Langton Capital – 2023-03-17 – ROO, Carlsberg, JDW, Prezzo, CCL, the consumer, Budget & other:
ROO, Carlsberg, JDW, Prezzo, CCL, the consumer, Budget & other:A DAY IN THE LIFE: So, we’ve made it to the end of another working week. And just a couple more to go before we hit the Bank Holiday-heavy months of April and May which host five days off between them. That should help the pubs even if it’s not so good for GDP as a whole. Have a great weekend and let’s move on to the news: LANGTON EMAIL: The Free Email is now written in short form. Extended versions of many stories (after the ellipses) are in the Premium Email. Reply to this email if you would like to upgrade. Prices for the Premium are £395 for one subscription, £695 for multiple, £995 for very large subscribers, all plus VAT. Or sign up for easy in, easy out monthly option per subscriber HERE https://www.paypal.com/cgi-bin/webscr?cmd=_s-xclick&hosted_button_id=87YUG2Z5W7PSN DELIVEROO FULL YEAR NUMBERS: Deliveroo yesterday held its FY analyst meeting for calendar 2022 and our comments… • See premium. Reply for sample or to upgrade. Single £395, multiple £695. Limited time offer: PayPal alternative monthly £25 + VAT per sub. Easy in, easy out. PUBS & RESTAURANTS: The consumer: The Resolution Foundation has said that the Spring Budget will leave household incomes stagnant and people paying higher taxes despite cuts to public services… • See premium. Reply for sample or to upgrade. Single £395, multiple £695. Limited time offer: PayPal alternative monthly £25 + VAT per sub. Easy in, easy out. The Budget: Ramifications continue. BrewDog CEO James Watt says the Budget was ‘underwhelming’ and says that a reduction in the duty on draft beer is pointless if publicans cannot afford to heat their pubs… • See premium. Reply for sample or to upgrade. Single £395, multiple £695. Limited time offer: PayPal alternative monthly £25 + VAT per sub. Easy in, easy out. Alcohol duty to rise by RPI. The Scottish Licensed Trade News has said that the announcement has been poorly-received. It quotes new Diageo CEO Nuno Teles as saying that the news is a ‘hammer blow’ for pubs and their customers… Hospitality leaders have called the Spring Budget’s lack of reform to business rates ‘desperately disappointing’, warning that businesses will likely see a 5% increase in their business rates bills in April 2024. Indeed the only help targeted at the sector was an extension of draught relief from 5% to 9.2%. Other news: Commenting on international trends, the IWSR has suggested that the slow decline of the wine category is set to continue. It says spirits are bouncing back and beer sales are buoyant in developing markets… Inflation by another name, Shrinkflation. The Telegraph reports that ‘Cadbury has shrunk the size of bags of Dairy Milk buttons by almost a quarter while keeping prices in supermarkets the same.’ It says this ‘makes buttons the latest edible casualty of ‘shrinkflation’ – the practice of reducing portions to cut out costs while leaving prices untouched.’ COMPANY NEWS: Jacob Aarup-Andersen will join Carlsberg as CEO, replacing Cees t’ Hart, who will retire by the end of Q3 2023 at the latest. Jacob Aarup-Andersen, who is Danish, joins Carlsberg from ISS A/S, where he has served as CEO since 2020… • See premium. Reply for sample or to upgrade. Single £395, multiple £695. Limited time offer: PayPal alternative monthly £25 + VAT per sub. Easy in, easy out. JD Wetherspoon has announced that it will not go ahead with a £3m development in New Brighton, Merseyside. It has put up the shuttered venue and land up for sale. JDW’s Eddie Gershon says the company ‘can confirm that it has stopped redevelopment work at The Master Mariner pub (New Brighton) and will not progress with the work.’ Prezzo has told Propel that it continues “to monitor our estate in response to market conditions”, after recently closing four sites… Oatly reports sales up 12% to $722m in the year ended 31 December 2022, driven by strong revenue growth in the Americas and Asia, at 25% and 20% respectively… Commercial law firm Kuits has obtained a premises licence for The Botanist within Brighton’s cumulative impact zone. The new venue in Brighton will occupy the previous Top Shop site at Churchill Square Shopping Centre. Black Sheep Coffee is to open its first site in Peterborough. John Lewis has cut its staff bonus for a second time and signalled job cuts are in the pipeline, after what it described as a ‘very tough year’. The company reported a £234m pre-tax loss, with chair Dame Sharon White saying the stores had attracted more customers, but they had spent less. HOLIDAYS & LEISURE TRAVEL: Some 1,000 Passport Office workers are to go on strike for 5wks from 3 April to 5 May. The PCS union warns that this could have a “significant impact” on the delivery of passports ahead of summer… Carnival Cruise Line reports that it has welcomed its 100 millionth guest, the first company in the cruise industry to do so. Sky News reports that Secret Escapes Group ‘is plotting a £30m capital-raising in a bet on the continued recovery of the post-pandemic travel market.’ it says the company ‘has hired Peel Hunt, the investment bank, to coordinate the share sale…’ • See premium. Reply for sample or to upgrade. Single £395, multiple £695. Limited time offer: PayPal alternative monthly £25 + VAT per sub. Easy in, easy out. The Association of Leading Visitor Attractions says that UK visitor attractions are suffering from “long Covid” as fewer tourists are still travelling from abroad. It says that visitor levels were still down around a quarter on pre-Covid numbers… • See premium. Reply for sample or to upgrade. Single £395, multiple £695. Limited time offer: PayPal alternative monthly £25 + VAT per sub. Easy in, easy out. VisitBritain estimates that there will be a total of 35.1 million inbound visits – 86% of pre-pandemic levels – this year… Wendy Wu Tours has confirmed it will resume leading escorted group tours to China in May after the Chinese government lifted its embargo on issuing visas to international tourists. Travel Weekly reports that WTL Travel Services has gone into liquidation owing travel agency staff £127,000… OTHER LEISURE: Sky News reports that a ‘plot hatched by Vue International to merge with Cineworld, its stricken London-listed rival, has stalled…’ The use of TikTok has been banned on phones and other devices issued to government ministers and civil servants. Cabinet Office Minister Oliver Dowden says the app will be banned on security grounds with immediate effect. FINANCE & MARKETS: The European Central Bank has raised rates by 0.5% across its three main interest rates. The turmoil following the collapse of Silicon Valley Bank (and others) had led to speculation that the ECB would stay its hand. Sterling up at $1.2157 and €1.1413. Oil up at $75.31. UK 10yr gilt yield up 7bps at 3.39%. Markets also up yesterday and London set to open around 43pts higher as at 6.30am. RETAIL WITH NICK BUBB: • See premium. Reply for sample or to upgrade. Single £395, multiple £695. 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