Hostmore, DPP, BOWL, Everyman, Team 17, Chapel Down, hotels & other:

A DAY IN THE LIFE:

I thought I was having a senior moment over the weekend when, on a couple of occasions, after reading outside on my Kindle, I was unable to find what page I was on.

Had I read this page as it didn’t seem familiar?

Or wasn’t that a page I’d read an hour ago, maybe more than once but then I realised that blackfly were landing on the eBook reader and changing stuff around.

They could move the pages backwards and forwards, they could highlight sections at random, bookmark pages and they were changing the font size, the spacing between lines and everything else presumably because they wanted to re-read bits or were long-sighted and couldn’t read the small print.

Or maybe they were just more voracious, annoying vermin and it was all completely at random. On to the news~:

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MEASURES OF PERFORMANCE – LIKE FOR LIKE SALES

Herewith an article sent to clients in March. Comment on EBITDA later in the week.

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PUBS & RESTAURANTS:

Food supply:

The Guardian reports ‘industry leaders’ as warning that ‘ministers’ decision to impose Brexit import checks on 30 April will lead to shortages of some foods, flowers and herbs.’ The BBC cautions that delicatessens will be particularly impacted. That may lack resonance in some quarters of the market…

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Prices:

The MA reports the average price of a pint of lager across 18 brands was £4.98, 28p higher than the ONS’ figure of £4.70 in February 2024. Peroni emerged as the most expensive brand at £5.84 per pint, while Carlsberg was the cheapest at £4.25. London had the highest average lager price at £5.59, with Asahi topping the list at £6.80 per pint, while the north-east was the cheapest region at £4.56, with Fosters at £3.84 being the least expensive option.

Other news:

A study by YouGov reveals American consumers prioritise price when choosing wine, with 45% typically spending between $11 and $20 per bottle. Cabernet Sauvignon emerged as the nations’ favourite grape variety, but most consumers base their selection largely on cost, with only 6% willing to pay over $50 a bottle.

COMPANY NEWS:

Hostmore has announced that it has agreed heads of terms regarding a proposed all-share acquisition of TGI Fridays, Inc. The terms are not announced but Hostmore reports that this ‘transformational combination would bring together TGI Fridays’ largest franchisee with the global franchisor.’ TGI Fridays primarily operates through franchising and licensing agreements in the US and in 43 international markets. It also operates a network of company-owned stores in the US.

Hostmore reports ‘the parties have agreed that the Proposed Transaction would result in existing Hostmore shareholders holding a 36% shareholding in the enlarged business upon completion with TGI Fridays shareholders holding a 64% shareholding in the Combined Group. It adds that ‘the Proposed Transaction is being negotiated on an exclusive basis and is subject to, among other things, completion of confirmatory due diligence and the parties entering into binding transaction documentation….’

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Chapel Down has reported results for the year to end-December saying that net sales rose by 15% to £17.9m. The company reports that it ‘remains strongly profitable at all levels, driven by profitable trading and the IFRS fair value adjustment on grapes from an exceptional harvest’. The company reports that gross profit increased 16% to £8.9m and ‘EBITDA grew strongly, up 87% to £5.4m (2022: 2.9m)’. Chapel Down reports PBT up to £2.3m from £1.2m last year…

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DP Poland has updated on its share issue saying that its retail offer will result in the issuance of £1m worth of shares. This takes its total raise to some £20.5m. The retail offer attracted some £1.4m of interest. The company adds that ‘the Subscription, Placing and Retail Offer remain subject to, inter alia, the passing of certain Resolutions at a General Meeting of the Company on 18 April 2024.’

Spirits and luxury goods company LVMH reports Q1 numbers this afternoon after the close of the Paris market.

The MCA reports Toridoll-owned Franco Manca saw turnover rise to £64.5m in 2023 from £53.3m in 2022….

Fuller’s has announced that The Victoria has won the West London CAMRA Pub of the Year with fellow Fuller’s pubs The Star Tavern and The Antelope in second and third places respectively.

The former owners of the Crooked House pub, demolished after a suspected arson attack, have proposed rebuilding it on a different site owned by the company ATE Farms Ltd, citing sustainability concerns with the original location.

Pret A Manger has refunded subscribers experiencing technical issues with its app following changes to its subscription system, which now requires app usage to claim free drinks, rather than accessing QR codes.

HOLIDAYS, HOTELS & LEISURE TRAVEL:

Accountant UHY Hacker Young has reported that some 151 hotels went bust last year, up from 127 in 2022/23, in the face of higher costs and flagging demand. International visitor numbers are reported to have fallen by some 8%….

A Legal & General study has found that over half of UK families plan to take a holiday this year, with an average budget of £2,005 (2023: £1,944)…

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Flights to and from the Middle East have resumed following Iran’s attack on Israel, with carriers adjusting schedules to comply with new restrictions.

Tui expresses interest in potentially reopening Doncaster Sheffield airport, with the travel giant keeping in ‘regular contact’ with the local authority since autumn 2022 when the airport closed.

A report commissioned by the Association of Serviced Apartment Providers (ASAP) reveals the significant presence of over 56,700 serviced apartments in the UK, with business travellers comprising 45% of guests….

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OTHER LEISURE:

Hollywood Bowl has updated on half year trading to end-March saying it generated ‘record first half Group revenue of £119.2m, up 8.1% compared to £110.2m in H1 FY2023. The company says UK revenue was £103.3m, up 4.4% vs H1 FY2023 and Canada revenue grew 46.9%. BOWL reports that UK revenues were up 1.3% on a like-for-like basis and Canadian sales were up 8.0% LfL….

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Everyman Media has reported full year numbers to 28 December saying that revenue rose to £90.9m from £78.8m in the prior year. The group reports an operating loss of £52k (2022: profit £402k) and a loss before tax of £5.5m (2022 loss £3.5m). The company now has an accumulated loss since incorporation of some £33.1m….

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Games company Team 17 has reported full year numbers to end-December saying that revenues rose by 12% to £159.1m with adjusted PBT down by 39% at £28.7m. The group’s headline loss before tax is £1.1m against a profit of £28.7m last year. Basic EPS is minus 2.6p against earnings per share of 16.5p last year….

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Donald Trump’s social media company is reported to be considering issuing millions more shares to take advantage of the high share price. The shares fell by 14% yesterday on the news. The briefly flirted with $70 in the period post flotation and are now around “26.60. The company says ‘there are no new issuances of shares being disclosed for the first time in the preliminary S-1 filed today. All categories of issuances were previously disclosed in public filings prior to the shareholder vote for our merger.’

Audioboom reported full year revenue falling to £52m in 2023 from £60m the year prior despite increased demand from advertisers, with monthly advertisers growing 47% to 7,727 brands….

Winnersh Film Studios has entered administration due to cashflow problems stemming from the 2023 writers’ and actors’ strikes in the US. The studio was known for hosting Hollywood productions like Ghostbusters: A Frozen Empire and The Boys In The Boat.

Tesla is to cut 10% of its global workforce as Elon Musk seeks to cut cost. Some 15,000 personnel could be impacted. The company has been hit by soft demand, lower resale values and sharper competition.

FINANCE & MARKETS:

The ONS has updated on the UK labour market for the three months from December 2023 to February 2024 saying that ‘annual growth in regular earnings (excluding bonuses) was 6.0%, and annual growth in employees’ average total earnings (including bonuses) was 5.6%.’ For the three months to January, the numbers had been 6.1% and 5.6% respectively…

The People’s Bank of China has held rates on its one-year, medium-term lending facility at 2.5%.

China’s economy grew by 5.3% in Q1, ahead of forecasts of around 4.6%. The economy grew by 1.6% in the quarter.

The FT reports that former UK prime minister Liz Truss ‘considered sacking Andrew Bailey, Bank of England governor, as part of her attempt to dismantle an “economic establishment” that she says helped to bring her down….’

Sterling mixed at $1.2426 and €1.1709. Oil higher at $90.62. UK 10yr gilt yield up 11bps at 4.24%. World markets lower yesterday and London set to open down over 70 points as at 6.30am.

RETAIL WITH NICK BUBB:

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