Langton Capital – 2023-08-09 – CCH (H1), AB InBev, TUI (Q3 numbers), Lyft (Q2), Flutter (H1) etc.:
CCH (H1), AB InBev, TUI (Q3 numbers), Lyft (Q2), Flutter (H1) etc.:A DAY IN THE LIFE: I was thinking the other day that there are some adjectives that aren’t – or more accurately perhaps shouldn’t – be associated with some nouns, like a persuasive moron, for example. Or a giggling dentist or even a happy murderer though there’s nothing to say that the adjective isn’t an appropriate one at times. The murderer might have been taking a day off, for example. He – or I suppose she – might have just been told an amusing joke, they may have won the lottery, in fact, but it just doesn’t seem right. It jars somewhat and maybe that’s why murderous clowns or killer dolls in horror films seem so creepy. Anyway, not really going anywhere with that so let’s move on. It being the summer, August is a bit fragmented. Langton is away next week, then back a week and then away for the last week of the month before resuming full and uninterrupted service from September through to Christmas. 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: The economy, inflation, wage growth etc.: The National Institute for Economic and Social Research has suggested that the UK could see five years of “lost economic growth” in the wake of disturbances caused by Brexit, Covid and the Ukraine war. It says that this “stuttering growth” could be accompanied by inflation tracking above the Bank of England’s 2% target until 2027. The NIESR says real wages will rise in London but they could fall elsewhere in the country… • 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. Discounting: Retailers are reported to be discounting in order to shift stock. The wet weather in July is likely to have prompted this. It will be interesting to see if the discounts fade away or whether they run to the end of the summer season. WFH: Shares of WeWork fell yesterday after the company raised “substantial doubt” about its future. Other news: Eurostat has reported that beer production across the EU is virtually back to pre-Covid levels. Volumes rose by 7% in 2022 vs 2021. Volumes in 2022 were 34.3 billion litres, compared with 34.7 billion litres in 2019. The Netherlands is the top exporter of beer with Germany the largest producer (followed by Poland). COMPANY NEWS: Coca Cola HBC has reported H1 numbers saying that organic revenue rose by 17.8% with organic volume growth across all the group’s ‘strategic priorities’. The company reports net revenue of €5,02bn against €4.21bn in the prior year. EBIT is €560.7m against €462.5m and EPS is €1.058, up 22.3% on the prior year… • 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. Oakman Inns is to open a new pub, The George, in Ludlow on 25 August. The unit is in a converted Pizza Express building on Castle Street. Molson Coors Beverage Company is to buy Blue Run Spirits, the producer of bourbon and rye whiskies, for an undisclosed sum. Molson Coors says we wish to ‘broaden beyond our beer roots and build powerful brands in growing categories.’ AB InBev is to sell eight beer and drinks brands to cannabis company Tilray Brands, Inc. The brands include Shock Top; Breckenridge Brewery; Blue Point Brewing Company and Square Mile Cider Company. HOTELS & LEISURE TRAVEL: TUI has reported financial Q3 numbers saying that holiday numbers were up 9% against Q3 last year and that ‘group revenue of €5.3bn, was 19% higher across our segments versus the prior year (Q3 2022: €4.4bn), supported by higher volumes and prices.’ TUI says ‘this reflects the strength of demand for our products with Group revenue 11% above pre-pandemic levels driven by improved prices (Q3 2019: €4.7bn).’ TUI reports ‘Q3 Group underlying EBIT at €169.4m, improved strongly by €196.5m and €122m excluding the impact of €75m flight disruption costs in the prior year (Q3 2022: €-27.0m loss) and is the first profitable Q3 since the pandemic….’ • 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. Lyft yesterday reported Q2 numbers and said that it would cut prices in order to compete with Uber. The company increased the number of active riders on its platform by 8.2% and says that, in Q3, it expects revenue in the range of $1.13 billion to $1.15 billion. For Q2, it reported that revenue rose 3% to $1.02 billion, in line with estimates, while adjusted EBITDA of $41 million was above expectations of $27.9 million. Barclaycard yesterday reported that holiday spend had picked up in July after a slower June (when the weather was hot in the UK)…. Despite the above, some prices have been tweaked down, albeit here in the domestic market. Awaze, which owns Hoseasons and a number of cottage rental companies, reports that a decision to cut prices had driven volumes… • 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. Travel Weekly reports that ‘travel agents predict this summer’s heatwave in the Mediterranean could lead to a shift in when families take their main fly-and-flop holiday.’ This is, prima facie, a timing issue. But there are a number of implications… • 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. London Gatwick airport is reported to have passed an early hurdle in its move to open a second runway in that its proposal has been accepted for “detailed examination” by the Planning Inspectorate. Travelodge is reported to have upgraded another 25 properties in the UK to offer “budget-luxe” to its customers… • 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 LEISURE: Flutter has reported H1 numbers saying that revenue rose by 42% to £4.8bn with a profit after tax of £128m vs a loss of £112m in the prior year. The group reports EPS of 73.8p (2022: loss 64.7p). Re the outlook, the group says ‘H2 has started in line with expectations. Assuming normalised sports results for H2, we anticipate full year Adjusted EBITDA to be broadly in line with market 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. The Board of Aquis-listed Newbury Racecourse PLC has announced that CEO Julian Thick will step down in the New Year. FINANCE & MARKETS: For NIESR survey see Pubs & Restaurants above. Official stats out of China suggest that there could be some bumps on the road to recovery as both exports and imports fell more rapidly than had been expected in July. Imports dropped 12.4% in July year on year and exports fell by 14.5%. Hamptons has reported that half of home-sellers in England and Wales are now being forced to cut their asking prices to complete on transactions… Sterling mixed at $1.2757 and €1.163. Oil higher at $86.00. UK 10 year gilt yield down 6bps at 4.39%. World markets down yesterday but London set to open around 38 points higher 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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