DOM, Vianet, Chas Wells, Nichols, outlet numbers, WFH, costs & other:

A DAY IN THE LIFE:

I had to submit Langton’s accounts to the FCA yesterday, the deadline, as always, had snuck up on me and it set me to thinking just how many good, indeed, very good, reasons there are not to do something that you don’t want to do.

They may be genuine. You might have a burning need to sort out your sock drawer or line up those paperclips but, if we’re being real here, they often aren’t and I made a note to talk about it in some future Day in the Life.

Which is what’s happening now but, even as I was making the note I realised that that was actually distraction in action and I revelled in the fact that I could pre-write a bit of this note, waste many minutes that would otherwise have to be sacrificed at the altar of FCA form-filling.

Infinitely preferable, of course.

Throw in a cup of coffee, a long and winding wander around ‘looking for the milk’ and job done, the task was kicked further into the long grass and the essay crisis was maturing nicely until the pressure – dictated by the threat of fines, a word from the headmaster, my name on the naughty list etc – reached such a level that I had to buckle down and get something done.

Anyway, the accounts are lodged and short week, short email. On to the news:

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PUBS & RESTAURANTS:

Outlet numbers:

CGA and Alix Partners have reported that ‘Britain’s pubs, restaurants and hotels market has achieved marginal growth in outlets over the last 12 months.’ The latest Hospitality Market Monitor ‘indicates a total of 98,866 sites operating in March 2025—0.1% more than 12 months ago.’  However, quarter on quarter, numbers are down by 0.3% on Q4 last year…

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WFH:

Some positive signs of a continued return to the office in that the amount of empty office space across the UK is reported to have started to fall for the first time since 2020. CoStar reports that in early 2020, 4.6 per cent of UK office space was vacant but this rose to almost 9 per cent by the end of 2024. It now says that voids have dropped to 8.6 per cent at the end of March, compared with 8.7 per cent at the start of the year.

Food price inflation:

Meaningful Vision reports that ‘the UK foodservice industry, after a brief period of price stability in 2024, is bracing for a fresh wave of inflation in 2025.’ It says that there will be an ‘asymmetric distribution of price rises across the typical menu, with certain categories experiencing significant surges, while others remain relatively unchanged….’

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Other news:

In the USA, reports from The University of Michigan and Business Insider suggests that American consumers are feeling pessimistic about the current and near term future state of the economy…

Hargreaves Lansdown reports that investor confidence has dropped sharply in the wake of Donald Trump’s tariff moves.

DOMINO’S PIZZA GROUP – Q1 TRADING UPDATE:

Domino’s Pizza Group has this morning updated on Q1 trading and our comments thereon are set out below: The numbers: DOM reports system sales up 2.1% in Q1 to £393.3m with LFL sales up 0.5%. The group adds that total orders were also up 0.5% to 17.8m. DOM reports that delivery up 1.3% ‘driven by continued intense focus from franchise partners’ and collection was ‘down 0.9% but improving trajectory supported by first ever national collection campaign.’

The company says ‘although collection orders declined 0.9% in Q1, we see clear consumer value in the collection channel in this uncertain economic environment and order trends have improved as a result of our first ever national marketing campaign focused on value in collection which was launched at the end of Q1.’ The company reports that it has made ‘continued operational and strategic progress with average delivery times approaching 24 minutes.’ It adds that its loyalty trial is ‘delivering incremental orders across all cohorts.’

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COMPANY NEWS:

Nichols plc yesterday updated on trading in a statement that accompanied its AGM saying that group revenue in the quarter to end-March rose by 1.2% year-on-year to £39.3m (2024: £38.8m), in line with the Board’s expectations….

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Charles Wells has reported its FY numbers for the 52 week period ended 29 September 2024 to Companies House. Headline numbers: Revenue grew by 5.6% after a 12.8% increase last year. Sales in the year under review were £65.8m (FY23: £62.3m). Operating profit margin rose to 5.2% from 4.8% to give an operating profit of £3.45m (pre exceptional costs) for the year. EBITDA rose by 3.3% to £9.8m (FY23: £9.5m)….

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Greene King reports that it continues to invest in its historic London pubs with the reopening of The Sherlock Holmes. GNK says ‘the pub, which is located on Northumberland St, has received a six-figure investment to revive the interior and exterior of the site – all mindfully curated to evoke the atmosphere of Sir Arthur Conan Doyle’s tales.’

The Sun reports that boss of Haven Holidays, Simon Palethorpe, as saying that he is eyeing more on-site Wetherspoons pubs and rival takeovers. He says his customers ‘like brands they know, they like certainty over what they’ll spend and Wetherspoons brings that in spades.’ The Sun reports that he now wants to accelerate an expansion. He says ‘everybody seeing the results we’ve had would be keen to go a little bit faster.’

Parent company and brand owner Chipotle in the US has reported Q1 numbers saying that total revenue increased 6.4% to $2.9 billion and comparable restaurant sales decreased 0.4%. it adds that operating margin was 16.7%, an increase from 16.3%.  Diluted earnings per share was $0.28, a 7.7% increase from $0.262. The group further announces that it opened 57 company-owned restaurants with 48 locations including a Chipotlane, and two international licensed restaurants…

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Flow management company Vianet today updates on trading saying that it ‘achieved revenue of £15.3m for FY25 reflecting a steady year-on-year increase (FY24: £15.2m).’ The company says that ‘adjusted EBITA (pre-exceptional and share based payments) has risen by 3.5% to £3.59m (FY24: £3.47m), reinforcing our robust performance….’

Hickory’s plans to open 10 new sites each year as part of push for growth.

HOLIDAYS & LEISURE TRAVEL:

CoStar has pointed to softer trading for UK hotels in Q1. It says that an ‘uncertain macroeconomic environment’ alongside ‘subdued business confidence’ will impact in the near future…

Heathrow yesterday updated on Q1 trading with CFO Sally Ding saying that ‘2025 will be a pivotal year for Heathrow.’ The company adds that ‘passenger demand in the first quarter of 2025 remained level with last year’s record performance, despite the busy Easter holidays falling in Q2 this year and the leap year in 2024….’

OTHER LEISURE:

The EU has fined Apple and Meta a combined €700m under legislation intended to curb the power of big tech. The EU says ‘we have a duty to protect the rights of citizens and innovative businesses in Europe.’

Hobbycraft is set to shut at least nine stores across the UK as a part of a CVA instigated by Private equity owner Modella Capital.

FINANCE & MARKETS:

Chancellor Rachel Reeves is in the US attempting to negotiate a trade deal. The UK cutting tariffs on US cars is apparently on the table but lowering food standards is not.

Sterling mixed at $1.3268 and €1.1707. Oil lower at $66.21. UK 10 year gilt yield down 1 basis point at 4.56%. World markets better yesterday but Far East mixed in Wednesday trade & London set to open little changed as at 6.30am.

RETAIL WITH NICK BUBB:

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