Langton Capital – 2023-07-28 – Advertising, DPP, Texas Roadhouse, McDonald’s, RCL, Swingers etc.:
Section TitleAdvertising, DPP, Texas Roadhouse, McDonald’s, RCL, Swingers etc.: A DAY IN THE LIFE: I was considering the other day some of those words and phrases, such as ‘interesting’ or ‘volatile’ or ‘characterful’ that are taken to be either positive or negative but which are, in truth, neutral until the context is clear. I mean both a surprise birthday party and a meteor strike on your house could be said to be ‘interesting’ but I know which one would be more welcome on a rainy afternoon our neck of the woods. And an ‘interesting find in the cellar’ could be used to describe either a forgotten stamp collection or an unexploded wartime bomb etc. Similarly ‘volatile’, which is usually deemed a negative, should in fact be neutral. Your earnings could be volatile but if a few hundred grand slipped onto your payslip one month and a tenner the next, but you’d likely be net happy, or at least I would. And saying ‘he’s a character, isn’t he,’ now that’s a particular favourite. Because you could be describing a juggling vicar or a mildly irritating comic on the one hand or a psychotic killer or an incompetent politician who ruins the economy on the other. Anyway, it’s Friday, it’s been another five-day week and the weekend beckons. 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 PUBS & RESTAURANTS: Pub gaming machines: The government has launched a public consultation process focused on ‘land-based’ offline gambling, which includes relaxing the ban on cashless payments on pub gaming machines…. The VAT debate: Stirling MP Alyn Smith has called on the PM to cut VAT for hospitality businesses instead of contemplating cuts to inheritance tax…. Lead indicators: For those looking for lead indicators, and that should maybe be most of us, it’s worth noting that ITV is currently suffering its worst advertising slump since the financial crisis. The company has reported H1 profits down 79 per cent to £45m… • 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: Property company Hammerson yesterday reported H1 numbers saying that ‘our leasing momentum in 2022 has continued into the first half of 2023….’ The CBI’s latest Distributive Trades Survey suggests that the ‘retail sector shows signs of continuing weakness.’ It says ‘retail sales volumes fell in the year to July at the fastest pace since April 2022, in the latest sign that trading conditions in the sector remain challenging….’ A consumer survey by HGEM has found that ‘1/3 customers not happy with payments in hospitality.’ it says ‘28% of customers think that hospitality gets it right about half the time when it comes to payment speed, whereas 7% of respondents, quite pessimistically, feel that payments rarely nor never get taken at the right time in hospitality settings….’ In the US, June is being reported as a ‘relatively good month for restaurants’ with same-store sales and traffic growth hitting their highest levels since March… • 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: DP Poland has announced that ‘as a result of Andrew Rennie’s appointment as an Executive Director of Domino’s Pizza Group Plc., he will resign from the Board of DP Poland as a Non-executive Director with effect from 1 October 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. Texas Roadhouse has announced numbers for Q2 saying that revenue rose by 14.3% to $1.171bn with net income up 13.6% to $82.3m and EPS up 14.7% at 122c… • 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. McDonald’s yesterday reported Q2 numbers saying that ‘global comparable sales increased 11.7% for the quarter, with double-digit growth across each segment.’ It says ‘our second quarter results reflect consistently strong execution of our Accelerating the Arches strategy…’ • 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. McDonald’s has also announced that it is planning to test out a new restaurant idea, called “CosMc’s.” The name comes from a McDonald’s character, who is an alien. The company says ‘CosMc’s is a small format concept with all the DNA of McDonald’s but its own unique personality.’ Swingers has closed a $52m funding round, led by real estate investment firm Cain International, which will drive the expansion of its mini golf concept…. Adam Breeden has stepped down from the board at State of Play Hospitality in order to concentrate on his other business interests including F1 Arcade…. The Unite union has threatened AG Barr that Irn-Bru supplies could ‘dry up’ within weeks due to strike action. Unite members have rejected a 5% pay deal from the company and are planning nine 24-hour strikes will take place between 11 August and 6 October. Illycaffè reports H1 revenue up 5% and profits up 21% YoY, with sales increasing in all major markets…. HelloFresh has beaten market expectations as it upgrades its guidance of Q2 EBITDA to €185-195m…. Sodexo has agreed to acquire A.H. Management, strengthening its presence in the North American convenience-focused foodservice market…. HOLIDAYS & LEISURE TRAVEL: Strike action called by nearly a thousand ground staff at Gatwick Airport has been called off following a revised pay offer. French hotelier Accor has reported H1 numbers to end-June saying that net profits came in at €248 million for the period on revenue up 35% on last year of €2.4 billion… • 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. Royal Caribbean Group has reported Q2 numbers saying that it generated adjusted EPS of 182c. It adds that ‘these results were significantly better than the company’s guidance due to stronger pricing on closer-in demand and further strength in onboard revenue….’ • 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. Per The Nationwide, total holiday transactions edged up by 1% MoM (7% YoY) to 2.4 million in June, with spend flat MoM (up 4% YoY) at £380m…. BusinessLDN is urging HM Treasury to scrap the tourist tax, saying ‘The tourist tax is an economic own goal. Re-introducing the VAT reclaim scheme would boost UK’s flatlining economy… • 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. Hilton Worldwide reports Q2 business transient revenue per available room grew 11% year over year, up 6% over 2019…. OTHER LEISURE: Cineworld has announced that it expects to ‘will enter administration and the Group Chapter 11 Companies will emerge from their Chapter 11 cases on 31 July 2023.’ It says that it ‘confirms that the listing of its ordinary shares…will be suspended with effect from 8.00 a.m. (London time) this morning.’ The ‘Group continues to operate its global business and cinemas as usual without interruption.’ Comcast Corp, which owns Sky in the UK, has beaten estimates for its Q2 revenues saying that it was helped by higher theme park attendance and the successful theatrical releases of “The Super Mario Bros Movie” and “Fast X”. As widely reported, THG has purchased City AM, through a pre-pack administration. FINANCE & MARKETS: The ECB yesterday raised rates by 0.25% to 3.75% across the Eurozone. The rise is the 9th consecutive increase. In notes released at the time of its own rate rise, the US Fed says ‘looking ahead, we will continue to take a data-dependent approach in determining the extent of additional policy firming that may be appropriate…’ • 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 US economy grew at an annualise rate of 2.4% in Q2, ahead of estimates. It grew at the rate of 2% p.a. in the prior quarter. The OBR’s report to former chancellor Kwasi Kwarteng has been made public confirming that the body did warn that his proposed budget could have disastrous results. Sterling weaker at £1.2771 and €1.1645. Oil up slightly at $83.75. UK 10yr gilt yield up 3bps at 4.32%. World markets heading lower yesterday and London due to open around 26 points lower as at 6.30am. RETAIL WITH NICK BUBB: • See premium. Reply for sample or to upgrade. Single £395, multiple £695. 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