Langton Capital – 2023-09-13 – Surge pricing, August Tracker, OTB, FDEV, LGRS, Fever Tree & other:
Surge pricing, August Tracker, OTB, FDEV, LGRS, Fever Tree & other:A DAY IN THE LIFE: It’s that time of year again. The time when I become useful because I can get rid of spiders without running around shrieking as if my hair was on fire. You know, handle the spiders about the size of a dinner plate with legs that have come in for the winter and I know no fear. I can battle them, mano a mano, sometimes for as long as a minute and in many cases emerge victorious. Indeed, I’m pretty much undefeated though, it has to be said, I do include those occasions when I miss the spider, force it to hide behind the settee, in a pile of washing or in a crack and therefore ‘make it all worse’ and ‘ruin everything’ as a no-score draw rather than a loss. I might even be booed and hissed off the field at that point and then the dog has to take over and snuffle around until she has either eaten the little beast or at least ingested a dust bunny of similar size which, presumably, smelled a bit like a spider or something else vaguely edible. Anyway, we’ve got a month or so of this to come. 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: Surge pricing: Stonegate is rolling out its new ‘dynamic’ surcharge pricing scheme that will see flexible prices at some 800 sites across the country. The new system, which has been dubbed by some a happy hour in reverse, will see drinkers charged more at the busiest times with signs in venues set to inform customers when surge pricing is in place…. • 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. August Tracker: CGA’s Business Tracker has reported that ‘Britain’s managed restaurant, pub and bar groups overcame some dismal summer weather to record like-for-like sales growth of 5.3% in August 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. Food price inflation: Kantar reports that grocery price inflation fell for the sixth month in a row, to 12.2% in the four weeks to 3 September…. • 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 consumer: Mortgage arrears. Bank of England data reports that the value of UK mortgages in arrears climbed to its highest level since 2016, rising 13% QoQ to £16.9bn and representing an annual increase of 28.8%…. Demographics: Although there appears to be some political manoeuvring going on, as it stands, the triple-lock on the state pension means that it is now likely to increase by 8.5% next April, well above the forecast level of inflation for that month…. Other news: The Daily Telegraph reports that ministers are on the verge of banning single-use vapes after concluding that the products are overwhelmingly aimed at children who then become addicted. The Department of Health and Social Care is set to reveal the measures next week. Design My Night has conducted a survey into consumer attitudes towards hospitality spend and says ‘it’s all about the money, money, money’. The survey found that almost 84% of respondents ‘said that the cost of living crisis has been affecting your spending habits when going out.’ It says that ‘a third also considered visiting restaurants and bars as essential spending….’ COMPANY NEWS: Fever Tree, where The Times says the sparkle has been lost, yesterday had to correct its H1 numbers saying that its loss per share was 0.94p rather than the reported loss of 1.20p. It says all other details remain unchanged. Loungers has announced that it has opened its 200th Lounge – Verdetto Lounge in Buckingham. The company ‘recently stated its firm belief that there is scope for at least 600 Lounges across the UK, and also announced that it intends to open 34 new sites across its three brands in the current financial year alone. Today’s 200th Lounge opening brings the total estate size up to 238, including 35 Cosy Clubs and 3 Brightsides….’ • 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. Rosa’s Thai is to open sites in Glasgow and Edinburgh. Rosa’s says ‘Scotland has been a long-term target for us and we are so happy to launch with two prime sites in the two key cities.’ BrewDog has announced a further opening in Hong Kong’s Lan Kwai Fong district. Restaurant Group shares yesterday gave back a fraction of their recent gains finishing down around 0.3%. The shares have nonetheless risen from recent lows (in June) of around 37p (up 32%) and they stand just shy of one-year highs. Molson Coors has strengthened its investment in ZOA Energy, an energy drink company co-founded by Hollywood actor Dwayne Johnson. Molson Coors chief commercial officer Michelle St. Jacques said ‘This investment is another meaningful step for Molson Coors and our transformation into a total-beverage company.’ Poundland owner Pepco Group is expected to convert 71 Wilko stores into Poundlands after taking on leases. In a statement, the company said that Wilko staff would have priority when applying for new jobs at the Poundland shops. HOTELS & LEISURE TRAVEL: On the Beach has updated on trading in its full year to end-September saying that it generated a record total transaction value of £1.1bn, up 26% on last year ‘driven by growth in volumes and average booking values.’ It says that its ‘group EBITDA [is] in line with market expectations and Group adjusted PBT [is] at the top end of the range of market expectations, benefitting from higher than anticipated interest income…’ • 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 has reported that it ‘is opening the highly anticipated vacation’s next lineup of 7-night adventures from Miami three months ahead of schedule’ because of high demand. Venice’s plans for a €5 fee for daily visitors is expected to be approved and trialled over peak periods next year. The fee will be applicable to all tourists aged 14 and above and is designed to combat over-tourism. Clia president Kelly Craighead claims that 2023 will be a record-breaking year for the cruise sector globally, saying ‘cruise has recovered faster than international tourism.’ Craighead also revealed 15% more UK and Ireland passengers took a cruise during the first half of this year, compared with 2019. Tourism Portugal president Carlos Abade has called British travel trade ‘essential’ with 2.3 million annual visitors expected this year, 9% higher than 2019 levels. Abade said ‘The UK is finding new parts of our land and new motivations to fly and visit Portugal.’ Members of the Unite union working for ground handling firm GH London at Luton airport have called off strike action due for tomorrow after GH London proposed further talks. Unite regional officer Jeff Hodge said ‘Unite welcomes the opportunity to sit down with GH London and the opportunity to hammer out a solution to this dispute.’ OTHER LEISURE: Games developer Frontier Developments has this morning reported full year numbers for the period to end-May saying that revenues (as previously announced) slipped to £104.6m from £114.0m. Adjusted EBITDA reflects a loss of £4.6m (2022: profit £6.7m) with a loss per share of 53.6p against Eps of 24.6p last 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. 888 Holdings has announced the appointment of Sean Wilkins as its CFO. It reports ‘Sean has seventeen years of experience in CFO roles at both private and public companies, having most recently held the position of Group CFO of Superbet.’ It says ‘prior to this, Sean held CFO roles at several consumer-facing businesses including Big Bus Tours, Domino’s Pizza Group PLC, Tesco Malaysia, Tesco Telecom, and O2 Asia.’ Apple reports that its new iPhone will use a USB-C cable as the “universally accepted standard”. FINANCE & MARKETS: The ONS has reported on UK GDP this morning saying that ‘for July 2023, monthly real gross domestic product (GDP) is estimated to have fallen by 0.5%, with falls in all three main sectors, following growth of 0.5% in June 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. The ONS yesterday reported yesterday that wage growth had accelerated even as unemployment numbers had started to edge up. Higher interest rates were meant – and are meant – to cause the latter but, if the former happens as well, then interest rates may have to go higher – and stay higher for longer – that initially envisaged. The CBI responded to the above saying ‘it’s good to see that wages are outpacing the rate of inflation, giving some positive news to households struggling with the cost-of-living crisis….’ The chancellor has said that cutting taxes ahead of the next election would be inflationary and he will not do it… Sterling weaker at $1.2493 and €1.1616. Oil up at $92.32. UK 10yr gilt yield down 6bps at 4.43%. World markets mostly heading lower yesterday and into this morning and London set to open some 29pts down 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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