Heineken, Jet2, Wingstop, contract catering, inflation, WFH & other:

A DAY IN THE LIFE:

If you could go back and speak to the 20-year old you, what would you say?

Would it be sell tech stocks in January 2000, buy Amazon a year later? Yes, Amazon, that one you’ll think is nearly bust or would it be something to do with AI, chip manufacture or the like or would it be something mundane but practical like ‘always remember to get light-brown carpets because you’re bound to spill tea on them?’ 

Or coffee, for that matter, particularly if the dog sees getting an accidental kick in the head every now and again is a price worth paying for not having to get up every time you walk past with a hot drink in your hand.

Or would it be ‘take care of your body because the only six-pack you’ll be familiar with after a certain age will be those multi-packs of tissues you thought only old ladies bought?’

Or maybe I’m underestimating you, me, everyone else, would it be something more worthy, work for world peace, for example. Or end hunger, particularly your own, chat up that lass down the street, her dad’s worth a packet, that sort of thing?

Anyway, food for thought. On to the news:

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PUBS & RESTAURANTS:

Inflation & prices:

The rate of CPI in the UK, as mentioned yesterday, rose to one-year highs of 3.0% in the year to January. Core inflation (price rises ex-food, energy and some other volatile items), rose to 3.7% – but this was not spread evenly across all products, goods and services and some sectors, for example leisure, and some consumers, will be more impacted than others…

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Contract caterers:

CGA and Bidfood report that ‘Britain’s top contract caterers grew their sales by 12% year-on-year in the fourth quarter of 2024…’

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Disposable income levels:

Most councils are reported set to raise council taxes by the maximum amount they are allowed, namely 4.99% from April. Six councils that are deemed to be in financial trouble will be permitted larger increases.

Confidence & jobs:

The BRC has updated on its measure of consumer confidence saying that it slipped to minus 37 this month, a record low…

The FSB warns that some 33% of employer respondents to its most recent survey said they were looking to make job cuts this year, up from 17% in October….

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WFH.

Startups.co.uk reports that, on balance, it is likely that cheaper commutes would have a greater impact in attracting more workers back to the office than would calls by officials, for example by the Mayor of London, Sadiq Khan…

Other news:

The NTIA yesterday made a number of suggestions as to how knife crime could be addressed. CEO Michael Kill says ‘’Ronan’s Law’ is a significant step toward protecting our youth, ensuring safety in our night time economies and wider communities. We must also bolster police presence to enforce these vital measures effectively.”

COMPANY NEWS:

Heineken has reported full year numbers to end-2024 saying it has produced ‘solid results with broad-based growth and profit expansion.’ The company reports revenue of €35,955 million with beer volume up 1.6% organically. Heineken volume was up 8.8%. Heineken reports operating profit of €3,517 million and net profit of €978 million…

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KFC is to leave Kentucky. Formerly known by its full Kentucky Fried Chicken name, YUM brand KFC is to relocate its corporate office to Texas. Governor of Kentucky Andy Beshear says ‘I am disappointed by this decision and believe the company’s founder would be, too. This company’s name starts with Kentucky, and it has marketed our state’s heritage and culture in the sale of its product.’

US brand owner Wingstop has reported Q4 and full year numbers saying that the company increased its footprint by a record 349 net new restaurants last year representing some 15.8% unit growth in the year. The group reports same store sales growth of 19.9% in 2024 and adds that system-wide sales increased 27.6% to $1.2 billion…

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Greene King will next week re-open The Railway, situated opposite Liverpool Street Station, after a £1m strategic investment. The company says the pub is ‘one of the go-to sites in the local area for those travelling in and out of Liverpool St station.’

Gusbourne is to hold a General Meeting for shareholders on 7 March at which the company, which is controlled by Lord Ashcroft who has 66.8% of the shares, will ‘consider the cancellation of admission of the Company’s Ordinary Shares to trading on AIM…’

Hall & Woodhouse has opened a £5m bar restaurant in Bucklers Forest, Berkshire, after an eight month build….

The MCA reports that Pasta Evangelists is accelerating its restaurant expansion, with plans to open 10 new locations by the end of the year.

Matt Snell, CEO of Gusto Italian, has posted on Linked In ‘so my time at Gusto Italian has come to an end.’ He says ‘it has been a wild ride from day one’ that encompassed Covid and ‘the worst cost of living crisis in a generation’.

Plant-based concept atis has announced the opening of its newest flagship store in London’s Covent Garden on Friday, 14th March. The company reports that ‘this marks the brand’s tenth location in London and its first opening of 2025, with exciting expansion plans in the pipeline.’

HOLIDAYS & LEISURE TRAVEL:

Jet2 shares fell 11% yesterday on consideration of its nine-month trading update and outlook statement….

Kuoni has reported that long-haul holidays have been strong with some claims that Thailand and Vietnam are ‘more cost-effective’ than some European destinations.

OTHER LEISURE:

Manchester United has reported sales down 12% in its financial Q2 to £198.7m for the quarter to end-December from £225.8m for the same period 12 months earlier. The club made an operating profit of £3.1m, down from £27.5m in the prior year. It spent £14.5m on sacking Erik ten Hag and his coaching staff…

South Korea has accused DeepSeek of sharing user data with TikTok’s owner. News agency Yonhap reports that DeepSeek had acknowledged some shortcomings in the way it had dealt with local data protection laws.

FINANCE & MARKETS:

Data from the ONS interpreted by City AM seem to suggest that London house prices were stagnant in the year to December.

The US Federal Reserve has warned that domestic prices could rise as a result of President Donald Trump’s proposed tariffs. Minutes from the January meeting released suggest that the tariffs could ‘hinder the disinflation process….’

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Sterling mixed at $1.2592 and €1.2082. Oil lower at $75.89. UK 10 year gilt yield down by 5 basis points at 4.51%. World markets mixed to lower yesterday but London set to open around 17 points to the good as at 6.30am.

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