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DP Eurasia, DPP, Entain, Cook’s Coffee, Pizza Union & other:

A DAY IN THE LIFE:

So, as regards the dates yesterday:

Smoking was banned on UK tube trains in 1987, the year of the King’s Cross fire. It was banned on planes in 1990 and on UK trains in 2005. Smoking was banned in pubs (and in workplaces) in 2007.

Anyway, we’re scooting around here and, it would seem, we’re putting years on the hire car.

Not, it must be said, because of bad driving, scrape-riddled parking attempts or the like but rather because the roads here are absolutely appalling with potholes, no word of a lie, maybe six or eight inches deep.

No joke for car drivers but potentially fatal for motor-cyclists and, rather than fix the roads, it seems like the cheaper alternative is to stick up ‘Strada Desestrata’ signs and reduce the speed limit, sometimes for miles at a time, to 30kph (or 19mph).

Which, as you might imagine, is widely ignored with tourists who try to stick to double the speed limit being overtaken by honking locals doing maybe 80-90kph and the side of the road littered with exhaust pipes, mudguards and wheel trims.

Anyway, which country is that? On to the news.

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PUBS & RESTAURANTS:

Lumina Intelligence forecasts the total UK eating out market to reach a value of £95.2bn in 2023, up 4.6% YoY….

A survey by CGA by NielsenIQ has found that hospitality leaders are ‘struggling to remain optimistic’ about the future of their business over the next 12 months….

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CGA has ‘launched an exclusive new PubTrack survey, revealing the performance of top pub groups across Britain against a wide range of key metrics.’ It says that it can reveal ‘that Brunning & Price [owned by Restaurant Group] is currently the top pub operator based on a combination of revisit, recommend and satisfaction scores. It is followed by McMullen & Sons, Brakspear, Daniel Thwaites and Everards in the top five….’

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Other news:

The Telegraph reports the CEO of British plant-based burger chain Neat Burger as saying that people have become ‘fatigued’ with the ‘hype’ surrounding plant-based foods.

SOME CLARITY ON COVID:

This is an expanded version of a note that was sent to clients earlier in the year. The theme being that, as time was now passing, the impact of Covid – social, financial, cultural etc – was becoming a little clearer and the ‘new normal’ likewise.

On the other hand, other events, such as the war in Ukraine and the attempt to reverse QE have impacted trade, disaggregating the various factors has become difficult. Nonetheless…

Today, we’ll consider a number of the longer lasting or permanent impacts of Covid: Introduction: Separating the ‘long-lasting’ from the ‘permanent’ may not be either possible or useful. Because if a ‘long-lasting’ impact lasts 5-10yrs or more, it may in many ways just as well be permanent and, in either case, business models may have to be changed. And, with that in mind, it’s worth considering that there are a material number of factors in this category….

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COMPANY NEWS:

DP Eurasia has updated on the four months to end-April saying that it has increased its number of stroes from 644 to 714. It says system sales are up 19.5%. LfL growth in system sales is 17.1% for continuing operations…

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DP Poland yesterday updated on trading saying that ‘current trading remains strong, with double digit sales growth continuing and higher order counts.’ It said ‘LFL Sales increased by 18.4% year to date in 2023 vs. corresponding period in 2022, with the growth split between sales channels. LFL Sales in April 2023 were up by 16.6% vs April 2022….’

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Pizza Union Ltd reports revenue up 43% YoY to £8.0m for the period ended 1 January 2023, with the increase driven by lower levels of Covid restrictions impacting trading….

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Cooks Coffee, which is listed on the Aquis market, yesterday reported full year revenue for the year to end-March down by 10%. The group reported losses before tax of NZ$3.2m (£1.7m), ‘reflecting the combined NZ$3.2m write down of receivables and impairment….’

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The FT reports that Neat Burger’s new funding round has increased the London-based vegan fast-food chain’s valuation to $100m….

Asda has acquired EG Group in a £2.3bn deal which sees the Issa brothers consolidate both businesses under the Asda brand. The deal includes around 350 petrol stations and over 1,000 food-to-go sites in the UK and Ireland. The firm said proceeds from the deal would be used to repay its debts as rates continue to rise.

HOLIDAYS & LEISURE TRAVEL:

Heathrow faces increasing levels of industrial action as around 600 more security officers voted to join strike action over the summer, joining 1,400 colleagues at Terminal 5 and airport campus security, who are taking industrial action.

The Scottish Parliament has formally published a ‘tourist tax’ bill that would give councils the power to impose a levy on overnight accommodation….

OTHER LEISURE:

Entain has updated on the HMRC investigation into its Turkish-facing online business, saying that it ‘understands that the HMRC investigation, which is ongoing, includes a review of its former Turkish-facing business and acknowledges that historical misconduct involving former third party suppliers and former employees of the Group may have occurred….’

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FINANCE & MARKETS:

The Telegraph reports that Goldman Sachs predicts that the Bank of England will not get inflation back under control until the end of 2025….

Zoopla reports that agreed home sales reached their highest point of the year in May, as more prospective house sellers returned to the UK’s property market….

Sterling up at $1.239 and €1.1583. Oil lower at $73.35. UK 10yr gilt yield down 9bps at 4.24%. World markets down yesterday & London set to open down around 30pts as at 6.30am.

RETAIL WITH NICK BUBB:

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