C&C, Evoke, Incipio, Accor, disposable incomes, business rates & other:

A DAY IN THE LIFE:

Well the clocks have gone back, it’s darker in the evenings and, if the BBC weather app is to be believed, we’re losing about four minutes worth of daylight every day.

And, though it’s a parabola rather than a straight line, we’ll carry on that way for six or seven weeks yet and, at this time of year, I can’t help thinking that the flowers really should try a bit harder.

Whilst I’m no expert – I’m told that chrysanthemums, dahlia, geraniums and one or two others are hanging in there – for the most part, they seem to have given up the ghost.

Which really is letting the side down. We could do with a bit of colour. Maybe they’re making way for the Christmas decorations which, if the shops had their way, would be draped throughout our houses and garden before October is out.

Anyway, plants huh. I’d better have a word. On to the news:

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PUBS & RESTAURANTS:

Disposable incomes:

The chancellor seems to be making it clear that she will raise taxes again next month. The facts remain unknown but Rachel Reeves has told business leaders in Saudi Arabia that she needs to ensure that the UK has ‘sufficient headroom’ to deal with any potential financial shocks. Observers have suggest that the c£10bn buffer already in place is insufficient….

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Business rates:

UKH chair Kate Nicholls has said that the current business rates system in the UK is ‘broken’ as it punishes bricks and mortar businesses such as those operating in the hospitality sector. UKH and the BRC are calling for reform and have warned that some 500 hospitality and retail premises could close if the Government puts in place its proposed new surcharge on larger premises….

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Other news:

Retail sales. The CBI’s latest Distributive Trades Survey has reported that ‘retail sales volumes continued to decline at a strong rate in the year to October, extending the sector’s downturn into a thirteenth consecutive month.’ It says that ‘sales for the time of year were judged to be “poor” in October…’

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In the US, YouGov reports that higher menu prices have helped to drive a decline in traffic and frequency across most restaurant segments. The report says that 37% of American diners are eating out less frequently than they did a year ago….

C&C – FIRST HALF RESULTS:

C&C Group plc reports net revenue down by 4% at €825.7m. Adjusted EBITDA is up by 2% at €58.1m and adjusted PBT is up 12% at €32.1m. Distribution revenue was down by some 4.8%. The group reports adjusted EPS of 6.7c, up some 14% and the H1 dividend is being increased by 4% to 2.08c. The company reports that its results are in line with expectations for the period, the drop in revenue ‘principally reflecting the transfer of Budweiser Brewing Group volume in the Republic of Ireland.’ The operating margin is up by 0.4% points ‘with improvements in both Branded and Distribution segments.’ The group says that it has maintained ‘strong underlying Free Cashflow of €41.7m.’ H1 leverage is maintained at 1.1x.

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COMPANY NEWS:

The MA reports Admiral Taverns’ CEO Chris Jowsey as saying that the company will keep capital investment broadly steady this year. It will target growth-led refurbishments across its estate. Mr Jowsey says re spend ‘we’re averaging £33m a year….’

Starbucks. The MCA reports that, as a part of its wider plans reported earlier this month, Starbucks has begun closing parts of its UK estate, with 10 stores set to shutter before the end of the month.

Incipio Group Management Ltd, the London-based hospitality and leisure company that specialises in transforming under-used spaces into high-energy social venues focused on food, drink, and experience, has reported full year numbers to 29 December 2024 to Companies’ House saying that revenue slipped by 2.4% to £25.3m and EBITDA before exceptional items was some 41% lower at £1.44m. Incipio reports a loss before tax (and exceptional items) of £781k (FY23: profit £30k). Exceptional items were modest in FY24 but larger in the prior year. The reported loss for FY24 was £833k (FY23: loss £1.6m)…

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German Doner Kebab has announced that it plans to enter the Indian market via franchise partner GBC India. CEO Simon Wallis says ‘at GDK, our vision is to dominate the kebab category across the world and in every neighbourhood – one kebab, done right, at a time. We value working with partners who share our passion for product quality and brand purpose….’

Amazon is reported set to cut jobs in what could be the largest cull at the company for many years. Some 30,000 employees could be affected according to the Wall Street Journal and Reuters. The company has around 350,000 corporate workers, which include those in executive, managerial and sales roles, according to figures.

HOLIDAYS & LEISURE TRAVEL:

Accor Group has reported Q3 numbers saying that REVPAR rose by 0.8% year over year. It says REVPAR was down by 4.6% in the Europe and North Africa region (vs Olympic comps last year), but was up by 7.1% in the Americas. ADR globally was up by 0.4% and occupancy was up by 0.3%. Q3 revenue was up by 0.1% at constant currency year over year to c€1.4 billion….

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In the US, CoStar reports that REVPAR fell by 2.1% in September, the sharpest monthly drop since 2022. It says this marks the second consecutive quarter of declines.

OTHER LEISURE:

Evoke, that gambling company that owns brands including William Hill, 888 and Mr Green, has updated on Q3 trading saying that revenue of £435m was 5% ahead of Q3 2024 (+4% in constant currency. It says this is ‘the fifth consecutive quarter of year-over-year revenue growth, supported by a return to growth in Retail resulting in all three operating divisions growing during the quarter…’

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Playtomic, which is the world’s leading platform for racket sports that connects more than 4.7 million players and 6,000 clubs across 66 countries, is to raise funds on the CrowdCube platform.

FINANCE & MARKETS:

Sterling up at $1.3360 and €1.1460. Oil down at $65.42. UK 10 year gilt yield down 4 basis points at 4.40%. World markets mostly better yesterday but Far East lower in Tuesday trade. London set to open around 6 points higher as at 6.30am.

RETAIL WITH NICK BUBB:

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