Langton Capital – 2023-05-25 – Young & Co, CINE, CCH, Fever Tree, disposable income & other:
Young & Co, CINE, CCH, Fever Tree, disposable income & other:A DAY IN THE LIFE: Got a few things going on at the moment. 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 YOUNG & CO FULL YEAR NUMBERS: Young & Co has reported full year numbers and our comments thereon are set out below: Trading. YNGA reports that revenues are up by 19.4% at £368.9m with adjusted PBT up 8.1% at £45.2m. EPS is up 14.3% at 64.3p and the group will pay a dividend for the full year of 20.52p (up 9.1%). Young & Co reports that managed pub like-for-like revenue up by 12.9% on a 52-week basis. It says ‘despite facing considerable cost headwinds and prior year covid one-offs, which included the reduced VAT rate (£12.3 million) and business rates relief (£6.0 million), adjusted profit before tax was up 8.1% to £45.2 million, and adjusted operating profit up 1.9% to £52.4 million.’ Cash flow, debt & balance sheet: Young & Co reports that its ‘strong financial position, driven by healthy operating…’ • 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: Disposable income: Barclay’s group CEO CS Venkatakrishnan claims that UK mortgage holders will see their monthly payments jump to up to 30% of their income from about 20% over the past few decades…. • 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. Working from home: Thinktank Centre for Cities reports that office workers in central London are spending on average 2.3 days a week in the workplace…. • 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. Inflation: UKHospitality CEO Kate Nicholls has commented on the ONS’s CPI figure of +8.7%, saying ‘Sharp drops in energy, food and drink costs are urgently needed for businesses to remain viable and continue to serve communities across the country, create jobs and drive economic growth.’ The ONS, which yesterday reported a smaller than expected drop in the annual rate of CPI to 8.7%, has reported that food price inflation remains near a 45-year high… Inflation expectations. The CBI reports that ‘sentiment among manufacturers deteriorated and output volumes fell moderately in the three months to May’. It says ‘total order books were reported to be below normal’ and it says this has depressed manufacturer’s expectations for selling price 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. Food price inflation: Researchers at the London School of Economics have calculated that UK households have paid £7bn extra in food costs since Brexit to cover the additional cost of trade barriers on food imports from the EU… • 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. Other news: Highland Council has reversed its ban on bouncy castles following a backlash. The decision was originally made to ‘safeguard attendees’ after the region’s size made it difficult for staff to get to its many venues. The Morning Advertiser doubts PM Rishi Sunak’s claim that ‘we reformed the alcohol duties that mean this summer you will be able to get cheaper beer in pubs. These are the tangible benefits of Brexit that I’ve already delivered…’ UKH comments on the launch of a £165m fund by the Department for Education to develop skills and training saying ‘additional funding to help training providers and colleges further invest in their skills and training is exactly the approach needed from Government.’ Restaurants in the US are reported to have seen a third consecutive month of slowing LfL sales and traffic growth in April… COMPANY NEWS: Fever Tree has updated ahead of its AGM saying that it ‘has made a good start to the year’ and that ‘trading [is] in-line with the expectations set out at our FY22 Results….’ • 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. Coca-Cola HBC AG is today hosting an investor event in Rome. It says the updates ‘build on the growth plans and targets set out at the Company’s last investor day in 2019….’ • 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. Searcys has launched its first London Dry Gin, joining the company’s portfolio of own label Champagnes and English Sparkling wine. HOLIDAYS & LEISURE TRAVEL: Disney Destinations vice-president of international marketing and sales Jeff van Langeveld has hailed the rebound of UK visitor numbers to the company’s US parks, comfortably outstripping that of the overall UK market to the US. The overall UK market to the US in 2022 was 3.47 million visitors, 27% behind 2019 levels. Pitch to quadruple rates on second home-owners. Political leaders in Devon and Cornwall have called for council tax for second home owners accused of ‘turfing out locals’ should be quadrupled. Councils are set to have new powers to double tax bills from 2024. Officials in New York are forecasting more than a million UK visitors this year, with hopes to be back to pre-pandemic levels in 2024. Figures for 2022 confirmed 863,000 British arrivals, with 87% travelling for leisure. France has banned short-haul flights which could be completed by train in less than two-and-a-half hours. The ban is an effort to reduce carbon emissions, but will not affect connecting flights. Virgin Orbit is to shut down after selling its assets for £29m. It comes a few months after a space mission ended in disappointment, when a rocket carrying the first satellites launched from the UK failed to reach orbit and was lost. OTHER LEISURE: Cineworld has provided a further update on its Chapter 11 cases saying that its proposed restructuring ‘now has the support of lenders holding and controlling approximately 99% of the Legacy Facilities and at least 69% of the outstanding indebtedness…’ Microsoft yesterday lodged an appeal against the CMA’s decision to block its $75bn takeover of Activision Blizzard, which makes hit game Call of Duty… FINANCE & MARKETS: The ONS yesterday reported that inflation had fallen to its lowest level in a year but markets reacted badly for a number of key reasons… • 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. In response to yesterday’s inflation numbers, the CBI looks on the bright side… Fine & Country, the national estate agent group, has told The Times that house price growth is currently 4.1 per cent and is holding up more robustly than expected… Sterling weaker on the back of poor inflation numbers at $1.2341 and €1.1491. Oil up at $78.34 and UK 10yr gilt yield up again (though off its tops) at 4.22% (up 6bps since yesterday morning). Markets weaker yesterday but London set to open up around 9pts 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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