Langton Capital – 2023-05-24 – April inflation (miss), C&C (FY), April Tracker, RTN AGM, Wimpey etc.:
April inflation (miss), C&C (FY), April Tracker, RTN AGM, Wimpey etc.:A DAY IN THE LIFE: In this lovely weather it’s tempting to try to work outdoors. Indeed you may feel you’re missing out if you don’t do so but, once you’ve dealt with the wind, the bird-muck encrusted tables, the similarly endowed chairs, the insects and the dazzling sunshine, you may feel somewhat punctured in your resolve to graft al fresco. And, as it will be very soon too hot in the sun and it’s too cold in the shade and it’s too windy in any case, you’ll quickly amass reasons to quit and if you’ve misplaced your sunglasses, you can’t read your computer screen and the WIFI is getting patchy, you’ll be pushed over the line and give it all up as a bad job. 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 CGA – APRIL SALES TRACKER: Summary: CGA has produced its sales tracker for April saying the month (once again) was ’strong…for managed pubs, bars and restaurants but inflation erases growth.’ It reports that ‘Britain’s leading managed restaurant, pub and bar groups achieved like-for-like and year-on-year sales growth of 6.9% in April 2023…’ • 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: Inflation: Whilst there seems to be some delay on the ONS website, the UK statistics office is reported to have released April CPI numbers. Prices rose by 8.7% in the month to April vs an estimated 8.2%. The rate, whilst down on March (10.1%), is higher than expected. Governor Andrew Bailey was yesterday criticised by MPs for getting forecasts wrong… • 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. Food price inflation: Kantar reports that food prices rose by +17.2% YoY in May, down from +17.3% in April, with the average annual grocery bill now £833 higher than a year ago… Trading: Looking at quarterly numbers, the UKH Quarterly Tracker, which is produced in association with CGA, ‘shows that the revenue generated in the last 12 months is 4.1% above generated pre-pandemic, demonstrating strong consumer demand but still falling significantly below the ‘like-for-like’ sales required to keep up with inflation….’ • 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. COMPANY NEWS: At The Restaurant Group’s AGM yesterday, all resolutions were passed but there was a huge protest vote against Directors Remuneration 2022 (46%) and the Directors’ Remuneration Policy in general (35%)…. • 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. C&C has reported full year results to end-February saying that revenue rose by 18.4% to €1.69bn with adjusted EBITDA up by 46.7% at €116.6m. PBT is €66.8m against €34.4m last year. The company reports adjusted EPS of 13.4c, up some 34.3% on last year. The dividend is 3.79c (2022: nil). Net debt excluding lease liabilities is €78.9m against €191.3m in 2022…. • 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. Wimpy UK reports revenue up 6% to £5.9m in the year to 28 February 2023, with operating profit up 12% to £790k…. Rare Restaurants, owner of Gaucho, M and Crane Tap in the UK, reports revenue up 38% YoY to £73.5m for the year ended 1 January 2023, and up 29% compared to 2019 levels. Group EBITDA was £9.7m… • 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 Artisanal Spirits Company has updated on trading in a statement that will be delivered at its AGM. It says ‘with a strong start to Q2, and our forecast delivery of double digit growth versus Q2 2022, we remain on course to deliver revenue and EBITDA market consensus expectations for the full year.’ BrewDog is set to open a site in Gatwick Airport this December in partnership with SSP Group. The deal will see SSP operate a number of BrewDog bars at airport and railway stations in the UK, to be opened over the next few years. Panera Brands in the US is reported to be preparing for an IPO. The company has been considering listing since 2021, when it entered an agreement with Danny Meyer’s special purpose acquisition company USHG Acquisition Corp. Whilst that partnership has ended, an IPO is still thought likely. 3i Group plc announces that Dutch Bakery is to combine with coolback, a leading German bakery group specialised in bake-off bread, to create European Bakery Group…. HOLIDAYS & LEISURE TRAVEL: Cirium reports that more than 3,000 take offs from airports across the country are expected on Friday 26 May, as the start of the school half term and the late May bank holiday boost holiday demand…. Amadeus reports that global hotel occupancy is ‘closing in’ on 2019 levels, with occupancy reaching 63% in Q1 this year compared to 67% in Q1 2019…. The Department for Transport (DFT) could effectively trigger the cutting of access to free wifi on trains as part of a cost-cutting plan… Hilton has launched an extended-stay brand, currently known as Project H3, to target guests looking to stay for at least 20 nights… OTHER LEISURE: Playtech has updated on trading in the first 4mths of its financial year saying that it ‘has continued to make good progress against its strategic objectives in 2023’ and adding ‘the Board now expects 2023 Adjusted EBITDA to be slightly ahead of current consensus expectations….’ • 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. Camelot reports that ticket sales for the National Lottery grew by £99.6m to £8.19bn in the year to March 31…. Netflix is to notify customers in many of its major markets including the UK and the US that they will need to pay £4.99 per month ($7.99 in the US) if they want to share their account with someone outside their homes… FINANCE & MARKETS: For UK inflation numbers see Pubs & Restaurants above. Facing MPs yesterday, the governor of the Bank of England Andrew Bailey admitted that inflation forecasting had been poor and said there were ‘very big lessons to learn’. Public borrowing. The ONS yesterday reported that the UK government borrowed the second-largest amount for an April level on record last month. Benefits and debt interest payments have expanded rapidly…. • 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 IMF reports that it now believes the UK will avoid a technical recession this year. It says the economy should grow by around 0.4%… S&P yesterday released flash PMI numbers for the UK showing that, whilst the absolute number was strong, the composite measure nonetheless slipped to 53.9 in May from 54.9 in April. Services slipped from 55.9 to 55.1 and manufacturing fell from 47.8 to 49.3… • 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. Flash PMI numbers for the Eurozone came in at 53.3 at the composite level. Services was 55.9 and manufacturing was 46.3. Sterling mixed at $1.2426 and €1.1528. Oil higher at $77.66. UK 10yr gilt yield pushing higher, up 11bps at 4.16%. World markets down yesterday and London set to open down around 32pts as at 6.30am. RETAIL WITH NICK BUBB: • 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. |
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