Langton Capital – 2025-09-30 – AG Barr, Tortilla, Carnival, Bow Street, Wingstop, Parkdean, AI & other:
AG Barr, Tortilla, Carnival, Bow Street, Wingstop, Parkdean, AI & other:A DAY IN THE LIFE: They say that English is a language that’s easy to learn but hard to learn well. Which sounds about right and spelling, well that’s something again. Don’t read too much into the medical context but don’t you think it’s silly that the words cystitis, sciatica and syphilis all sound as though they start with the letters S and I and none of them do? Except the word ‘silly’, of course and ‘psoriasis’ where did that come from? And where’s the H in Sugar? I’m sure there’s some rationale somewhere but it takes me back to primary school where spelling test included words like Yacht and Queue just to keep the smarty -pants know-it-alls somewhat humble. Anyway, enough of that. Let’s move 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 PUBS & RESTAURANTS: AI in hospitality: A study carried out by CGA and Reputation has suggested that AI and economic pressures are driving new UK consumer habits in hospitality. The study finds that ‘AI tools like ChatGPT have already become a mainstream source of information about hospitality venues.’ It finds that some 26% of consumers now use them to learn more about a venue. It says this is ‘a level of usage on a par with Google Maps (27%) and close behind other popular sources like social media platforms (32%)….’ • 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. Disposable incomes: The chancellor’s speech in Liverpool has been taken by some as confirmation that tax rises are coming in the November budget. The BBC says ‘Rachel Reeves seemed to be floating a pre-emptive argument ahead of possible tax rises’ and the CBI says ‘with the Budget on the horizon, businesses will welcome the Chancellor’s clear intent to tackle the UK’s economic challenges head-on and put investment at the heart of future growth….’ • 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. Sector fragility: The BII has reported that 35% of its members surveyed over the summer say that ‘if the Government doesn’t reduce the tax burden on the sector at the Autumn Budget, they could be forced to close their businesses.’ The BII reports that ‘despite a strong summer of trading for many, with 60% seeing turnovers equal to or greater than the same period in 2024, with huge tax rises from last year’s budget hitting hard since April, pubs have been forced to take drastic measures to make ends meet….’ • 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: Job security influences spend and, with that in mind, The Telegraph reports jobs website Adzuna as saying that vacancies declined by 2.1pc year-on-year in August. It says this was as a result of businesses being hit by softer demand as well as NIC and wage-related cost increases… • 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. Beer costs: The MA reports that brewery bosses have warned rising energy bills, higher wages and regulatory pressures are driving up production costs and forcing price increases onto pubs. Data from the ONS suggests that the average price of a pint of draught lager in pubs rose by only 1% year-on-year in the year to August 2025. Draught bitter prices are up by 3%. The consumer: In a further sign that consumers may be borrowing in order to maintain their lifestyles, data from the Bank of England shows that consumer borrowing rose at the fastest annual pace since October 2024 in August. Tube strikes: Tube union the RMT reports that it has received ‘an improved offer from London Underground’ following what it calls ‘successful strike action earlier this month.’ RMT general secretary Eddie Dempsey ‘congratulated members for their steadfast support for strike action’ and says ‘this offer will now be discussed by the national executive committee and in consultation with the membership.’ He adds that ‘the union remains in dispute with London Underground subject to the will of the membership….’ COMPANY NEWS: AG Barr has reported H1 numbers for the 26 weeks to 26 July saying that revenues rose by 3/1% to £228.1m and adjusted PBT is up by 20.1% at £35.2m. The company reports adjusted EPS up 25.4% at 24.9p and it is to pay an interim dividend of 3.44p (FY24: 3.1p)… • 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. Tortilla has reported H1 numbers for the 26 weeks to 29 June saying that revenues rose by 14% to £36.0m in the period with the group reporting a loss before tax of £2.3m against a loss of £235k in the prior year. The loss was largely down to a loss of £2.0m in the French business. The group reports that LFL sales rose by 5.0%… • 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. Bow Street Group (was Tasty) has reported H1 numbers to 29 June saying that revenue of £15.1m fell from £19.1m in the prior year ‘in part driven by restructuring of the Group’s estate with 32 restaurants trading at the end of the Period (H1 2024: 37 restaurants)’. The company reports that its operating loss before highlighted items was £0.2m (H1 2024: profit £0.6m) and it confirms that its Restructuring Plan was formally completed in July 2025. Japanese brewer Asahi has reportedly been hit by a cyber-attack that has caused systems failure within the company. Distil has reported full year numbers to end-March saying that sales fell by 32% to £1.04m. The group reports a loss before tax of £1.1m, up from a loss of £942k in the prior year. Chairman Don Goulding says ‘the past twelve months have been a period of both challenge and distinct progress, as we navigate a changing spirits market while advancing our strategic growth initiatives….’ Lemon Pepper Holdings, which is the master franchisee for Wingstop in the UK, has reported results to 29 Dec 2024 to Companies’ House saying that revenues rose by 48% to £125.0m. Remarkably, the company is comparing a nine-month period in FY24 with a 12 month period in the prior year. The company was able to increase its GP% from 54.0% to 57.1% and gross profit in absolute terms rose to £71.3m from £45.7m in the prior year. Admin costs rose (by38%) more slowly than revenues and the group reports PBT up by 270% at £13.2m. The group now has accumulated profits of £8.8m… • 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. QSR chain Farmer J has reported full year numbers to Companies’ House saying that revenues rose by 56% to £27.9m in the year to end-December 2024. The company reports that GP% slipped fractionally to 64.2% but gross profit in absolute terms rose by 55% to £17.9m. Admin expenses rose sharply (by 53%) to £18,5m but, partly helped by the interest receivable on cash balances post the group’s most recent share issue, the loss before tax was reduced by 20% to £495k. The company has accumulated losses since incorporation of £8.4m… • 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. BrewDog Retail, which is owned by BrewDog PLC, has reported numbers to end-Dec 2024 to Companies House saying that revenues rose by 0.1% to £69.5m. On a brighter note, GP% rose to 39.3% from 35.2% and, as the rise in admin costs was held to 3.5%, this resulted in a 27% reduction in the loss before tax to £4.9m. BrewDog PLC has not yet produced FY24 accounts. In FY23, BrewDog Retail was responsible for around 25% of the revenues of the PLC group as a whole. BrewDog Retail has lost some £43.7m since its incorporation and it has a negative net worth, at least for balance sheet purposes, of £33.6m… • 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. RedCat Hospitality has reported LFL sales up by 2% in its year to 30 March 2025. The company reports EBITDA up by 290% to £8.8m in what it says has been a ‘transformational year’… Gordon Ramsay Restaurants, which has changed its year end from August to December and is this about to report a 70-week financial period, has reported that revenues rose by 40% to £134m. The company is due to report FY numbers to Companies’ House by tomorrow. HOLIDAYS & LEISURE TRAVEL: Carnival yesterday reported Q3 numbers saying revenues hit an all-time high of $8.2 billion in the period, its tenth consecutive quarter of record revenue. The group has raised its full-year 2025 outlook for the third time this year. The company reports a net income of $1.9 billion vs $1.7 billion in the same quarter last year and above its record Q3 in 2019. CEO Josh Weinstein says ‘altogether, our exclusive Caribbean destinations will capture over 8 million guest visits next year, almost equal to the rest of the cruise industry combined…’ Newcastle-based holiday park company Richmond UK Holdco Ltd, which operates the Parkdean Resorts holiday parks, has reported results to 31 Dec 2024 to Companies’ House. The group reports that revenues rose by 2.6% to £520.0m. EBITDA rose by 2.0% to £72.0m and the operating loss was reduced by 32% to £15.9m in the year under review. Finance costs rose to £133.6m and the company reports a loss before tax of £147.7m (FY23: loss £135.2m). Financial costs include £18.0m payable to related parties (FY23: £7.6m)… • 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. The Ritz London has reported full year numbers for the year to 31 Dec 2024 to Companies’ House saying that revenues rose by 19.1% to £42.9m. The company increased its gross profit by 48% to £15.1m and reduced its loss before tax by 70% to £3.0m. The company has accumulated losses since incorporation of £30.9, and shareholders’ funds of £228.4m… • 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. Brit cards & access to labour. Uber pointed out recently that ‘we are aware the Home Office recently announced their intention to introduce new laws to clamp down on illegal working.’ It says ‘Uber Delivery UK is fully committed to fighting illegal work and the criminal networks who are often behind it and has been working with the Home Office on this topic….’ • 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. Consultancy Advito reports that it is seeing some signs of weakness in air fares going into Q4 this year. It says, however, that whilst this has been noted in economy class, the rise in business travel is still supporting fares higher up the fares menu. OTHER LEISURE: Games company Electronic Arts is to be taken private in a $55bn deal. A consortium, including Saudi Arabia’s Public Investment Fund, Silver Lake and president Donald Trump’s son-in-law Jared Kushner’s Affinity Partners, has agreed the deal with the company… YouTube is to pay $24.5m to settle a lawsuit brought by US president Donald Trump after the platform suspended his account after the 6 January attack on US Capitol. YouTube will pay $22m to the Trust for the National Mall, a non-profit group that is aiming to raise $200m to build a new ballroom at the White House. Casino Les Ambassadeurs, which is owned by United Time Corp out of Hong Kong, has reported full year numbers to end-December 2024 to Companies’ House saying that turnover rose by 34% to £39.9m. This powered a rise in gross profit of 41% to £32.4m. Admin costs rose by 33% to £34.3m and other income, largely ‘contributions to good causes’, dropped to £903k from £5.3m in the prior year. This meant that the group swung to a loss before tax of £948k from a PBT of £488k in the prior year. Losses since incorporation now total some £25.9m… • 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. FINANCE & MARKETS: Sterling little changed at $1.3435 and €1.1460. Oil lower at $67.58. UK 10 year gilt yield down 7 basis points at 4.70%. world markets mostly better yesterday but London set to open down around 10 points as at 6.30am. RETAIL WITH NICK BUBB: • 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. |
|
