the average five-year fixed rate dropped to 5.95% on Tuesday, down from 6.32% at the beginning of the month… • See premium. Reply for sample or to upgrade. Single £345, multiple £595. Limited time offer: PayPal monthly £25 + VAT. Easy in, easy out. The ONS, which tracks wages across all sectors and sub-sectors in the UK, reports that wages did not exceed inflation in any sector in September. It reports that in only one sector, legal services, engineering & research, did wage growth at 10.1% actually match the level of inflation… Delivery & takeaway: CGA’s latest Hospitality at Home Tracker says October 2022 delivery and takeaway sales accounted for 24% of all spend but they were down by 7% on the same month last year but were still up by 97% on pre-Covid levels. Since 2019, takeaway and click & collect sales are up by 55% whilst delivery is up by 236%. Whilst still well above 2019 levels, this is the 11th straight month of decline… • See premium. Reply for sample or to upgrade. Single £345, multiple £595. Limited time offer: PayPal monthly £25 + VAT. Easy in, easy out. Employment trends. Markit yesterday said ‘employment numbers continued to rise in November, although falling volumes of incoming new work contributed to a slower rate of job creation… Inflation: S&P Markit reported its flash UK numbers yesterday, saying ‘strong input cost pressures continued in November and the overall rate of inflation eased only slight since October.’ It says ‘this was mostly driven by surging energy bills and higher wages, alongside rising import prices due to exchange rate depreciation against the US dollar…’ Other news: Kate Nicholls, CEO of UKHospitality, spoke at a parliamentary reception on 22 November, saying ‘it’s vital we have ongoing energy support for key economic, but vulnerable, sectors like hospitality’ and that in terms of business rates ‘there needs to be a rebalancing of bricks and mortar and clicks and mortar to ensure online pays its fair share.’ In the FT, Remit Consulting reports that office occupancy rates are at half of pre-Covid levels in the UK, at just 30%… Royal Mail workers are starting a 48-hour strike that will impact Black Friday deliveries. Some 115,000 staff nationwide in the Communication Workers Union will be taking industrial action. Some decent upward moves in sector stocks yesterday with Gym Group and Hostelworld up 4% and Fuller’s up 6%. Fulham Shore shares were up some 9%. COMPANY NEWS: Time Out has announced that it has agreed a new, four year secured loan note facility of €35m which could be extended ‘by mutual agreement’ to €47.5m. The company has issued warrants to the lender at 39p per share… • See premium. Reply for sample or to upgrade. Single £345, multiple £595. Limited time offer: PayPal monthly £25 + VAT. Easy in, easy out. “We are also pleased that Patrick is joining Time Out Group as our new CFO. He brings over 20 years’ financial and commercial experience as well as broad sector background, including as CFO of Nasdaq-listed Boxlight Corp and Art Alliance Media Ltd, and as VP Finance for Universal Pictures International. I look forward to working with him and would like to thank – on behalf of the whole team and the Board – Neil for his great contribution and we wish him well in his future endeavours.” Godwin Developments has announced that Lounger has signed a lease for the biggest unit at its new roadside retail development, Ram Jam Services. Loungers will operate the roadside restaurant under its new ‘Brightside’ concept, offering ‘a wholesome menu, excellent value for money and exceptional service to roadside dining’. Property agents Drake & Co has acquired Potters in Newport on behalf of The City Pub Group in an off-market deal. The City Pub Group currently has a portfolio of 49 pubs across the southern half of England and Wales. The Simpson’s Tavern has raised £100,000 from public donations, making progress towards its £350,000 target which it says it needs in order to survive. Bosses said they were ‘staying in this fight to preserve history’ with the Cornhill tavern having a history dating back to 1757. HOLIDAYS & LEISURE TRAVEL: Holiday company Jet2 has reported H1 numbers to end-September (its profitably half, the company will make losses in its financial H2) saying that revenues rose by 730% to £3.6bn with PBT of £451m versus a loss last year of £206m. The company reports basic EPS of 166p versus a loss per share of 76p last year and it is to pay an interim dividend of 3p. Jet2 says ‘despite a difficult return to normal operations, Group profit before foreign exchange revaluation and taxation increased to £505.0m (2021: £195.1m loss), which was also 44% ahead of the 2019 pre-Covid performance.’ It says it will beat expectations for the full year and adds ‘seat capacity increased 14% against Summer 2019 and buoyant customer demand resulted in the business achieving an average load factor of 90.7% (2019: 93.1%)…’ • See premium. Reply for sample or to upgrade. Single £345, multiple £595. Limited time offer: PayPal monthly £25 + VAT. Easy in, easy out. Park Holidays UK has acquired Chevington Castle Holiday Park in Northumberland and Cottage and Glendale Holiday Park in Cumbria from Callaly Leisure Ltd. Hotel Raffles London at The OWO is set to open in the historic Old War Office building next spring, bringing a new hospitality destination in the heart of Whitehall. The hotel will feature 120 rooms and suites, 85 residences, nine restaurants and three bars, including three restaurants from Michelin-starred Mauro Colagreco. The government is considering scrapping restrictions on liquids and laptops in airport hand luggage as high-tech 3D scanners could be used to examine the items. The move, which could be two years away, would hopefully reduce queueing at airports. FINANCE & MARKETS: S&P Markit’s Flash PMI readings for the UK economy in November were published yesterday. Markit says the composite index was 48.3 (vs 48.2 in October) and the flash Services PMI was 48.8 in November, the same as October… • See premium. Reply for sample or to upgrade. Single £345, multiple £595. Limited time offer: PayPal monthly £25 + VAT. Easy in, easy out. Bank of England economist Huw Pill has again said that the Big Retirement, which is taking consumers (who still consume) out of the workforce, could drive inflation higher for longer than it would otherwise have persisted… Some sharp movements in financial markets yesterday. The weak dollar was largely responsible for a hefty upward move in Sterling to $1.2109 and €1.1595. Oil markedly lower at $84.96 and the UK 10yr gilt yield down 12bps at 3.01%. Markets better yesterday but London set to open down around 8pts as at 6.30am. THE AQUIS MARKET: Broker VSA Capital is hosting an Aquis Day on Tues 29 November at the Royal College of Surgeons (38-43 Lincoln’s Inn Fields, London, WC1A 3PE). The event will feature around 20 companies, who will present to attendants and take part in a competition to win the ‘Britain’s Got Aquis’ title. Judges on the day will include Andy Brough (Schroders) and Judith Mackenzie of Downing LLP. Tickets and details are available HERE https://www.eventbrite.co.uk/e/the-vsa-capital-aquis-showcase-event-tickets-430890363677?aff=odeimcmailchimp&mc_eid=cfe56acbe0&mc_cid=cd83de005f Attendance costs £20 – but Langton has a number of complimentary tickets and we’re open to suggestions as to who we should give them to…. Drop us a line. RETAIL WITH NICK BUBB: • See premium. Reply for sample or to upgrade. Single £345, multiple £595. Limited time offer: PayPal monthly £25 + VAT. Easy in, easy out. |
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