Punch Pubs, Adnams, Campari, Simmons, Novikov, hotels market & other:

A DAY IN THE LIFE:

I’ve decided that there’s a downside to successfully mending the lawnmower and that’s that everyone thinks you’ll shortly be cutting the grass.

The upside is that you’ve saved £200 plus on a trip to the menders – and a probable further £100 to some bloke down the pub with a functioning mower into the bargain – but, as we’re promised thunder, lightening and heavy showers on Sunday, that means I’m expected to spend a chunk of my Saturday being alternately shaken and stirred as the mower navigates the various rabbit holes, potholes and sinkholes that comprise much of our garden.

I suppose I should splash out on some noise-suppressing headphones and catch up on some podcasts but I know I won’t because moaning about things can be it’s own reward.

Anyway, have a great weekend and let’s move on to the news:

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PUBS & RESTAURANTS:

Dine & dash. The BBC has reported that customers leaving restaurants before they have paid is causing problems for staff. Some customers are literally running away whilst others may introduce a foreign object into their food at the end of the meal and then refuse to pay.

COMPANY NEWS:

Punch Pubs Group, which is owned by Cayman Isles company CF Cooper Holdings LP (which is itself controlled by Fortress Investment Group), has reported 40 week numbers to 18 May 2025. It says that for the 40 weeks to 18 May 2025 total revenue was £251.7 million compared to £241.5 million in the prior year period. It says that ‘both segments (Leased and Tenanted and Pub Partnership) delivered like-for-like Underlying EBITDA growth for the 40 week period when compared to the prior year….’

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Adnams plc has announced that it has appointed Andy Driscoll as its new Chief Financial Officer. A Deloitte qualified financial professional with significant financial leadership experience across FMCG and logistics sectors, Andy will formally join the business on 1st September 2025….

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Campari yesterday reported H1 numbers to end-June saying that US tariffs could impact earnings by up to €45m. It says that Q2 sales were flat at €1.53bn with EBIT of €352m, ahead of estimates of €326m. The group reports that organic net sales rose 3.5% in Q2. It says that it is not considering any “meaningful” increase in prices in the US at the moment given low confidence across consumers….

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Park Chinois, which was founded by Alan Yau in 2015, has appointed Philip Armstong of FRP Advisory as administrator of the business.

Nightlight Leisure, which operates the Simmons chain of bars, has appointed Benjamin Wiles of Kroll Advisory as administrator of the company as it completes a ‘strategic restructuring process’….

Stealthwave, which trades as the Novikov restaurant in Berkeley Street in Mayfair, has reported results to 31 October 2024 to Companies House saying that revenue slipped by 2.0% to £28.8m in the year under review. The company adds that the gross profit percentage slipped to 34.7% from 37.4% in the prior year and, although admin expenses were reduced, PBT fell from £4.9m in FY23 to £4.3m in the year to October 2024…

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Better Fish, which operates the Wetherby Whaler chain of seven fish & chip shops in Yorkshire, has reported full year numbers to 31 October 2024 to Companies’ House saying that revenue rose by 6.1% to £12.9m. The company reports that its GP% expanded healthily from 70.5% to 73.5% and the absolute level of gross profit was up by 10.6% at £9.5m. Admin expenses rose by a shade under 7% allowing PBT to rise by 12.4% to £2.3m…

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Shake Shack has reported Q2 numbers saying that revenue rose by 12.6% to $356.5 million. Revenue comprises $343.2 million of Shack sales and $13.3 million of Licensing revenue. System-wide sales were $549.9 million, up 13.7% versus 2024. The company reports that LFL Shack sales rose by 1.8% versus 2024. Net income was $18.5 million in the quarter versus net income of $10.4 million in 2024….

HOLIDAYS & LEISURE TRAVEL:

Interviewing a number of operators, TTG writes that the lates market may be ‘fracturing as unrealistic budgets and expectations clash with higher holiday prices.’

RSM comments on the UK hotel market saying that ‘demand for hotels increased in June with people still wanting to travel this summer.’ It says ‘this was not enough to offset increasing staff costs as profits fall…’

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Passengers were yesterday being advised to check flight information with their airlines before departing to airports after the air traffic control issue that caused disruption to all UK airports on Wednesday looked set to have some more lasting effects. Heathrow, for one, is said to be operating normally.

OTHER LEISURE:

MGM Resorts comments on the Las Vegas market saying that it ‘remains fundamentally solid.’ He told analysts ‘Las Vegas is as solid as ever, and MGM couldn’t be better positioned to benefit by all of it.’ He said recent trading ‘gives us confidence as we think about August, September and into October, remembering that the booking cycle here is short,” he said. “I mean, 50% of our bookings come within 30-odd days.’

Universal Music Group has reported Q2 numbers saying that ‘revenue of €2,980 million increased 1.6% year-over-year, or 4.5% in constant currency, driven by growth in the Recorded Music and Music Publishing segments….’

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Playtech plc has updated on H1 trading saying that ‘since the AGM trading statement on 21 May 2025, the Company has delivered a strong performance underpinned by good momentum across our B2B business and a better than expected contribution from income from associates….’

Apple numbers yesterday beat forecast but the shares rose just 2 per cent in after-hours trading.

Amazon shares fell 7% yesterday in after hours trading after the company reported Q2 numbers but indicated that Q3 could undershoot estimates.

FINANCE & MARKETS:

Sterling down at $1/3196 and €1.1559. Oil lower at $71.73. UK 10 year gilt yield down 3 basis points at 4.57%. World markets lower yesterday and London set to open around 27 points down as at 6.30am.

RETAIL WITH NICK BUBB:

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