Jan Tracker, services, incomes, Time Out, Shaftesbury, PPHE & other:

A DAY IN THE LIFE:

So, we’re away for a few days and the dog is a) dreaming about killing things, b) staring at sheep and c) going back to a) which, all told, suggests we’d be well-advised to keep her on the lead for a while.

And that will give her a chance to perfect her baleful ‘you ruined my life’ stare mixed with her ‘I’m not that sort of dog any more’ look as she tries to guilt me into running into a field with her to tear some unfortunate animal apart.

But that’s only going to happen in her dreams and, judging by the fact that her legs often go nine to the dozen while she’s asleep, it does quite frequently.

On to the news:

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PUBS & RESTAURANTS:

Sales Tracker – January:

The latest CGA RSM Hospitality Business Tracker has reported that the UK’s hospitality sector saw LFL sales drop by 1.3% in January when compared to the same month in 2024. This follows growth of 3.2% in December which, it should be said, is a far bigger month for the trade. The Tracker reports that ‘sales in early January were restricted by a squeeze on consumers’ spending after Christmas and widespread participation in Dry January….

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Services sector:

The CBI reports that the service sector is still struggling ‘with falling activity & rising cost pressures’. The employers’ body’s Services Sector Survey suggests that ‘sentiment across the services sector deteriorated again in the quarter to February.’ It adds that ‘business volumes also fell faster for the fourth consecutive rolling quarter.’ The CBI reports that ‘in particular, consumer services saw a heavy fall in volumes, alongside a more tempered, but still significant, decline in business & professional services…..’

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Disposable income levels:

Former governor of the Bank of England Lord Mervyn King has told Sky News that income taxes will have to rise in order to plug Britain’s financial blackhole and allow for reforms. Lord King says we should all recognise “the very difficult position” that Chancellor Rachel Reeves has “inherited”. This, he says, will need to be addressed. He says ‘the obvious tax to raise is the basic rate of income tax, we will all contribute to it….’

Amazon has said that it will start charging a monthly fee for an improved version of Alexa. It says the Alexa+ service will cost as much as $19.99 per month….

State aid:

The Adam Smith Institute and chair of the NTIA Sacha Lord have issued a warning to the Treasury that the pubs sector will need help urgently. They says ‘the country risks losing one of its most vibrant and economically vital sectors’ as many operators will not be able to cope with upcoming tax and cost increases…..

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Transport problems:

The RMT has called off planned strikes by train drivers on London’s Elizabeth line in the face of a new pay offer…

In the retail industry, there are suggestions that up to 160,000 part-time shop workers could lose their jobs as a result of upcoming Budget NIC changes.

In the USA, the Conference Board’s Consumer Confidence Index dropped 7 points in February to 98.3, the largest monthly decline in consumer confidence since August 2021….

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COMPANY NEWS:

Time Out Group plc has announced that it has entered into a lease agreement with Zero Irving to open a new Time Out Market at New York City’s Union Square with an expected opening date in autumn 2025. The company says the new agreement increases the pipeline of sites under development to seven Markets set to open between 2025 and 2027, with more in negotiations.

West End property owner Shaftesbury has reported full year numbers to end-December saying that ‘our West End estates continue to be busy and vibrant with high footfall and customer sales growth….’

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Krispy Kreme. Referring to its UK operation, the company’s directors told a conference call for the group’s Q4 numbers that it ‘remains laser focused implementing plans to return this key market to profitable growth….’ 

Fuller, Smith & Turner has announced that it has exchanged contracts to purchase the freehold of Twickenham riverside pub The White Swan. It says the purchase is due to complete on 19 March 2025….

HOLIDAYS & LEISURE TRAVEL:

Highlights

PPHE Hotel Group has reported full year numbers to end-December saying that total revenue rose by 6.8% to £442.8m with EBITDA up by 6.5% to £136.5m and PBT up 6.2% to £30.6m. The company reports adjusted EPS of 125p, up 5.9% on the prior year and the group will pay a dividend of 38p, up 5.6%…

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The Climate Change Committee has suggested in its latest “carbon budget” that the government should tax frequent flyers in order to deter air travel. That may be understandable but, as always, the devil will be in the detail…

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Quoted very small company The Hydro Hotel Eastbourne yesterday reported full year numbers saying that turnover rose by 9% to £4.9m with profit after tax of £350k against profit of £236k in the prior year…

The Flight Centre Travel Group has reported a AU$117 million underlying profit before tax for its half year to end-December.

OTHER LEISURE:

Drayton Manor, which operates the theme park of the same name, a zoo and a hotel and hospitality suites and which is a subsidiary, ultimately, of European theme park company Looping Group, has reported results to end-September 2024 to Companies House.

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Meta has defended what may be considered racist language on its platform in the interest of free speech saying that ‘’some areas of debate were being suppressed too much on our platform, and that some conversations, whilst challenging, should have a space to be discussed.’

Aston Martin is to lay off 170 workers after losses rose in its last financial year.

FINANCE & MARKETS:

A Reuters poll has suggested that market experts believe the value of UK homes will rise by 3.5% to 4.0% in the current year.

US President Donald Trump has said he will introduce tariffs at 25% targeted at the EU soon. He says the EU was formed in order to “screw the United States”.

Sterling up at $1.2655 and €1.2096. Oil price lower at $72.77. UK 10 year gilt yield down by 1 basis point at 4.51%. World markets mostly better yesterday but London set to open down around 9 points as at 6.30am.

RETAIL WITH NICK BUBB:

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