Langton Capital – 2022-12-07 – M&B full year, more on MARS, SSPG. GAW, Naked Wines, W Cup etc.:
M&B full year, more on MARS, SSPG. GAW, Naked Wines, W Cup etc.:A DAY IN THE LIFE: Bit busy catching up from yesterday and dealing with today’s results and announcements. 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 https://www.paypal.com/cgi-bin/webscr?cmd=_s-xclick&hosted_button_id=87YUG2Z5W7PSN MITCHELLS & BUTLERS FULL YEAR NUMBERS: Having previously updated on most of its full year on 29 Sept, M&B has this morning released preliminary full year numbers for the 52wks to 24 September and our comments are set out below: Headline figures: • Total revenue for the year is £2.208bn against £1.065bn in the prior year. The group generated an adjusted operating profit of £240m (2021: £29m) and a reported PBT of £8m (2021: loss £42m). • See premium. Reply for sample or to upgrade. Single £345, multiple £595. Limited time offer: PayPal monthly £25 + VAT. Easy in, easy out. MARSTON’S FULL YEAR NUMBERS: Marston’s yesterday held its full year analysts’ meeting and our comments thereon are set out below: Headline numbers: • Marston’s reports revenues up to £799.6m from £401.7m last year with PBT of £27.7m against losses last year of £101.3m. The company reports EPS of 4.3p against losses of 13.6p per share last year and there is no dividend. • See premium. Reply for sample or to upgrade. Single £345, multiple £595. Limited time offer: PayPal monthly £25 + VAT. Easy in, easy out. SSP GROUP – FULL YEAR NUMBERS: SSP yesterday hosted a meeting to cover its FY numbers. The company reported that sales have continued to grow and are currently running at 104% of 2019. Three years of inflation alongside contract wins have helped support this number… • See premium. Reply for sample or to upgrade. Single £345, multiple £595. Limited time offer: PayPal monthly £25 + VAT. Easy in, easy out. PUBS & RESTAURANTS: Consumer spending: Barclaycard, which ‘sees nearly half of the nation’s credit and debit card transactions’, has updated on consumer spending saying that essential spend rose in November and ‘supermarket spending had its strongest growth since February 2021, as food prices continued to rise and Brits stocked up early for Christmas to spread the cost.’ The card company reports that ‘the entertainment sector received an uplift as tickets for live events including Glastonbury Festival 2023 and Peter Kay’s new tour went on sale.’ It adds that ‘major sporting events across rugby, cricket and Formula 1 alongside the start of festive gatherings gave pubs & bars a boost.’ Barclaycard says ‘consumer card spending grew 3.9 per cent year-on-year in November – slightly higher than in October (3.5 per cent), but well below the 9.6 per cent rise in consumer price inflation – as Brits continue to tighten purse strings amid rising living costs and higher energy bills….’ • See premium. Reply for sample or to upgrade. Single £345, multiple £595. Limited time offer: PayPal monthly £25 + VAT. Easy in, easy out. The High Street. Research conducted by the Ordnance Survey and the BBC has found that there are 1.6% more high street pubs and bars since the first Covid lockdown, but the number of nightclubs is down 9.4%. Scotland saw the largest growth in eating and drinking outlets, with a rise of 6%. In north-west and north-east England, the increase was around 5%. Trading: Per MCA, Graeme Smith spoke at the MCA’s hospitality FD Leaders event, saying ‘The customer so far has proven to be quite resilient…Revenues have been increasing; we’re starting to see some softening of volumes but there’s still net growth…’ Inflation & energy costs: Kantar Worldpanel reports grocery inflation softening to 14.6% last month from a record 14.7% in October. However, the data showed that at the current rate shoppers would typically have to spend an extra £60 in December to buy the same products as last year. The National Farmers’ Union (NFU) has called on the government to step in and assist primary producers under severe strain from rising fuel, fertiliser and feed costs. NFU president Minette Batters said ‘I fear the country is sleepwalking into further food supply crises, with the future of British fruit and vegetable supplies in trouble.’ The MA quotes CAMRA as saying that pubs could close and pint prices could rise to £20 if help with energy bills is not extended for pubs past April next year… • See premium. Reply for sample or to upgrade. Single £345, multiple £595. Limited time offer: PayPal monthly £25 + VAT. Easy in, easy out. Rail strikes: UKHospitality CEO Kate Nicholls has called the planned additional rail strikes over the Christmas period ‘hugely damaging for hospitality business, their workers and their customers…Our estimate of the cost of these strikes already stood at £1.5 billion in lost sales and it’s incredibly frustrating that a solution has yet to be reached…’ • See premium. Reply for sample or to upgrade. Single £345, multiple £595. Limited time offer: PayPal monthly £25 + VAT. Easy in, easy out. The World Cup: Oxford Partnership reports that the England vs Senegal World Cup match on Sunday saw 8.5m pints sold across the on-trade, with average sales of draught beer and cider growing by 22% compared with the previous four Sundays. However, this figure was materially below the nearly 15m extra pints that the BBPA predicted. COMPANY NEWS: See above for comments on M&B, SSP and Marston’s. Junkyard Golf has secured a new site in London, located in Camden Market. This will become the biggest Junkyard site yet, over 20,000 square feet, with bars and crazy golf courses over two floors. The Wild Beer Co is reported to have gone into administration due to what it terms ‘a number of adverse trading conditions’. The company is said to be seeking a buyer to save what can be kept of its business. SSP reports that it has secured a contract to open two new units at Keflavik International Airport in Reykjavik, Iceland in spring 2023. It says this will extend SSP’s global presence to 36 countries once operational. Naked Wines has reported H1 numbers saying this ‘solid trading underpins pivot to profit’. The company reports revenue of £148m (2021: £145m) with adjusted PBT of £4.6m vs £1.7m last year… • See premium. Reply for sample or to upgrade. Single £345, multiple £595. Limited time offer: PayPal monthly £25 + VAT. Easy in, easy out. HOLIDAYS & LEISURE TRAVEL: Travel Perk estimates that overall business travel prices are up by 20% for the final quarter of the year compared with the same period before the pandemic in 2019. Air fares are 34% more expensive than before Covid after peaking at 60% up in April and May. However, European flights have started falling in price for the winter final quarter of 2022 compared with last year, with UK costs down 12%… • See premium. Reply for sample or to upgrade. Single £345, multiple £595. Limited time offer: PayPal monthly £25 + VAT. Easy in, easy out. Virgin Atlantic has signed an agreement with Delta Air Lines that will secure a ‘significant’ volume of Sustainable Aviation Fuel (SAF), buying 10 million US gallons of SAF per year for seven years. The Reuben Brothers are advancing plans to convert Admiralty Arch into a luxury hotel under the Waldorf Astoria brand. The building, originally commissioned by King Edward VII in memory of Queen Victoria, stands at the end of The Mall. OTHER LEISURE: Games Workshop has updated on H1 trading saying that ‘trading since the last update in September 2022 is in line with expectations…’ FINANCE & MARKETS: The Halifax has announced that the ‘UK housing market continues to slow’. It says average house prices fell 2.3% in November. The drop is the largest monthly fall since 2008. The Halifax says the annual rate of growth slipped to 4.7% from 8.2% in October… • See premium. Reply for sample or to upgrade. Single £345, multiple £595. Limited time offer: PayPal monthly £25 + VAT. Easy in, easy out. The IEA suggests that the government’s decision to scrap housebuilding targets represents ‘the final victory of NIMBYism in Britain’. Labour says it is a further sign of a weak government that cannot stick to its policies, even when it can work out what they are. Talking to staff about the government’s disastrous September mini-Budget, Chairman of Nat West Sir Howard Davies, who was at the IMF meeting in its wake, says ‘it was awful, I’ve never felt so embarrassed internationally.’ Sterling weaker at $1.2131 and €1.1590. UK 10yr gilt yield down 1bp at 3.09%. Oil price lower at $79.36. Equity markets weak yesterday but London set to open up around 19pts as at 6.30am. RETAIL WITH NICK BUBB: • See premium. Reply for sample or to upgrade. Single £345, multiple £595. Limited time offer: PayPal monthly £25 + VAT. Easy in, easy out. |
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