TRC, Caravan, YNGA, Campari, Flutter, Powerleague, staffing & other:

A DAY IN THE LIFE:

Moths, it has to be said have a taste, literally in the case of the annoying little bugs, for the good things in life take, for example, my cashmere / wool mix pullover.

I used to own all of it and now I have about two thirds, the remainder having powered insect flight and whatever else it is they get up to in the dead of night.

The lambswool stuff, it has to be said, has fared better.

But 95% of a pullover still leaves room for a lot of holes and it’s the poly stuff that has survived, cockroach-like, whatever hungry insect has been thrown at it.

And now, despite us fumigating left, right and centre, the things are on the move.

Such are the joys of spring. And nice to see the resurgent Hull City get two past Plymouth last night, we need more of that. Let’s move on to the news:

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PUBS & RESTAURANTS:

Labour issues, worker rights:

The government yesterday released the latest version of its Employment Rights Bill. There was no watering down of earlier proposals. This was welcomed by unions but it may have caused some consternation for employers who see costs potentially rising and flexibility being reduced…

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Disposable income levels:

Zoopla reports that UK rents for new tenancies rose by 3% in the year to January, down from 7.4% in the year to January 2024. Zoopla says this is ‘welcome news for renters after three years where rents have risen rapidly.’ Demand is reported to have fallen sharply going into February.

Other news:

Donald Trump’s proposed 25% tariffs on imports of EU products could cost the Italian wine industry around €1 billion this year says the Unione Italiana Vini.

Some large share price moves yesterday across leisure stocks, none upwards. EasyJet, Flutter, Jet2 and Whitbread lost 5% of their value. Marston’s & The Revel Collective lost 6%, Evoke was 7% down and Gregg’s and Carnival Cruise Lines fell by 9%.

COMPANY NEWS:

Further on The Revel Collective’s H1 numbers yesterday. TRC CEO Rob Pitcher said ‘the first half of FY25 experienced a number of challenges caused mainly by the impact of consumer confidence on the late night bars market, and the delay to the Restructuring Plan timeline.’ He says Christmas was strong but adds ‘with the impending Budget measures due in April, in particular the regressive reduction in the National Insurance threshold, we are cognisant of the significant and damaging impact this will have on the Group and wider industry and economy….’

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Virgin Wines UK plc has announced that following 22 years with the Group, Graeme Weir is retiring from his role as Chief Financial Officer and Company Secretary. The company reports that ‘Graeme will be succeeded as CFO and Company Secretary by Amanda Cherry, current Head of Group Finance, with effect from the same date.’

Caravan has completed a management buyout allowing private equity firm Active Partners to exit the business. The MBO team is led by CEP Laura Harper-Hinton and co-founders Chris Ammermann and Miles Kirby, who now fully own the business. The chain has nine all-day dining restaurants, three brew bars and a coffee roastery in London….

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Young & Co yesterday announced that, further to the completion of its recommended cash acquisition of City Pubs, it has ‘duly confirmed in writing to The Panel on Takeovers and Mergers…that Young’s has complied with its post-offer intention statements.’

Pizza GoGo has full year numbers to end-May 2024 to Companies’ House saying that revenue slipped by 1.8% to £40.6m with PBT down by 4.4% at £2.9m despite the company booking a profit on the sale of fixed assets of £650k (2023: negative £22k).

Gail’s has announced on Linked In that it is to open at Gatwick’s South Terminal ’with a thoughtfully-designed 100-cover space where travellers can enjoy the same freshly-baked goods, quality coffee, and warm service that we’re known for on the high street.’

The MCA reports that Keystone Brewing has appointed Steve Cox as CEO. Current Keystone CEO Mark Williams is to return to his role as shareholder and board member at parent company Breal.

SBUX in the US has announced that CFO Rachel Ruggeri is leaving Starbucks. CEO Brian Niccol reports ‘over her nearly 20 years at Starbucks, Rachel has held many important roles, always leading with integrity.’ He says that he is ‘thrilled to welcome Cathy Smith as our new CFO.’ She has held CFO roles at Nordstrom, Target, and Walmart International.

Italian spirits company Campari has reported full year 2024 numbers saying that sales grew by 2.4%. The company says this was ‘solid’ in a ‘year marked by macroeconomic and geopolitical volatility leading to impact on consumption patterns and trade.’ The company reports adjusted EBIT of €605 million, down 2.5% organically and down 2.2% on a reported basis with a margin of 19.7%. …

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Asda saw sales drop by 5% in the four weeks to Feb 23, the only one of the UK’s major supermarkets to experience a fall.

HOLIDAYS & LEISURE TRAVEL:

TTG reports that Ibiza has signed a deal with Airbnb to crack down on illegal properties. Some 300 Airbnb properties on the island have been removed from the platform.

Bloomberg reports that PAI Partners has taken an 80% stake in European budget hotel chain Motel One Group.

OTHER LEISURE:

Flutter has reported full year numbers to end-2024 saying that revenue rose by 14% to $3.8bn with net income of $156m against a loss last year of $902m. The company reports adjusted EBITDA of $655m (2023: $632m) and EPS is 294c against 176c in the prior year. There is no mention of a dividend…

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XP Factory, which runs that Escape Hunt and Boom Battle Bar chains of outlets, is hosting a Capital Markets Day Event for institutional and private investors, analysts, and financial journalists, this afternoon….

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Powerleague is reported to be rapidly expanding its estate of Padel courts, a game The Telegraph labels ‘yuppie tennis’. The paper reports that the company will spend £14m on building 17 new padel clubs across the UK in the next two years…

Apple is set to take the UK government to court in an attempt to overturn a ruling that it must allow the authorities to view its customers’ private data if required.

CANAL+, which is listed on the UK stock exchange, yesterday reported full year numbers to 31st December 2024 saying that the group generated ‘solid financials in 2024 with total revenues at EUR6.45bn (+3.6% vs 2023) and EBITA at EUR503M. CEO Maxime Saada says ‘2024 was a pivotal year for CANAL+.’ The CEO adds that the company is ‘now firmly on track to reach its ambition to become a global media and entertainment leader with 50 to 100 million subscribers.’

Re Tesla, the China Passenger Car Association has reported that Tesla car shipments from China fell to 30,688 in February, down 49% on numbers from a year ago. Tesla shares were down by 7% in early trade. The shares have lost 30% of their value over the year as a whole.

FINANCE & MARKETS:

Sterling mixed at $1.2793 and €1.2037. Oil lower at $70.79. UK 10 year gilt yield down 1 basis point at 4.56%. Markets set for a sharp rebound after a bad day yesterday with London to open around 64 points higher as at 6.30am.

RETAIL WITH NICK BUBB:

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