JDW, CCL, trading, salaries, disposable incomes, Going Concern & other:

A DAY IN THE LIFE:

Talking to experts in domestic kitchen layouts reveals that there is a ‘golden triangle’ comprising the fridge, the sink and the cooker.

That’s where all the magic happens, apparently and, though the above will be couched in jargon, it arguably didn’t take a genius to work that out.

Because the dog, who’s IQ is comfortably into negative numbers, seems to be genetically aware of that above as the middle of said triangle is where she’ll nightly plonk herself.

And her positioning means she’s ideally located for thrills, spills and culinary disasters some of which, it has to be said, she manages to cause herself.

Which can lead to a severe telling off but, it would seem, generations of dog-learning has convinced her that a scolding is a small price to pay for the occasional dropped sausage and she seems content with the trade-off as a result.

On to the news:

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PUBS & RESTAURANTS:

Trading – sport:

CGA has reported on sales during the Six Nations rugby tournament saying that ‘sales on the final day of the tournament, Saturday 15 March, were in line with the third and fourth rounds. There was a 16% jump in venues showing games—again, significantly higher than the 5% lift for venues not screening them….’

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Hospitality salaries:

KAM in conjunction with HJUK and Access Group has conducted an enquiry into hospitality salaries saying that there has been a rise in the number of hospitality workers earn £30,000 or less per year. IT says ‘in 2023, 30% of employees fell into this category, rising to 37% in 2024 and 46% in 2025….’

Disposable incomes:

The Rowntree Foundation has reported its estimate that living standards for all UK families are set to fall by 2030. It says that those on the lowest incomes will see living standards fall twice as fast as middle and high earners…

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Other news:

The FT asks if alcohol is set for a ‘Big Tobacco Moment’. It says ‘a drop-off in drinking is prompting fears among investors that alcohol is facing its own “tobacco moment”, as health authorities call for cigarette-style warning labels and moderation becomes mainstream….’

Commodity prices. OJ futures have dropped sharply in price from $5.26 per pound for concentrated product in January to below $2.50 in recent weeks….

Noisy neighbours: The Telegraph carries comments from jazz club Ronnie Scott’s that nightlife in the capital could be under threat from a ‘vocal minority’ of residents who complain about noise. The Telegraph quotes the company as saying ‘every other high street in the land would be deeply envious of what Soho has. And yet we, by the virtue of Westminster City Council becoming restrictive in the granting of planning and licences, are trying to kill off our high street.’

Diversity: JDW chairman Sir Tim Martin has told The Telegraph that diversity policies have become weaponised. He says that staffing in his pubs reflects that in the communities they serve and calls for common sense with regard to the issue…

Price of a pint. The MA says that rising prices for beer are to be expected given the current cost environment. CAMRA tells the MA ‘ever growing costs have been a constant worry for both publicans struggling to keep their venues open and their customers who are finding it harder to afford a pint.’

Caffe Nero founder Gerry Ford tells The Daily Mail that the British have developed a more sophisticated taste in coffee. He says that, twenty-eight years ago, when he launched the chain, ‘British people drank instant coffee. Many had no idea about espresso, they didn’t have machines in their home. We were one of the first movers and it was hard going….’

Champion pint. SIBA has reported the result of the UK’s biggest independent beer competition saying that ‘for the first time ever all the Overall Champions were from Scotland.’

GOING CONCERN ISSUES:

Introduction: Whether or not a company adopts the Going Concern principle when preparing accounts can have a profound impact on valuation. What is valuable to an ongoing company may be a pile of unsaleable junk if the business goes bust. Witness companies with positive balance sheets (but cash flow issues) that end up in the hands of administrators, who proceed to sell off assets for peanuts.

Scene setting: Full year results are audited and H1 numbers tend not to be. Full year assets – and the adoption or otherwise of the Going Concern Principle – are therefore commented upon by auditors at the FY but by directors at the H1. Just an example but The Revel Collective earlier this month reported unaudited H1 numbers and it produced its accounts under the Going Concern principle….

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JD WETHERSPOON – ANALYSTS’ CONFERENCE CALL:

Following the release of its H1 numbers, JD Wetherspoon hosted a conference call for analysts and out comments thereon are set out below:

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COMPANY NEWS:

JDW has announced that, on Friday, it bought back some 568k of its own shares at a total cost of £3.1m, for cancellation.

Moody’s reports that PepsiCo’s recent purchase of Poppi, for $1.95 billion, ‘will drive revenue growth and enhance PepsiCo’s presence in the fast-growing health and wellness segment.’ It adds that ‘Poppi also aligns with PepsiCo’s broader strategy to diversify its beverage offerings and capitalize on emerging consumer trends….’

Shepherd Neame will today be attending Mello Monday today where Jonathan Neame, CEO and Mark Rider, CFO, will be presenting to webinar participants at 5:30pm and taking questions.

Cake Box has this morning reported that ‘further to its announcement on 12 March 2025,  the acquisition of Ambala Foods Limited has now completed.’

The MCA reports that Sandwich Sandwich has unveiled ambitious expansion plans, with founder Nick Kleiner confirming the brand will open 20 London stores within the next four years, including a mix of flagship locations and grab-and-go units.

HOLIDAYS & LEISURE TRAVEL:

Heathrow was reported back to normal operations by Saturday. Disruption caused by dislocated planes and crews and passengers could take some time to work through the system. Reputational concerns may be longer-lived….

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The FT reports that hotels near Heathrow airport have been accused of “price gouging” after hiking prices as much as fourfold in the face of a rise in demand from stranded passengers whose flights were cancelled on Friday….

Carnival Corporation on Friday reported record first-quarter (3mths to Feb) revenues of $5.8 billion, up by over $400 million vs the same period last year. The company reported record Q1 operating income of $543 million…

OTHER LEISURE:

Moody’s comments on Alphabet’s purchase of Wiz Inc. in an all cash transaction valued at $32 billion saying that ‘we believe the transaction will complement and enhance Google Cloud’s existing security tools, providing a more integrated end-to-end security platform for customers of all types and sizes.’ It says ‘consequently, the purchase will have very limited effects on the company’s robust credit metrics and exceptional liquidity.’

The Guardian reports that the prevalence of gambling money in European football has been laid bare by new research that shows -two-thirds of teams across 31 top ¬divisions have at least one sponsorship deal with a betting firm.

FINANCE & MARKETS:

The CBI has reported that ‘manufacturing output volumes fell in the three months to March, at a slightly steeper pace than in the three months to February.’ The body’s latest monthly Industrial Trends Survey says ‘manufacturers expect output volumes to be broadly unchanged in the quarter to June.’

Chancellor Rachel Reeves will present her Spring Statement to the House of Commons on Wednesday.  The Telegraph reports that the OBR is set to cut the UK’s expected growth rate for 2025 from 2 per cent to around 1 per cent.

Sterling lower at $1.2917 and €1.1936. Oil lower at $72.02. UK 10 year gilt yield up 6 basis points at 4.72%. World markets lower on Friday but US better & Far East up in Monday trade. London set to open around 13 points higher as at 6.30am.

RETAIL WITH NICK BUBB:

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