Just Eat, AB InBev, Heathrow, Chopstix, labour, income levels & other:

A DAY IN THE LIFE:

We inflicted her monthly tick & worm medicine on the dog over the weekend and that set me to thinking; not that I wish them well in their endeavours, but just how miserable a life must a tick lead?

I know there’s more than one type of tick.

Some lay eggs in cosy bird’s nests and wait for nature to take its course but others, like the deer tick, which doesn’t much differentiate between deer and dogs, lays eggs that end up as larvae on tall, let’s say deer-height, plants.

And there they wait.

And wait and wait and wait until a deer – or a dog or a hiker – brushes past after which they leap into action and bolt themselves onto something warm blooded and tuck in.

Which is all quite grim but, if the tick in question has fed on mice and the like, and then dropped off and crawled up a sodden, freezing twig, and then waited for months and then attached itself to a dog full of tick poisoning medicine, how bad must that feel?

Anyway, as mentioned, having prised ticks off more than one dog’s nose, no sympathy. Hull City returned to form last night but let’s move past that and on to the news:

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PUBS & RESTAURANTS:

Consumer disposable income levels.

OFGEM yesterday announced, as expected, that average energy bills would rise by 5% from 1 April. The body reports that the annual bill for a household will go up by around 6.3% to £1,849 per year…

Other news:

Only A Pavement Away has updated on its impact over the last six years saying that it has ‘placed an impressive 661 people into employment since its founding – adding an approximate value of £25.1M to the economy through reduced government support, financial independence, and increased household expenditure.’

Opening hours. A small sample, to be sure, but it would appear that opening hours (and days) are indeed being reduced. Cutting days, particularly Mondays and sometimes Tuesdays instead or as well, seems to be common across some independent (tenanted, leased & free) operators. Not providing food on a number of days also seems to be increasingly evident.

Retailer sentiment. The CBI reports that ‘poor sentiment among retailers lingers as sales continue to fall…’

Spanish wine exports in 2024 grew by 1.4% in value terms to €2.98bn but volumes fell by around 5%.

UK Hospitality CEO Kate Nicholls has commented on the Government’s new Sector-Based Work Academy Programmes (SWAPs), which will be expanded next year saying ‘UK Hospitality’s Sector-Based Work Academy pilot proved to be a brilliant way to provide high quality, entry-level training for both new starters and those looking to get back into work….’

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COMPANY NEWS:

Just Eat has reported full year numbers saying that Gross Transaction Value rose by 2% in constant currency for the Group excluding North America. It says that GTV for the Group including North America was €26.3 billion in 2024, down 2%. Total revenue was €5,085 million in 2024, a decline of 1% from €5,148 million in 2023. The company reports that ‘this decrease was primarily due to lower order volumes, driven by weaker market conditions in North America and Southern Europe and Australia. The decline was partially offset by a higher Average Transaction Value…

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AB InBev has reported Q4 and full year numbers saying that it has ‘delivered all-time high revenue and 15% Underlying EPS growth in FY24.’ The company reports that ‘revenue increased by 3.4% in 4Q24’ It adds that ‘reported revenue increased by 2.5% in 4Q24 and by 0.7% in FY24 to 14 841 million USD and 59 768 million USD respectively, impacted by unfavourable currency translation….’

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In the US, CAVA’s has continued its industry outperformance in Q4 saying that it generated a 28.3% increase in revenues to $225.1 million, including same-store sales growth of 21.2%, which included traffic growth of 15.6%….

Chopstix Group, which ‘operates a network of restaurants across the UK, offering a diverse menu of Asian-inspired dishes’, has reported full year numbers to 28 April 2024 to Companies’ House saying revenues rose by 25% to £64.5m. Adjusted EBITDA for the 53 weeks ended 28th August 2024 was £8.5m (2023: £6.2m). Chopstix reports that its GP% rose from 74.7% in 2023 to 76.5% in the year under review. Admin expenses rose more sharply than revenues, up by 37% to £48.1m….

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The Cornish Bakery has reported that it ‘outperformed much of the market in the second half of 2024 with a 9.7% like-for-like sales growth across existing bakeries, a 26% growth in total sales, six new bakery openings and a strong customer Net Promotor Score…

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Krispy Kreme in the US has reported Q4 and full year numbers saying that full year net revenue hit $1.7 billion with organic revenue growth of 5.0%. The company reports Q4 net revenue of $404.0 million (up 1.6%)….

HOLIDAYS & LEISURE TRAVEL:

Heathrow has reported 2024 numbers saying that ‘2024 was a record year for Heathrow, with colleagues welcoming a record 83.9 million passengers.’ It says ‘we also saw a 10% increase in cargo’ and says that ‘larger, fuller aircraft will help drive growth in 2025 although constrained capacity will likely see a smaller uptick in annual performance….’

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Lodging Econometrics has reported that some 15,820 hotel development projects currently underway or in the pipeline globally. The UK was the busiest market in Europe with 286 projects. London is the top city in Europe with nearly 80 projects.

OTHER LEISURE:

Visual effects company Technicolor has fallen into administration in the UK. Administrators to the company say ‘the economic headwinds which are affecting companies right across the creative industries have proved too challenging to overcome.’

MP Paul Waugh has told the House of Commons’ Science, Innovation and Technology Committee that Meta is turning Facebook into “Epstein’s own paedophile island”. Facebook says online child abuse imagery needed a “whole of society response.”

Shares in Tesla fell by 9% after numbers from Europe showed that sales of the electric cars in the EU and UK had fallen by 45% in January. Tesla is facing stiff competition from Chinese manufacturers in addition to  which owner Elon Musk is seen in some quarters as a divisive figure. Some 9,945 Tesla EVs were registered in Europe last month, down from 18,161 a year ago.

FINANCE & MARKETS:

Sterling mixed at $1.2638 and €1.2050. Oil lower at $73.20. UK 10 year gilt yield down 6 basis points at 4.52%. World markets mixed yesterday but London set to open strongly, up 68 points or so as at 6.30am.

RETAIL WITH NICK BUBB:

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