Langton Capital – 2024-03-27 – Playtech, Artisanal Spirits, Papa John’s, CCL, inflation, late night & other:
Playtech, Artisanal Spirits, Papa John’s, CCL, inflation, late night & other:A DAY IN THE LIFE: In her apparently never-ending quest to trip me up, particularly when I’m carrying food, our dog plays to her natural advantage, namely, that she’s got twice as many legs as I have and she can remain vertical in virtually all circumstances. Indeed, you can give her a hefty push from any direction and she’ll hardly budge, let alone collapse whereas many bipeds will fall in a heap under similar circumstances, particularly if you can catch them when they’re standing on one foot. And that, when there’s food around, is not lost on the dog. Her technique involves patience, remaining constantly on the alert for the smell of sausages, then a bit more patience followed by a quick dash and a beefy shove disguised as an accident and then the noise, the clatter of plates, the fruity language and the energetic scolding is a price well worth paying for whatever edible morsel gravity deposits on the floor. And it’s served her well so far. There’s a little bit less of it as we approach the Easter Weekend but 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 PUBS & RESTAURANTS: Inflation: Kantar reports grocery inflation in the UK has dropped to its lowest level in two years, with supermarket prices rising by 4.5% in the year to mid-March. This decline, marking a significant slowdown from the peak of 17% in March 2023, offers hope for easing financial pressures on households… • 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. Late night market: The Night-Time Industries Association (NTIA) has reported a significant decline of 15.5% in the number of night-time economy (NTE) businesses in the UK between March 2020 and December 2023, with nightclubs facing particularly unprecedented challenges…. • 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: The National Pubwatch Conference in Sheffield discussed how pubs are increasingly targeted by organised crime groups, but intelligence sharing through local pub-watches can help combat this issue…. The Society of Independent Brewers and Associates (SIBA) launched a manifesto in Parliament, highlighting policies aimed at boosting the UK’s small and independent breweries over the next five years. These policies focus on market fairness, fair taxation, alcohol taxation reform, and environmental improvements, aiming to remove barriers to growth and ensure competitiveness while supporting the move to Net Zero. The ONS has reported that the average cost of a pint of lager in pubs rose by 5.6% in the year to February 2024. COMPANY NEWS: Yesterday’s share price movers: Gambling & drinks did well, late night bars, not so much. Companies reporting (either on a scheduled or unscheduled basis), with the associated one day share price moves, were: • 888 Holdings – down 1% • AG Barr – up 9% • Fever Tree – up 11% • Flutter – up 6% • Revolution Bars – down 52% Artisanal Spirits has today reported full year numbers to end-December saying that the ‘Group has delivered another year of revenue growth and diversification’. It says that ‘FY23 results marginally exceed the update given in early December 2023, with 8% revenue growth at £23.5 million and adjusted EBITDA of £0.1 million.’ The company reports a loss before tax of £3.6m against a loss last year of £2.1m. The loss per share is 5.5p against a loss last year of 2.9p per share… • 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. Papa John’s announces the closure of nearly a tenth of its UK restaurants, citing underperformance and financial viability issues…. The MCA reports transatlantic venture capital firm Beringea has invested £5.5 million in Farmer J. The QSR concept based on fresh, seasonal cuisine plans to launch five additional sites in 2024 under the guidance of founder Jonathan Recanati. City AM reports that ‘Starbucks UK has outlined plans to open 100 new stores’. It adds that operating profit almost doubled. The MA reports Greene King Pub Partners has opened its inaugural Nest Pub, the Palmer Tavern, located on Wokingham Road in Reading, Berkshire, after investing £360,000 in its renovation. The Palmer Tavern has been redesigned according to the Nest Pubs concept, featuring updated décor, fixtures, and a refurbished bar area, along with amenities like pool tables and outdoor seating. In the US, McDonald’s Corp. and Krispy Kreme Inc. have announced plans to sell donuts nationwide starting in the second half of this year, with availability expected in all locations by the end of 2026. Following a successful test in Kentucky last year, the partnership will expand to 160 restaurants initially. HOLIDAYS, HOTELS & LEISURE TRAVEL: Carnival Corporation is due to release Q1 numbers at lunchtime. Outlook for Easter. Julia Lo Bue-Said, CEO of Advantage Travel Partnership, expressed concern over the significant disruption expected on the west coast main line between London and Scotland due to Easter engineering works. Network Rail has advised travellers to avoid travel during the closure of Euston station from March 29 to April 1. Stansted airport has revealed that Good Friday could be its busiest day ever with some 350,000 passengers set to travel over the whole four-day bank holiday weekend. Some 86,000 will pass through the airport on Friday alone. Gatwick says that Easter Sunday will be its busiest day of the weekend… • 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. Meanwhile, holidaymakers are being warned not to be caught out by travel rules meaning that EU countries will not accept passports issued more than 10 years ago even if, under British rules, they have several months to run. OTHER LEISURE: Playtech has reported full year numbers to end-December saying that revenue rose by 7% to £1.7bn with adjusted EBITDA up 9% at £432m and adjusted profit before tax of some £250.5m (2022: £215.4m). The company reports diluted adjusted EPS of 50.2p, down 3%. There is no dividend. The group reports net debt up 3% at £282.8m…. • 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. Starting next year, children under 14 will be prohibited from joining social media platforms in Florida under a new law signed by Governor Ron DeSantis. Social media companies are required to delete accounts of underage users, while those aged 14 and 15 will need parental consent to sign up. Shares in Truth Social, which is operated by Trump Media, rose sharply on the company’s IPO yesterday to give the firm a market capitalisation of some U$9bn. FINANCE & MARKETS: Tough trading. The CBI reports that ‘private sector activity fell again in the three months to March (weighted balance of -12%, compared with -6% in the three months to February).’ It says that ‘activity has now been flat or falling for 20 consecutive rolling-quarters…’ • 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. Potential for rate cuts in the UK before the US. The odds on a rate cut as early as May are said to be running at around 20%… Sterling weaker at $1.2612 and €1.1645. Oil lower at $85.42. UK 10yr gilt yield down 1bp at 3.98%. World markets mixed yesterday and London set to open little changed 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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