Jet2, ROO, Carlsberg, Hostelworld, Entain, Canal+, insolvencies & other:

A DAY IN THE LIFE:

I’ve been considering potholes, not least because of the bone-shuddering crunches that enliven most visits to the shops these days when your car lurches down one.

And, I think I’ve worked it out.

If you simply can’t (or can’t be bothered to or can’t find the money to) repair them, then most councils seem to think that an acceptable second best is to spray some red paint around them so that, when your bumper is flying in one direction and your back axle is shooting off in another, at least you have something colourful to look at.

And, maybe, if you wait long enough, they’ll become a tourist attraction.

They could feature on Google Earth, maybe even have the Ordnance Survey people plot the contours around them in 10m increments.

Anyway, enough of that and on to the news:

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PUBS & RESTAURANTS:

Hospitality sales tracker:

The latest CGA RSM Hospitality Business Tracker reports that ‘periods of bright weather helped Britain’s leading managed pub groups achieve 3.6% growth in like-for-like sales in March.’ Restaurants did much less well with LFL sales down by 5.7%. Across both pubs and restaurants combined, LFL sales were down by 0.6% in March. This follows growth of 0.1% in February, 1.3% in January and 3.2% in December. Taken over the four months, it is likely the LFL sales tracked slightly below inflation…

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Jobs market:

Adzuna reports that job vacancies rose for a second straight month in March in what could be taken as a positive sign for the UK economy (and for the spending intentions of consumers). Vacancies were up for the first time since July 2022, to 871,168 positions….

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Food price inflation:

The BRC and Nielsen have reported that food price inflation rose to its highest level since last spring in March at 2.4%. Prices rose by 0.7% month-on-month….

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Insolvencies:

The Insolvency Service reports that the number of insolvencies of hospitality operators fell by 11% from 3,829 in the 12 months to February 2024 to 3,405 in the 12 months to February 2025….

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Insolvencies, wider market:

The Insolvency Service has released company failure numbers for March 2025 for both corporations and for individuals. It reports that, in the month of March, there were 1,992 registered corporate insolvencies. This is down on the 2,032 reported in February but it is 9% up on the same month last year (1,826 in March 2024). The Service reports that ‘company insolvencies over the past 12 months have been slightly lower than in 2023, which saw a 30-year high annual number, but have remained high relative to historical levels….’

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Other news:

The CBI’s Distributive Trades Survey shows that sales volumes fell in the year to April but at a slower rate than they had done in the year to March….

COMPANY NEWS:

Deliveroo shares rose by around 16.5% yesterday to 171p, some way shy of the 180p indicative bid approach from DoorDash…

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Carlsberg has reported on its Q1 trading performance saying that it has generated reported volume growth of 14.5% (helped by acquisitions) and ‘organic volume development’ of minus 2.3%. The company reports that group organic volumes excluding San Miguel were down a lesser 1.1%….

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Coca Cola Europacific Partners has updated on Q1 trading saying that its ‘performance during the first quarter has been broadly as expected, with volumes reflecting calendar related phasing, including the timing of Easter, resulting in a stronger April….’

The MA reports that Troia (UK) Restaurants, the parent company of The Ivy Collection, saw income and profits both rise in its 2023 financial results despite opening no new sites during the period. Turnover was up 3.5% in the year ended 31 December 2023, rising to £314.7m from £302.9m in 2022. Profit before tax increased from £29m to £37.7m.

Stonegate has announced that it is to raise beer prices for its lessees and tenants by 4% from next month.

Dishoom is reported set to open an outlet in Leeds later this year.

According to property investment and development company Town Centre Securities PLC

WatchHouse Coffee has reported full year sales of £15.4m for calendar 2024, up 62% on the prior year. The group reports EBTIDA of £1.2m for the year and a loss of £4.2m after tax.

HOLIDAYS & LEISURE TRAVEL:

Jet2 has this morning updated on trading for the full year to end-March 2025 saying that it expects ‘to report a Group profit before foreign exchange revaluation and taxation for the year ended 31 March 2025 of between £565m and £570m which excludes £10m of profit on disposal of assets primarily from our retired Boeing 757-200 aircraft fleet.’ The company says ‘this represents another year of healthy profit growth, up approximately 9% on the prior year and is in line with current market expectations….’

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Hostelworld has updated on trading saying that it ‘continues to deliver a resilient performance, despite the recent weakening of the US dollar and a persistent shift in traveller preferences towards lower-cost destinations; both of which are leading to a less favourable booking mix and average booking value…’

London Gatwick Airport has said that it will be prepared to accept ‘stricter limits’ on aircraft noise if it is allowed operate fully from its northern runway.

Travel to, from and within Spain and Portugal has been hit by the mass power outage that is affecting multiple sectors in both countries.

The number of visitors to the US fell by 11.6% in March as tourists stayed away in the wake of President Trump’s various policies….

Marriott International is to acquire the lifestyle brand citizenM, which it says is ‘a unique and innovative offering in the select-service segment.’

OTHER LEISURE:

Entain has updated on Q1 trading saying that it has turned in a ‘better than expected Q1 performance supported by ongoing operational progress.’ The company reports NGR ‘including 50% share of BetMGM, up +9%, +11% in constant currency, with strong Q1 Online performances from both Entain and BetMGM…’

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Canal+ has updated on Q1 trading saying that revenues have been in line with expectations at €1,547m, up +1.5% organically. The company reports that Europe revenue was up +0.8% organically…

BetMGM LLC, which is jointly owned by Entain plc and MGM Resorts International. Yesterday reported Q1 numbers saying that net revenue was up 34% at $657m with EBITDA of $22m, up $154 million on the loss-making quarter one last year…

FINANCE & MARKETS:

The CBI reports that ‘private sector firms once again expect activity to fall in the three months to July (weighted balance of -21%), according to its latest Growth Indicator. It adds that ‘expectations are broadly unchanged relative to last month.’

Sterling up at $1.3399 and €1.1781. Oil lower at $65.19. UK 10 year gilt yield up two basis points at 4.50%. World markets better yesterday and London set to open up around 15 points as at 6.30am.

RETAIL WITH NICK BUBB:

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