JDW FY update, LGRS FY numbers, Hostelworld, Ten Ent & other:

A DAY IN THE LIFE:

With questions, I think, you can generally answer them, ignore them or bat them back.

Think a) response may be yes/no, b) response is no response or c) response can be to obfuscate, request clarification or fall back on mendacity.

All of which is interesting but I’ve decided that the place-holder answer to many questions, though perhaps not those of the ‘what is two plus two’’ category, is, ‘it’s complicated.’

Because, let’s face it, most things are.

And, whilst you might know some of the imputs, you may not know what’s expected, what’s in the price etc so you may not know that output and therefore a sensible alternative answer is, ‘that depends.’

However, as the above sometimes makes you sound like a directionless idiot, it may be better to state boldly either ‘yes’ or ‘six’ or ‘yellow.’

And, just for a bit of variety, mix them up a bit. Then, whilst you may sound like an idiot, you will be enigmatic and, just once in a while. Righ.

Anyway, there are results and updates out this morning so, will shareprices go up? Well, that depends. On to the news:

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LOUNGERS – FULL YEAR RESULTS

Loungers has this morning reported full year numbers and our comments thereon are set out below:

Headline numbers: Loungers reports revenues of £283.5m (up from £237.3m last year) and adjusted EBITDA (on the back of less financial support, raised VAT etc) of £47.3m (FY22: £53.6m). PBT is down to £7.3m (FY22: £21.5m) and EPS is 6.5p (last year 17.0p). The company reports net debt of £140.9m (FY22: £120.6m).

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JD WETHERSPOON, FULL YEAR UPDATE:

JD Wetherspoon has today updated on Q4 trading and our comments are set out below:

Headline numbers: JDW reports that LfL ‘sales for the first 10 weeks of the final quarter of our financial year increased by 11.0%’ compared to the same period in FY19 (pre-pandemic). Compared with last year, LfL sales were up by 11.5% in Q4 and by 12.9% in the year to date.

Property: JDW reports that ‘in the financial year-to-date, the company has opened three pubs and sold, closed or surrendered to the landlord 28 pubs.’

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PUBS & RESTAURANTS:

The consumer:

Mortgage costs, which had been reported as ‘approaching’ the levels seen during ex-PM Liz Truss’s disastrous Premiership, duly went through them yesterday…

The ICAEW reports that ‘millions of Britons with a mortgage deal due to expire either this year or next are facing considerably higher repayments….’

Labour costs:

Sky News points out that the pace of wage growth, which accelerated yesterday, was already being described as “unsustainable” by the beleaguered governor of the Bank of England, Andrew Bailey. The ONS will release UK inflation numbers for June a week today.

Silver lining?

Not for many but insolvency experts Begbies Traynor reports that it has ‘started [its] new financial year in strong position and confident of a further year of growth.’ It says it has a ‘strong order book of insolvency revenue (up 19% in the year), driven by continued increase in insolvency market volumes…’

The weather:

OpenTable reports that 52% of Brits prefer to dine outdoors when they visit the on-trade, with pub-gardens being the most sought-after venues….

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COMPANY NEWS:

Fulham Shore’s shares were suspended yesterday as its Scheme was enacted. The company says holders as at 6.00 p.m. on 10 July 2023 ‘will receive 14.15 pence in cash for each Scheme Share….’

Per MCA, M&B’s 57% shareholder, Odyzean, allows the company to ‘act like a PE company to a degree’ according to chairman Bob Ivell….

Marston’s has sold three managed Revere Pub Co sites for an undisclosed sum to Young & Co reports Propel…

Tortilla is set to open in Belfast on 21 July, marking its first site in Northern Ireland. Richard Morris, Tortilla CEO said ‘We’ve got a fantastic location in the city centre and a passionate team who embody the values of our friendly local brand’.

Benugo has reported full year numbers to Companies’ House…

Laura Harper-Hinton, co-founder of Caravan Restaurants, tells the MCA that the brand will open its first site outside of London next year, with potential locations including Manchester, Glasgow, and Cardiff. This year, Caravan plans to open its eighth and largest site in Covent Garden in October.

Premium cider brand Cornish Orchards has partnered with The Botanist in Cardiff to provide a bespoke experience named  ‘The Corner of Cornwall’ for six weeks during the summer period.

Access Hospitality has acquired ResDiary, a leading provider of bookings and table management software to clients in the hospitality sector, with a particular focus on European and ANZ markets.

HOTELS & LEISURE TRAVEL:

Hostelworld has updated on H1 trading to end-June saying that it has had its ‘largest H1 on record, with Net GMV of €339.5m (+57% YoY) and revenue of €51.5m (+57% YoY)…’

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Travelodge has opened a further London site in Peckham. The hotel is the group’s 597th unit and its 80th hotel in London.

Holiday Extras is reported to have agreed a lending facility with NatWest of around £20m in order to fund further growth…

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ETC data shows that Europe’s tourism recovery has seen volumes reach about 95% of 2019 levels of international tourist arrivals….

Trivago reports that 28% of Britons view holidays as an essential as opposed to a luxury, with 48% willing to stop buying clothes in order to afford a holiday. In addition to this, 37% said they would forgo takeaways to save for a holiday and 31% said they would give-up coffee….

Heathrow reports that it handled more than 7 million passengers in June, up 17.5% YoY as nearly 2 million flew to and from North America….

London City Airport is considering next steps after its local council rejected plans to extend its operating hours on Saturdays & Sundays. Flights are not allowed from 12.30pm Saturdays to 12.30pm Sundays to provide respite for nearby residents under a long-standing curfew.

Wyndham Hotels & Resorts is opening its first UK Super 8 near Wyndham Chester East. The company brands Super 8 as ‘a trusted companion to roadside travellers’ and operates it alongside its hotels around the world.

OTHER LEISURE:

Ten Entertainment Group plc has updated on H1 trading for the 26 weeks to 2 July 2023 saying that it is seeing ‘continued sales growth’ and is ‘building on the record first half in 2022…’

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A US judge has rejected a request from US regulators to block the purchase of Activision Blizzard by Microsoft…

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FINANCE & MARKETS:

Wage growth etc. Commenting on yesterday’s wage data, the CBI says workers from overseas will be necessary to break the now-established cycle of high wages and high inflation…

Cosmetics company Lush says that Brexit has led to drop of 28% in its sales into Europe….

Google says Artificial Intelligence could contribute up to £400bn to the UK economy by the end of this decade. It maybe would, wouldn’t it.

Opining on broker comment that UK stocks were cheap by international standards, The Telegraph reports that ‘Brexit and recent political turmoil, including last September’s disastrous mini-Budget, have been blamed for putting off international investors….’

Sterling up on hopes / fears that UK interest rates would remain above those elsewhere in the developed world to $1.2962 and €1.1746. Oil up to $79.49. UK 10yr gilt yield up 1bp at 4.65%. World markets largely better yesterday and London set to open up around 23 points as at 6.30am.

RETAIL WITH NICK BUBB:

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