Young & Co, Jet2, Everplay, Gym Group, labour market & other:

A DAY IN THE LIFE:

Illustrating clearly that, periodically I have too much time on my hands, I’ve been considering whether it was better to bring a brim-full cup of coffee to my desk, and risk spilling some on my trousers, the carpet, my desk, keyboard and working papers, or whether I should bring it over two thirds full and make a second trip with the percolator jug to top it up.

And the third option, of course, is to settle for a 75% full cup but this I’ve quickly discounted as I don’t cope too well with restraint in the presence of abundance and, I have to say, I default to the first course of action, this despite countless real-world catastrophes that suggest this is not necessarily a good idea.

Meaning, presumably, that hope has once again triumphed over experience and I’m suffering from a certain degree of over-optimism. In addition to which greed, impatience and a lack of physical coordination at vital moments whilst carrying cups of hot liquid make an appearance.

And, despite accepting the above on a cerebral level, nothing is likely to change in the short or medium term. On to the news:

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PUBS & RESTAURANTS:

Other news:

New research by the Scotch Whisky Association has found that some three quarters of Scotch whisky producers will investment in the UK due to rising taxation costs. The SWA says that rising alcohol duty is a major concern with around two thirds of the price of a bottle of Scotch now comprising taxation….

Uses of AI. UKH uses Wildwood Restaurants as an example to illustrate how materially AI can help operators’ businesses. It says ‘n partnership with 125 Data & Insights, Wildwood implemented a new AI Summary feature, which ‘allows guests to instantly turn their survey feedback into an AI-written Google review with just one click.’ After 7 months, Wildwood reports an increase of 27% in the number of Google reviews and a rise in rating from 4.24 to 4.5 Average rating increase.

YOUNG & CO – Q1 UPDATE:

Young & Co has this morning updated on trading in a statement that will be read to its AGM later today and our comments thereon are set out below:

Headline numbers. Young & Co reports ‘we are pleased to report that the strong trading momentum announced in our full year results on 5th June 2025 has continued.’ It says that ‘revenue for the first 14 weeks of the financial year beginning 1st April 2025 is up 6.6% in total and 7.0% on a like-for-like basis against last year.’ The company reports that ‘this performance has benefitted from long periods of warm and sunny weather during spring and early summer, supporting growth particularly in our beautiful gardens and riverside pubs.’ It adds that the ‘results are even more pleasing when measured against the prior year comparator, which benefitted from the significant positive impact of EURO24 Championship on performance in June and early July.’

Outlook:

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COMPANY NEWS:

Just Eat Takeaway.com has reported that at its EGM called to consider the bid approach for the company, all proposals on the agenda in connection with the recommended public Offer by Prosus were approved…

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Diageo is reported to have completed the sale of the majority of the shares that it held in Seychelles Breweries to IBL Group subsidiary Phoenix Beverages…

Deep Blue Restaurants, which owns the Harry Ramsden’s chain as well as a number of other fish and chip shop brands, has reported group turnover down by 9.8% to £22.9m from £25.4m in the prior year. The company cut its operating losses to £885k from £2.6m in FY23.

Pret a Manger is to refresh its menu including the offer of premium products that break what has been said to be the ‘psychological barrier’ of £10 for a takeaway lunch. A “premium” lunchtime salad, for example, costs “from £12.95”….

The Wendy’s Company has announced that Kirk Tanner, President and Chief Executive Officer, ‘is leaving to become the President and CEO at The Hershey Company.’ It adds that ‘the Board has appointed Ken Cook, Chief Financial Officer of the Company, as Interim CEO.’ It adds that ‘Cook, who remains CFO, played a major role in developing Wendy’s long-term growth strategy.’

TD4 Brands Ltd, which majority-owns the Boost Juice Bars (UK) chain of outlets and The Shake Lab milk-bar concept as well as Td4 Cookies, has reported results for the period to 25 September to Companies’ House saying that revenue rose by 7.9% to £15.0m (2023: £13.9m). The company adds that PBT slipped to £715k from £976k as distribution and other costs rose and an exceptional charge – a dilapidations provision – of £718k was charged to the accounts…

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JET2 FULL YEAR NUMBERS:

Jet2 has this morning reported full year results and our comments thereon are set out below:

Headline numbers: Jet2 reports revenue up by 14.6% to £7.2bn with reported profit before tax up by 12.0% at £593.2m. The company reports EPS up by 14.6% at 213.1p and the dividend is up by 13% at 12.1p. The company reports it has made further progress in its growth strategy and total flown passengers grew 12% to 19.77m (2024: 17.72m). The company says ‘higher margin per passenger package holiday customers rose 8% to 6.58m (2024: 6.08m) with flight-only passengers up 18% to 6.62m (2024: 5.61m).’ JET reports that ‘group profit before FX revaluation and taxation increased by 11% to £577.7m (2024: £520.1m).’

Strategic issues:

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HOLIDAYS & LEISURE TRAVEL:

ABTA is advising travellers to stick with the 100ml rule for liquids in flight luggage this summer in order to prevent confusion and possible delays.

Whitbread PLC, which owns the Premier Inn chain of budget hotels, has announced that it ‘has started construction enabling works on its flagship hub by Premier Inn hotel development at 5 Strand, a prime site just off Trafalgar Square in Central London.’ It says that the ‘693-bedroom hotel, which will be one of the largest budget hotels in London when it opens, is on a highly prominent and complex site metres from Charing Cross station and Nelson’s Column….’

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BHL Global, the group name adopted by Britannia Hotels in 2019, has reported results to end-December 2024 to Companies’ House….

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OTHER LEISURE:

Sky News reports that David Lloyd Leisure owner TDR Capital is close to finalising a £2bn ‘sale’ of its investment. It says that the company ‘is to be sold to a new vehicle controlled by the owner of Asda in a deal valuing it at £2bn…’

Warner Music and Bain Capital are reported to have signed a deal to create a $1.2bn joint venture aimed at purchasing music rights. The first major target is said to be the Red Hot Chili Peppers’ catalogue, which may be worth over $300m.

The Gym Group updates on H1 trading saying that ‘good trading momentum has continued through the first half of 2025, with like-for-like revenue growing 3% year on year.’ It says that ‘revenue for the six months ended 30 June 2025 increased by 8% to £121.0m (H1 24: £112.1m). Average members grew 4% to 953,000 (H1 24: 914,000), and average revenue per member per month (‘ARPMM’) was up 4% to £21.16 (H1 24: £20.44). We closed the period with 949,000 members compared with 891,000 at 31 December 2024 and 905,000 at 30 June 2024….’

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Everplay, formerly Team17, has updated on trading saying that it has ‘traded strongly across H1 2025, with new game releases performing positively.’ It adds that ‘as a result of the Group’s performance in H1 2025, the continued robust performance from the back catalogue and positive momentum going into H2, the Board now expects full year results to be slightly ahead of current market expectations….’

FINANCE & MARKETS:

The CBI has called for ‘bold action’ to bolster UK markets and prevent a further shift of companies away from the London market post Brexit.

President Donald Trump has now delayed imposing tariffs on most companies but he has written to 14 counterparties including Japan and South Korea with details of the tariffs that they can expect to face.

The OBR has said that the UK taxpayer cannot afford to keep funding the triple lock on state pensions.

Sterling lower at $1.3584 and €1.1602. Oil higher at $69.94. UK 10 year gilt yield up 5 basis points at 4.63%. World markets mixed yesterday & London set to open around 12 points higher as at 6.30am.

RETAIL WITH NICK BUBB:

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