Langton Capital – 2025-04-17 – ROO, GDK, Heineken, Stonegate, income levels, jobs market & other:
ROO, GDK, Heineken, Stonegate, income levels, jobs market & other:A DAY IN THE LIFE: I don’t know how many Linked In messages I’ve received that begin ‘I just wanted to share some great news with you…’ It must be dozens. Probably dozens every month, and they then go on to outline something or other about compliance, recruitment issues, payroll management, email marketing schemes, IT or heaven knows what else, none of which I have the slightest interest in. I don’t read them. Shortage of time rather than strictly a lack of interest although there isn’t much of that in evidence but I suppose that they’re ‘better’ than messages beginning ‘fantastic opportunity’ or ‘rush now, put common sense to one side and contact us immediately’ and such-like. Anyway, there really is some great news to be shared today as tomorrow’s a Bank Holiday and, wait for it, so is Monday and, with the sun threatening to show its face Up North, that can’t be all bad. On to the news: LANGTON EMAIL: The Free Email is now written in short form. Extended versions of many stories (after the ellipses) are in the Premium Email. Reply to this email if you would like to upgrade. Prices for the Premium are £395 for one subscription, £695 for multiple, £995 for very large subscribers, all plus VAT. Or sign up for easy in, easy out monthly option per subscriber HERE https://www.paypal.com/cgi-bin/webscr?cmd=_s-xclick&hosted_button_id=87YUG2Z5W7PSN sent separately PUBS & RESTAURANTS: Disposable incomes: The ONS reports that the average UK monthly private rent rose to £1,332 in the 12 months to March. It adds that, in London, tenants are paying on average £2,243. Rents in the private sector rose by 7.7% over the 12-month period…. • See premium. Reply for sample or to upgrade. Single £395, multiple £695. Limited time offer: PayPal alternative monthly £25 + VAT per sub. Easy in, easy out. Jobs market: Recruiter Hays has cut in its UK and Ireland operation over the last few months. Actions speak louder than words and, taking that as read, the jobs market as a whole is likely to be softening… • See premium. Reply for sample or to upgrade. Single £395, multiple £695. Limited time offer: PayPal alternative monthly £25 + VAT per sub. Easy in, easy out. Food security: The UK government has temporarily banned holidaymakers bringing cheese and meat products from the EU back from their holidays in an attempt to stop the spread of foot-and-mouth disease from the continent to the UK…. Chicken supplies could be threatened by avian flu and its impact on imported products…. Forward indicators: British advertisers are reported to have cut their budgets for the first time in four years in the light, presumably, of diminished prospects for the sale of their products… • See premium. Reply for sample or to upgrade. Single £395, multiple £695. Limited time offer: PayPal alternative monthly £25 + VAT per sub. Easy in, easy out. Other News: Global wine consumption has fallen to its lowest level since 1961 reports The International Organisation of Vine and Wine. Sales in 2024 were down some 3.3% on the prior year at 214.2 hectolitres… Drinks Business reports that online sales of alcohol could stall this year after five years of strong growth… DELIVEROO – Q1 NUMBERS: Deliveroo has this morning reported Q1 numbers to end-March and our comments are set out below:
Headline numbers: Deliveroo has reported GTV a ‘strong performance with growth in GTV and orders.’ It says that GTV is ‘up 9% year-on-year (YoY)’2 in constant currency (up 9% in Q4 2024).’ The group adds that it has seen ‘continued improvement in order growth, up 7% (up 6% in Q4 2024), with GTV per order up 2%.’ ROO adds that this has accelerated, both across the UKI and International. In UKI, GTV growth was 9% YoY in constant currency (9% in Q4 2024). Order growth accelerated to 7% (5% in Q4 2024) with both GTV and orders growing ahead of the market. The company adds that ‘in International, GTV growth was 9% YoY in constant currency (10% in Q4 2024). Orders were up 7% (6% in Q4 2024), with ongoing strength in UAE and Italy offset partially by continued softness in France. Group revenue grew by 8% in the quarter in constant currency terms. Revenue as a % of GTV ‘was flat sequentially, Full year outlook: • See premium. Reply for sample or to upgrade. Single £395, multiple £695. Limited time offer: PayPal alternative monthly £25 + VAT per sub. Easy in, easy out. COMPANY NEWS: Heineken yesterday reported Q1 numbers saying that revenue fell by 4.9% to €7,784 million. IT reports that organic beer volumes were down by 2.1% but says its outlook for the full year is unchanged with operating profit expected to grow organically in the range of 4% to 8%… • See premium. Reply for sample or to upgrade. Single £395, multiple £695. Limited time offer: PayPal alternative monthly £25 + VAT per sub. Easy in, easy out. Stonegate has reported 2024 numbers saying that they were ‘highly respectable’ with revenues up 1.6% to £1.747bn (2023: £1.719bn). In the managed side, LFL sales fell 0.3% with LFL growth of 1.9% on the ‘operator-led’ side of the business… Italian restaurant chain Big Mamma Group has reported revenues of £44.3m in the UK, up from £40.9m in 2023. PBT fell to £2m from £3.6m in the prior year. Sky News reports that private equity investor True is ‘in talks to buy a big stake in the German Doner Kebab chain as it seeks to promote itself as a day-round destination for hungry diners….’ Tim Hortons UK & Ireland has reports revenue of £105.4m in calendar 2023, up 19.8% from £87.9m in 2022…. Greene King has reported that it has expanded the pilot of its Farmhouse Kitchen concept with a second opening in Ossett on Tuesday, 15 April. It says ‘this follows the success of the first pilot restaurant in Worsley, which launched in July 2024.’ GNK says that its ‘customer insight shows that in addition to the traditional carvery experience, guests are looking for freshly prepared meals and greater choice on menus. Farmhouse Kitchen aims to tap into this demand by offering an elevated carvery experience in a contemporary environment, whilst also providing a new and improved menu and unlimited tea, coffee and soft drinks refills from £2.99.’ The MCA reports that Wahaca is exploring the return of breakfast menus for the first time in more than a decade. CEO Mark Selby says ‘we do think we will try breakfast again. Mexican breakfasts like avocado, egg and bacon tacos, or chilaquiles with tortilla, eggs and salsa, are so good. There’s definitely an interesting opportunity there.’ Chinese tea company Chagee is reportedly still set on listing its shares on the New York Stock Exchange in a move that should raise the company around $400m…. HOLIDAYS & LEISURE TRAVEL: US inbound tourism. Adam Sacks, president at Tourism Economics in the US has told a webinar that earlier hopes that inbound tourism in the US would recover to pre-pandemic levels this year, has now been pushed out to 2029…. • See premium. Reply for sample or to upgrade. Single £395, multiple £695. Limited time offer: PayPal alternative monthly £25 + VAT per sub. Easy in, easy out. OTHER LEISURE: Tesla numbers continue to disappoint as sales in California slipped by 15.1 per cent in Q1 this year. The carmaker moved its base to Austin, Texas, in 2021. FINANCE & MARKETS: Tariff issues: The UK government has suspended import tariffs on 89 products until July 2027 saying that the move will save UK businesses – or consumers if they pass the tariffs on – at least £17m per annum. The WTO says that global trade will decline this year by around 0.2% as a result of US tariffs and any reciprocal action that could take place. It had previously been looking for growth of around 2.7%. Re yesterday’s drop in UK CPI, the CBI says the number was ‘broadly in line with Bank of England expectations’ but it adds that ‘the introduction of higher US tariffs adds some uncertainty to the outlook.’ It says the inflation tick ‘suggests that the Bank of England’s Monetary Policy Committee will likely cut rates next month.’ Eurozone inflation fell to 2.2% in the year to March, down from 2.3% in the year to February. Individual country rates ranged from 0.9% in France to 5.1% in Romania. The US Federal Reserve has cautioned that US economic growth will be reduced and prices raised for consumers as a result of new tariffs on imports… Sterling lower at $1.3209 and €1.1628. Oil up at $66.56. UK 10 year gilt yield down 2 basis points at 4.61%. World markets better yesterday but the US markets moved down and the UK is set to open down 23 points as at 6.30am. RETAIL WITH NICK BUBB: • See premium. Reply for sample or to upgrade. Single £395, multiple £695. 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