Langton Capital – 2022-07-01 – Comptoir, Diageo, trading, Langton hols next week & other:
Comptoir, Diageo, trading, Langton hols next week & other:A DAY IN THE LIFE: A shorter than usual email today as Langton is about to get out its wet weather gear and go to Wales for a week’s holiday. We’ll be doing our bit to keep hospitality’s tills singing in the Principality and we’re back on the 11th. Have a good one and 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. Prices for the Premium at time of writing are £345 for one subscription, £595 for multiple, both plus VAT. Or sign up for easy in, easy out monthly option HERE PUBS & RESTAURANTS: Economy. Chancellor Rishi Sunak has conceded that there are “challenging times ahead of us”. The ONS has confirmed that real disposable income has now fallen for four quarters in a row for the first time since records began. Staffing. Sacha Lord has again highlighted the 174,000 empty roles in hospitality. Labour issues. Upward pressure on wages as workers seek to pass the parcel. BT staff vote for first national strike in 35yrs. Lumina reports the average cost of a coffee is up by 3.5% in the last year. Gregg’s, it reports, is the cheapest large player. COMPANY NEWS: At Comptoir Group’s AGM yesterday, the resolution to re-elect Richard Kleiner to the board was not passed. Following the AGM, a board meeting was held where it was agreed that Mr Kleiner should be re-appointed as Chairman of the Company. 47.6% shareholder Mr Tony Kitous has called for board changes. This one may have a bit to run yet. Diageo has announced that it has acquired Vivanda, owner of the tech behind its digital ‘What’s Your Whisky’ platform. Pret is to partner with India’s Reliance Industries to open stores in India. The Big Table Group has announced the addition of two brand new Las Iguanas restaurants at Center Parcs, taking its total number of restaurants at Center Parcs’ five UK holiday villages to fourteen. Deliveroo has announced the launch of a new advertising platform, Deliveroo Media and Ecommerce. Constellation Brands has reported Q1 numbers saying that it has begun its new financial year strongly. Separately, the company is recommending the elimination of its B shares. Carlsberg is trialling new, fibre bottles made using wood and plant-based materials. No April Fool. The bottles will be tested in eight countries, including the UK. LVMH has bought Joseph Phelps Vineyards Surrey based Hogs Back Brewery is launching its first collaboration with another brewer, in this case, Mondo Brewing Company. Vinoteca has reported accounts to Companies’ House showing that its accumulated losses increased by £1.2m in the Covid-impacted year. Swiss duty-free retailer Dufry and Italian airport and motorway caterer Autogrill are reported to be in merger talks. The combined co would generate around €6.3bn per annum. HOLIDAYS & LEISURE TRAVEL: Travel Weekly reports that ‘agents have reported a slight decline in overall sales but said business remained brisk.’ This might need watching. Aviation IT company Sita suggests that flight volumes will be higher than pre-pandemic levels in 2023. The BBC reports passengers complaining of “total chaos” at Heathrow on the back of short-notice flight cancellations. The CAA reports that Amaana Tours Ltd has ceased trading. Princess Cruises has reported its biggest-ever booking day in the UK. It has also launched a £1 deposit deal for a 24-hour period this week. There may be a link. The Travel Information Network and Habicus Group report that demand for serviced apartments continues to grow. Dalata Hotel Group has updated on Q2 trading saying that ‘the faster than anticipated recovery in hotel markets over the last four months has continued to surpass the Group’s expectations.’ OTHER LEISURE: Aston Martin shares fell to a record low yesterday as it said it was keeping ‘funding options under review’ following reports it was seeking to raise new funds. FINANCE & MARKETS: Andrew Bailey, who no longer seems to believe that inflation is a fleeting problem, has told an audience in Portugal that the UK should expect to suffer a more severe bout of inflation than other major economies. Fed Chair Jerome Powell has said that managing a soft landing is “significantly more challenging” than he had hoped until recently. The ONS has reported the UK’s worst trade deficit for a quarter since records began. The deficit in Q1 was £51.7bn. To plug the gap, the UK will need to sell assets or borrow money from overseas. Manufacturing PMI due later this morning. Sterling weaker again at $1.2123 and €1.1590 on worst ever trade figures due to Brexit hit to exports. Oil lower on recession fears at $108.94. UK 10yr gilt yield down sharply for the second day at 2.26% (down 11bps) as recession fears take over from inflation as key worry. FORTHCOMING NEWS: Quiet week. XPF AGM Wednesday, Comptoir & Playtech AGMs on Thursday and Constellation Brands Q1 on the same day. RETAIL WITH NICK BUBB: • See premium. Reply to this email to upgrade. |
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