Fever Tree, AG Barr, JDW, Just Eat, incomes, economy, late night & other:

A DAY IN THE LIFE:

As it’s occurred to me that milk chocolate, the second word of which presumably derives from the French, actually means milk, choc, milk, I thought it noteworthy that Townsville City, Queensland, must be a domain so good, they named it three times.

Admittedly, whoever named it just settled for place, place, place but, well, boring though the name may be, to be called it three times is quite impressive.

Anyway, enough of that. Let’s move on to the news:

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PUBS & RESTAURANTS:

Disposable income:

Property agent Savills has reported that households have had to find some £19.8 billion extra in mortgage and rental payments in the space of just one year. This is likely to impact spending…

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Economy, service sector:

S&P has released flash PMI numbers for March showing a slight uptick in activity compared to the prior month. S&P says ‘business activity expansion across the private sector gained momentum in March, driven by the fastest upturn in the service economy since August 2024.’ Manufacturers fared less well…

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Late night market:

The NTIA has warned the chancellor that the UK’s hospitality, night-time economy, and cultural sectors are at a critical juncture. It says ‘a coalition of over 20 leading trade bodies, representing 100,000 businesses, has formally urged the Chancellor to take immediate action in the upcoming Spring Budget to prevent widespread closures and economic downturn….’

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Energy costs. UKH has said that ‘a formal investigation is the only way to address “entrenched competition problems” in the non-domestic energy market.’ it reports that it has sent a letter to Sarah Cardell, the Chief Executive of the Competition and Markets Authority, UKH has said that the criteria for a Market Investigation Reference had been “undoubtedly met”, including reasonable grounds for suspecting competition is not effective and the scale of the problem….’

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Other news:

Price of a pint: The BBPA has suggested that the average price of a pint in the UK has risen by around 21p from £4.80 to £5.01.

Bird flu has reportedly been detected in a sheep in Yorkshire reports Reuters. This could disrupt the food chain somewhat. There have been cases in humans but there have been no signs of human-to-human transmission.

COMPANY NEWS:

Fevertree Drinks has reported full year numbers to end-December 2024 saying that revenues rose by 1% to £368.5m. Revenue fell by 3% in the UK and by 2% in Europe but it grew by 9% in the Us and by 19% in the rest of the world. The company reports adjusted EBITDA up by 66% at £50.7m. PBT, after £5m of exceptional items, is £35.5m against £22.2m in the prior year. Diluted EPS is up by 58% at 20.85p and the dividend is up by 2% at 16.97p…

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AG Barr has reported full year numbers to 25 Jan 2025 saying that revenues rose  by 5.1% to £420.4m with adjusted PBT up by 15.8% at £58.5m and adjusted EPS up by 17.4% at 39.77p. The company reports a full year dividend of 16.86p, up 12.0% on last year…

JDW reports this morning that it yesterday spent £3.9m in buying back some 705,000 of its own shares for cancellation at an average price of 555p.

Just Eat Takeaway yesterday updated on the bid for the company saying ‘the Transaction has a compelling rationale, offering Just Eat Takeaway.com shareholders an attractive cash premium, while providing Prosus a unique opportunity to create an AI-first European tech champion.’ The company adds ‘with Prosus’ investment, technology and extensive expertise, Just Eat Takeaway.com will be well-positioned to strengthen its brands and operations, enhance its AI capabilities, and drive future growth well beyond its standalone potential….’

Red Engine, which runs the bars Flight Club and Electric Shuffle, yesterday reported its 2024 numbers saying that it ‘ended 2024 on a high, with sales totalling £77.1m, a 15% increase on 2023’s £66.8m.’ It says that system sales reached £118.3m….

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Property agent Drake & Co reports that, acting for Punch Pubs & Co, it has ‘successfully completed the off-market freehold acquisition of The Swan in the Rushes’ in Loughborough.

Morrisons is reported set to shut 52 cafes and 17 convenience stores .Several hundred jobs could be lost. Sainsbury announced the closure of its remaining cafes earlier this year.

HOLIDAYS & LEISURE TRAVEL:

A number of airlines are threatening to take legal action against Heathrow following last Friday’s energy-outage if a settlement over the costs is not reached. The chief executive of Heathrow Airline Operators’ Committee Nigel Wicking told Sky News he hoped the matter could be “amicably settled at some point in time” but said, “if we don’t get good enough recourse and repayment in terms of the costs, then yes, there might be a case for legal action”.

An Abta Travel Finance Conference in London has been told that some customers are turning away from credit cards because of the costs involved. The conference heard that this could put some consumer protections at risk…

The Telegraph reports that Gatwick airport is preparing to reject government demands for it to guarantee that the majority of passengers using its proposed new runway will arrive by train.

OTHER LEISURE:

Professional hard-man Ant Middleton has been banned as a director after his Sway and Starting Limited company failed to pay more than £1 million in tax. His wife, Emilie Middleton, has also been disqualified as a company director for four years…

Sales at Chinese electric car champion BYD exceeded $100billion for the first time, making the company larger, in revenue terms, than rival Tesla. Sales last year rose by 29% to $107billion.

DNA testing company 23andMe has filed for Chapter 11 bankruptcy protection. It has been suggested that users delete their data. CEO Anne Wojcicki is resigning immediately.

FINANCE & MARKETS:

S&P’s flash PMI numbers suggest that economic growth across the Eurozone reached a 7-month high in March. The PMI rose to 50.4 in March from 50.2 in April.

Sterling higher at $1.2922 and €1.1967. Oil up at $72.98. UK 10 year gilt yield unchanged at 4.72%. World markets mixed yesterday and London set to open down around 27 points as at 6.30am.

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