Langton Capital – 2024-03-28 – Carnival, DPP, 888, Redcat, trading, geography, jobs market & other:
Carnival, DPP, 888, Redcat, trading, geography, jobs market & other:A DAY IN THE LIFE: I was thinking about suffixes the other day and, it would appear to me, ‘e’ has taken over as the suffix du jour as in e-bikes or e-cigarettes which, to be honest, are just things with batteries stuck in them. Still, there’s no holding back progress. Or jargon, for that matter and, as ‘virtual’ seems to be on the wane, that might not be a bad thing because I for one always considered that ‘virtual’ meant either ‘not a’ or ‘almost a’ as in virtual meetings, a virtual relationship or, heaven help us, a virtual pub. And, having been informed by Wiki that virtual is in this context an adjective rather than a suffix, it might to time to drop all that. Anyway, it feels like a quiet one today. 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 DOMINO’S PIZZA POLAND: DP Poland has announced that it is to raise a maximum of £20.5m via a placing and a retail offer of new shares, including an £11m placing with UK master-franchise holder Domino’s Pizza Group, and our comments are set out below. Headline comments: DP Poland Plc, the operator of pizza stores and restaurants across Poland and Croatia, has announced its intention to raise gross proceeds of up to a maximum £20.5m (at 9.92p per share) ‘to accelerate its growth strategy’. Net proceeds will be around £19.7m. Funds are to be utilised as to: £7.0-8.0m to fund 45-50 store openings or relocations in Poland and Croatia within the next 24-30 months. £2.5m to refurbish & upgrade 25-30 stores/restaurants in Poland within the next 24-30 months. £1.0m max to be spent on ‘cost optimization projects and digital transformation’. A max of £5.3m to fund ‘potential acquisition opportunities. £4m will be used to repay some of the €7.5m of Loan Notes outstanding to Malaccan Holdings. The company will issue a maximum of 85,685,483 new shares (£8.5m) via a placing ‘with new and existing shareholders’. And it will make a retail offer ‘to existing shareholders at the Placing Price via the BookBuild Platform…to raise further gross proceeds of up to £1.0m’. The result of the Accelerated Book Build will be announced this morning and a general meeting to approve the above is scheduled for 18 April 2024. • 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. PUBS & RESTAURANTS: Potential Easter trading: The Oxford Partnership anticipates a boost in sales for the On Trade during the upcoming Easter weekend, despite the unsettled weather forecasted by the Met Office…. • 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. Geography: In March, the Lloyds Business Barometer suggests that London’s business confidence jumped by 14 points to 52%, reflecting growing optimism amid the UK’s economic recovery. The improved outlook, driven by reduced supply chain concerns and falling inflation, aligns with expectations of Bank of England interest rate cuts to bolster growth…. • 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. Employment prospects: A report by the Institute for Public Policy Research (IPPR) suggests that nearly 8 million jobs in the UK could be lost to artificial intelligence, particularly affecting women, younger workers, and those on lower wages. Entry-level, part-time, and administrative roles are identified as the most vulnerable to automation in the next three to five years…. • 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. Coffee market: The World Coffee Portal’s Project Café Europe 2024 report has revealed that the ‘total European branded coffee shop market grew 3.3% to reach 45,008 stores over the last 12 months, with 33 out of 40 major markets achieving net outlet growth amid a challenging economic backdrop…’ • 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 FT reports that Scotland has lost up to £100mn a year in salmon exports to the EU because of Brexit red tape and increased costs… COMPANY NEWS: RedCat Pub Company may cut around a fifth of its estate after conducting a strategic review, reports Propel. It says RedCat is to put one of its businesses into administration with Interpath Advisory as joint administrator. A number of other sites will be marketed for sale…. • 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. Butcombe Pubs & Inns reports that ‘spring has well and truly sprung’ and says it has ‘seen record breaking figures thanks, in part to a bumper Mother’s Day weekend and the Cheltenham Festival’. Jayson Perfect, COO of Liberation Group, which owns Butcombe Pubs & Inns, says ‘we’re delighted with such a strong start to the Spring/Summer season’. Papa John’s has officially confirmed the closure of 43 underperforming sites following a review initiated earlier this year…. Per the MCA, XP Factory remains resilient to consumer challenges in 2024, with expectations to meet market projections for the 15 months up to March, according to CEO Richard Harpham…. Dishoom is expanding its spin-off brand, the Permit Room, with a new site in Cambridge, following its debut in Brighton’s The Lanes last year…. Shake Shack is set to open its 17th UK restaurant early summer 2024, with the site being located in St Pancras International. Following the appointment of Rob Lynch as CEO and board member, the business continues to grow under its master franchise agreement with Diverse Dining, owned by Kuwait-based franchise operator Alshaya Group. HOLIDAYS, HOTELS & LEISURE TRAVEL: Cruise giant Carnival Corporation yesterday reported ‘record first quarter revenues and all-time record booking levels’. The company said that revenues amounted to some $5.4bn in Q1 ‘with record net yields (in constant currency) and record net per diems.’ It says that EBITDA amounted to $871m, some $70m ahead of December guidance. The adjusted net loss for the (seasonally quiet) quarter was $180m… • 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. New data from comparison site TravelSupermarket reveals a trend towards shoulder season travel, with the top five most booked departure dates in 2023 falling within the autumn period…. Travel Weekly reports Steve Heapy, CEO of Jet2.com and Jet2holidays, expressed optimism for the market in the upcoming months following a decrease in inflation…. Premier Inn, owned by Whitbread, is set to convert a subterranean car park beneath The Brunswick Centre in central London into a 207-room hotel. Jonathan Langdon, senior acquisition manager at Whitbread, highlighted the brand’s expertise in transforming unused spaces into thriving budget hotels, signalling the potential for further innovative conversions in the future. OTHER LEISURE: 888 Holdings has announced the conclusion of its strategic review of US B2C operations. It reports that, ‘as a result of the review the Group has agreed the sale of selected assets to Hard Rock Digital.’ It says ‘it is expected that the disposal will be completed in a number of phases, with final completion expected in Q4 2024….’ • 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. Lottery operator Allwyn International has reported that a drop in the number of EuroMillions jackpots of over €100 million have led to less demand for tickets. The group’s full year numbers for FY23 show that total UK revenue fell by 4 per cent year-on-year on a constant currency basis to €3.93 billion, with net revenue down 2 per cent to €813.4 million. In a speech at the Royal Television Society, BBC director general Tim Davie criticised successive Conservative governments for ‘shortsighted’ budget cuts, which have amounted to a 30% reduction in real terms over 14 years. Mr Davie claimed that these cuts have undermined the broadcaster’s ability to future-proof amid digital transformation, especially as a strong balance sheet is crucial for navigating this transition. FINANCE & MARKETS: Zoopla reports that the reduction in house asking prices in order to secure a deal has dropped to around 3.9% or c£10,000. Discounts were around 5% at the end of last year. Sterling stronger at $1.2635 and €1.167. Oil up at $86.42. UK 10 year gilt yield down 5bps at 3.93%. World markets broadly better yesterday and London set to open up around 35 points 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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