Langton Capital – 2022-06-14 – Revolution Bars, Entain, Vianet, GAW, inflation, confidence & other:
Revolution Bars, Entain, Vianet, GAW, inflation, confidence &4 other:A DAY IN THE LIFE: I may have mentioned this before but, thinking about mnemonics and initials… • See premium. Reply to this email to upgrade. On to the news: LANGTON EMAIL: The Free Email is now written in short form. Extended versions of many stories are in the Premium Email. Reply to this email if you would like to upgrade. See Twitter for in-day comment. Let us know if you would like an example of the Premium Email or to comment on the new format. Prices for the Premium are £345 for one subscription, £595 for multiple, both plus VAT. Reply to this email to order & request invoice. Or sign up for easy in, easy out monthly option HERE PUBS & RESTAURANTS: Government food strategy: Henry Dimbleby, the government’s lead adviser on food issues, has condemned ministers’ landmark national plan to combat food poverty and obesity, saying it is ‘not a strategy’ and warning it could mean more children will go hungry. • See premium. Reply to this email to upgrade. UKH has welcomed the Government Food Strategy. • See premium. Reply to this email to upgrade. Staff costs, retention etc. Lloyds Banking Group has offered tens of thousands of staff a one-off payment of £1,000 to help with the rising cost of living, with the money set to be available in August. It is understood that executives and senior managers would be exempt. • See premium. Reply to this email to upgrade. Inflation & cost of living. The RAC said a further cut to fuel duty would be ‘very welcome, albeit overdue’ as fuel hit a record 185p per litre on Sunday. • See premium. Reply to this email to upgrade. Data from Lumina shows that the average price of food and drink across menus rose by 3.1% from February to March… Trading: Losses. UHY Hacker Young reports that losses at the top 100 restaurants increased by 24% from £673m to more than £800m… Footfall. Springboard has updated on footfall… Access to credit. Chartered Accountant Hazlewood’s reports that bank lending to SME hospitality firms has fallen by more than £1.4bn to £14.61bn in April 2022. The Morning Advertiser reports that three quarters of operators did not see any boost to trade across the Platinum Jubilee weekend… • See premium. Reply to this email to upgrade. Torrid day for the sector on the stock market yesterday. Compass down 3%; Carnival, Entain, Gregg’s, Rank down 4%; Intercontinental Hotels down 5%; Restaurant Group & SSP down 6%; On the Beach 7% off; Hotel Chocolat down 8%; Tasty 9% off. Delivery companies Deliveroo and Just Eat, down 12% and 13% respectively, bringing up the rear. Accountancy firm Hays Macintyre has reported that confidence levels in hospitality have fallen sharply between November last year and now… • See premium. Reply to this email to upgrade. Other news: Strike action may reduce the number of empty bottles available for spirits & beer companies over the summer. Drink Aware has announced that Karen Tyrell will be joining the company as the new permanent CEO in October 2022. COMPANY NEWS: Revolution Bars Group has this morning updated on trading. • See premium. Reply to this email to upgrade. Starbucks in the US is to permanently close one unionised store in Ithaca, New York. Pub Aid and Sky have signed up a total of 250 pubs have to the Grassroots Sports Champion programme, to recognise and reward pubs’ support for local sport. Vianet has reported full year numbers to end-March… • See premium. Reply to this email to upgrade. Delivery kitchen company Peckwater Brands has raised £15m in a Series A funding round. The Hush Collection has announced that construction has commenced on the second international Cabana in Saudi Arabia. CEO Ed Standring says ‘we have a growing international strategy for Cabana’s ‘espirito amazonico’ in the Middle East and are actively looking to sign new territories such as the UAE.’ HOLIDAYS & LEISURE TRAVEL: PPHE Hotel Group reports the opening later this year of art’otel London Battersea Power Station, the UK’s first art’otel. It says ‘the hotel, which is owned by Battersea Power Station Development Company, will be operated by PPHE’s hospitality operating platform under a management agreement and is the first of several new art’otels to open in London, Rome, Zagreb and Pula (Croatia).’ Sykes Holiday Cottages has acquired UKCaravans4hire, marking its first entry into the static caravan holiday market. The deal follows Sykes’ acquisition of Forest Holidays, owner and operator of environmentally sensitive cabins. UKcaravans4hire connects holiday makers to more than 6,000 holiday homes located across the UK. Eurocontrol has revised down its air traffic forecast for Europe… Princess Cruises has reintroduced masks on three Alaska-based ships following a rise in positive Covid-19 cases in the US state. The line said that masks were ‘highly recommended’ while outdoors in large gatherings or if physical distancing could not be maintained. Heathrow reports 5.3m passengers in May, an increase of 1.1m compared to March. Terminal 4, which was closed due to the virus crisis, reopens on Tuesday ahead of the summer peak. Chief executive John Holland-Kaye said ‘We are working closely with airlines and government to keep supply and demand in balance as we grow, so that passengers can travel through Heathrow this summer with confidence.’ The Helmsley Group has secured planning approval for a new hotel development in York, located on the currently derelict Mill House car park site, off North Street in York city centre. The 82 bedroom hotel will be one of the first hotels to generate Net Zero greenhouse gas emissions in the country. EasyJet is reported to have ‘pre-emptively’ cancelled 40 flights a day for the rest of June in order, presumably, to take the pressure off. Choice Hotels International has agreed to buy Radisson Hotel Group’s Americas division for around $675m. OTHER LEISURE: Entain has announced it has agreed to acquire the entire share capital of BetEnt B.V… • See premium. Reply to this email to upgrade. Games Workshop updates on full year trading, saying that it ‘is pleased to announce that for the year to 29 May 2022, we estimate the Group’s core revenue to be not less than £385 million (2020/21: £353 million) and royalties receivable of £28 million (2020/21: £16 million). The Group’s profit before tax is estimated to be not less than £155 million (2020/21: £151 million).’ FINANCE & MARKETS: The ONS yesterday reported that the UK economy shrank by 0.3% in April after shrinking in size by 0.1% in March. This was a worse result than had been anticipated. Whilst the services sector shrank by 0.3%, manufacturing and construction fell by 0.6% and 0.4% respectively. April was the first time that all three sectors shrank at the same time since January 2021. • See premium. Reply to this email to upgrade. The CBI has said that overriding the NI Protocol could threaten inward investment. Bitcoin had another bad day yesterday. The ‘coin’ has fallen from $66,000 to around $24,000 in a little over six months. This is not, historically, how a serious currency should behave. Markets fell sharply yesterday. In the UK, the OBR’s latest numbers show that there has been a reduction in imports from the EU of 18% in Q4 last year compared to 2019. BDO reports on wage costs & the impact on companies. It says ‘a third have raised wages in a move to absorb the increased contributions facing their employees, while 31% of businesses are struggling to pay the higher cost to them as employers.’ It adds ‘just under a third have paused or reduced hiring as a direct result. Sterling weaker at $1.2176 and €1.1676. Oil price higher at $122.21. UK10yr gilt yield up 7bps at 2.50%. World markets sharply lower yesterday but London set to open up around 44pts as at 6.30am. FORTHCOMING NEWS: Vianet reports full year numbers on Tuesday with Everyman Media’s AGM to be held on the same day. Games Workshop announces a full year trading update today and Whitbread hosts its AGM on Wednesday, when it will update on Q1 trading. Tortilla’s AGM is also Wednesday and 888 Holdings also hosts its annual meeting. Thursday will see the Bank of England’s MPC update on its latest interest rate decision. RETAIL WITH NICK BUBB: • See premium. Reply to this email to upgrade. |
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