CCR, ROO, Just Eat, Hornby, trading, tariffs, hotel values, GDP & other:

A DAY IN THE LIFE:

There was a saying in the old, more leisurely days of stockbroking, that you shouldn’t organise a meeting for Wednesday’s as it would spoil both weekends.

Which wasn’t strictly true, of course but, as anyone who’s had a ten minute internet outage at an inconvenient time of the day – and when, frankly, would it be convenient – knows, the ten minutes can do a lot more than ten minutes’ worth of damage.

Hence, when I spilled some milk in the office microwave and inadvertently cooked it until it was a pungent, blackened mess, I shouldn’t have been surprised that it ruined my day.

Because chiselling solidified milk off a Pyrex plate isn’t the easiest of tasks. Fingernails and spoons won’t cut it and where’s that Brillo pad when you finally need it.

Simpler maybe to throw the whole machine in the bin and go without warmed up soup for a day or two but, having spent a quarter of an hour in cleaning the thing, you feel you’re invested and, sunk-costs be damned, you’re going to finish the job.

And so, an hour and a half and a trip to the shop (Brillo pads) later, you do. On to the news:

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PUBS & RESTAURANTS:

Trading outlook:

ResDiary reports in its Beyond the Booking: UK & Ireland Hospitality Trends Report 2025 that some 49% of operators believe that revenue this year at their sites will be higher than it was last year. With inflation moderating, this means more than it did when inflation was floating most boats, at least in terms of reported sales…

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Tariffs:

Bemoaning retaliatory action by the geographies that he has targeted with his tariffs, US President Donald Trump is now threatening 200% tariffs on alcohol sold into the US from the EU. The EU has proposed a 50% tariff on US whiskey in retaliation for earlier US tariffs. Whilst he has called tariffs that he levies ‘beautiful’. Mr Trump called the 50% retaliatory tariff ‘nasty….’

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COMPANY NEWS:

C&C shares fell by around 17% yesterday on the group’s earnings update (and downgrade). The company remains cash generative and it is to press on with the return of €150m to shareholders – via dividends and buybacks – before the end of 2027.

Shares in Deliveroo fell by 4% yesterday despite the company reporting that 2024 was the first full year in which it had made a profit.

The MCA reports on Papa Johns’ brand relaunch in the UK, which is intended to steer the UK business back to profitability….

Just Eat Takeaway.com yesterday announced that it had partnered ‘with PHOENIX group for on-demand delivery of health and personal care products.’ The partnership will begin with ‘pharmacies in Belgium and Rowlands Pharmacies in the UK, with the ambition to roll out to more markets across Europe.’

Ole & Steen has addressed delivery issues, reports the MCA. Speaking at the MCA’s Food To Go Conference 2025, UK MD Graham Hollinshead says that, post restructuring, LFL delivery sales are up 95%.

HOLIDAYS & LEISURE TRAVEL:

The EU is set to introduce its several-times-delayed electronic border control system in October 2025….

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HVS has reported that hotel values across Europe rose by 2.0% in 2024, broadly in line with inflation in most territories. It says the rise was supported by lower interest rates and small gains in REVPAR….

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Airport trade body ACI Europe says that European airport passenger numbers rose by 6.9% in January this year compared to the same month last year. International passenger numbers were up by .8.3% whilst domestic air travel passenger volume was up by just 2.7%….

The longest ski slope in the UK is set to be built in the Welsh Valleys. Plans to construct the site near Merthyr Tydfil have been approved by councillors.

The RMT has called for a ban on e-bikes across London Underground after one caught fire on a station last month. It says ‘the incident could have been far worse if the e-bike had been inside a tube train, putting those on board at severe risk.’

OTHER LEISURE:

Models and collectibles company Hornby is to be taken private in order to cut costs and avoid regulation. The shares have been weak in recent months….

Niantic Labs, which produces the Pokemon Go and other games, is to sell its video game division for $3.5bn to Scopely, which is Saudi Arabia-owned.

Games platform Roblox has said that parents who are worried about their children being on Roblox should not let them use it. The BBC reports that the site has been ‘dogged by claims of some children being exposed to explicit or harmful content through its games, alongside multiple reported allegations of bullying and grooming.’

The FT writes that Formula 1 is ramping up its off-track commercial activities as the global car racing series leans into pop culture to pull in new fans, keep their interest and increase revenues….

German sports-wear company Puma reported disappointing numbers and saw its shares fall by more than 19%. The company says that ‘geopolitical tensions and macroeconomic challenges will continue, especially trade disputes and currency volatility, which is expected to weigh on consumer sentiment and demand.’

FINANCE & MARKETS:

The ONS has reported that the UK economy shrank by 0.1% in January. The news will not help sentiment though it may bolster hopes that the Bank of England’s MPC will cut interest rates when it meets next Thursday…

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ECB president Christine Lagarde has warned that there is ‘exceptionally high’ uncertainty regarding the outlook for inflation and interest rates as a result of US flip-flopping on tariffs (which have, in most cases, been met by retaliatory measures).

The NIESR has reported that the UK has slipped down the rankings of wealthy nations….

The CBI has responded to the PM’s comments on reducing regulation. It says ‘businesses will be encouraged by today’s [Thursday’s] announcement to reduce the cumulative regulatory burden and tackle the conflicting priorities and duplication that stifle innovation.’ It says ‘government must consider regulation in the round and, when viewed in tandem with the measures in the Employment Rights Bill, it’s more important than ever that the government works to find a landing-zone that commands the confidence of businesses.’

The RICS has said that it expects London house prices to be weaker than those in the rest of the UK over the near term.

Sterling mixed at $1.2942 and €1.1942. Oil lower at $70.49. UK 10 year gilt yield down by 6 basis points at 4.66%. World markets mixed yesterday and London set to open up around 27 points as at 6.30am.

RETAIL WITH NICK BUBB:

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