FSTA, Thwaites, Jet2, Just Eat, Costa, Nightcap, Marugame Udon & other:

A DAY IN THE LIFE:

I don’t know what kind of accent I’ve got any more and nor, apparently, does Google.

Because when, after watching an episode of Succession, I decided to Google actress Hiyam Abbass whom I fancied to be French, she’s an Israeli Palestinian lady, apparently, I did it through the microphone only to be given search results for ‘I am a bus’.

Well, I’m not a bus.

But, when I asked it for ‘actress Hiyam Abbass’ it stuck firmly to its guns and told me all about that excruciating sitcom, On the Buses, with a liberal sprinkling of details re the various actresses that have played Rosa Parks when she had her epochal set too on a bus in Montgomery, Alabama, through the years.

Which was diverting but had nothing whatsoever to do with the question I asked.

Still, there’s work to be done so let’s put that to one side and 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

sent separately

PUBS & RESTAURANTS:

Budget lobbying:

The BII has written to chancellor Rachel Reeves saying that pubs, the ‘backbone of our communities are at risk’, CEO Steve Alton says that ‘fair taxes could turn pub closures into job growth’. The BII is calling for ‘urgent action to support UK pubs and the vital role they play in communities and the economy.’ It says that, ‘following substantial tax increases introduced in April and long-term inflationary pressures, only one-in-three pubs is now profitable. The BII is warning that 35% of the nations’ pubs risk closure without immediate intervention….’

• 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.

Employment, the Budget & hospitality:

And, with unemployment now on the rise, UKH says that ‘thirteen consecutive months of falling employment underline the devastating and lasting impact of last year’s Budget on hospitality and the wider economy….’

• 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:

Drinks Business comments on the current downturn in alcohol sales, saying that ‘it has been the group mantra from big booze bosses that the current downturn in sales is cyclical rather than structural.’ This may be a hope rather than a promise and DB says that ‘the cracks in that corporate front are widening….’

• 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.

FULLER, SMITH & TURNER – H1 NUMBERS:

Fuller, Smith & Turner reports that revenue in H1 rose to £207.5m from £194.1m in the same period last year. Adjusted EBITDA was £42.4m against £37.6m last year and adjusted PBT was £22.5m against £17.6m. The company reports adjusted EPS of 30.03p (FY24: 21.81p) and the H1 dividend is to be 7.85p against 7.41p last year. The group reports that net debt (excluding leases) rose to £138.3m from £128.2m in the prior year. FSTA reports that LFL sales in Managed Pubs & Hotels in H1 were up 4.6%, ‘maintaining continued market outperformance.’ The company says the ‘Tenanted business continues to be a strong cash contributor’ adding ‘during the period it has delivered EBITDA margins of 53.3% and average EBITDA per pub of £127k per annum – a rise of 7.1%.’ It says that its share buyback programme is continuing with 1.2 million ‘A’ shares repurchased in the 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.

COMPANY NEWS:

Daniel Thwaites PLC yesterday reported H1 saying that sales for the half year came in at £66.7m, up 5% versus H1 last year of £63.5m. The group reports that ‘operating profit of £10.1m for the half year compares to £9.4m last year.’ It says the increase is ‘largely due to the combined performance of Langdale Chase Hotel, returns on recent investments in our properties and price increases which we have tried to keep to a minimum.’ PBT rose from £7.6m to £8.3m and the earnings per share increased by 9% to 11.3p (2024: 10.4p).’ The company will pay an interim dividend of 0.95p per share (2024: 0.90p). Thwaites reports that ‘net debt on 30 September 2025 was £66.7m (2024: £71.2m); a decrease of £4.5m compared to last year, and down £4.7m from £71.4m on 31 March 2025.’ It says it ‘has comfortable headroom against total banking facilities of £82m and is trading well within it banking
covenants….’

• 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.

Costa. World Coffee Portal reports that Beijing-based Centurium Capital, which is a major shareholder in the 26,000-store-strong Luckin Coffee chain in China, is ‘considering a bid for UK-based Costa Coffee’. Bloomberg says ‘sources’ have revealed that ‘Centurium is evaluating whether to make an offer for Costa. However, the sources said it is not clear whether the proposal would come directly from the private equity firm or via Luckin, in which it holds a controlling stake….’

Just Eat Takeaway has reported that it is to exit the Australian market. it says ‘after careful consideration, we have made the difficult decision to cease our operations in Australia.’ It adds ‘while Menulog has a proud 20 year history, it has been navigating challenging circumstances….’

Now private bar and club company Nightcap has released some details re its September 2025 financial year saying that it swung from a £4.8m loss to a £1.5m profit…

• 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.

Karali Mu, which trades as Maragame Udon and which operates a chain of Japanese noodle and tempura restaurants in the UK, has reported results to 29 December 2024 to Companies House saying that revenue slipped by 6.7% to £15.9m (FY23: £17.1m). The GP% edged up to 72.1% from 70.1% in the prior year and admin costs were reduced by 12% to £16.6m, meaning that the company could report a reduced operating loss (and loss before tax) of £5.1m compared to a loss of £6.9m in the prior year….

• 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.

HOLIDAYS & LEISURE TRAVEL:

Jet2 has announced that it will begin scheduled flying from London Gatwick Airport for the first time from late March 2026. It says ‘the agreement will bring Jet2 to the world’s busiest single runway airport having secured slots for six aircraft following the release of additional capacity by the airport.’ Some five Airbus A321neo aircraft will be based at London Gatwick, with a further aircraft positioned overseas…..

• 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 Global Business Travel Association suggests that spending on business travel in Europe will rise by 8.2% in 2026 vs 2025 to a total of €389.9 billion.

American Express Global Business Travel has reported Q3 numbers saying that revenue rose by 13% to $674 million with its sales boosted by the acquisition of rival CWT.

Heathrow yesterday reported traffic stats for October saying that it is ‘ready for growth after another record month of on time performance.’ The month, which includes the school half-term holiday, saw Heathrow deal with ‘a record 7.3m passengers last month, buoyed by a surge to European cities including Brussels, Lyon, Marseille and Vienna….’

• 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:

Figures produced by UK Music suggest that the music industry contributed a record total of £8bn to the UK economy in 2024.

eSports and gaming media company Gfinity, whose share trade at a fraction of a penny after hitting around 30p pre-Covid, has announced that it has ‘conditionally raised £355,000…at a price of 0.0475p per new Ordinary Share…

FINANCE & MARKETS:

Sterling down at $1.3132 and €1.1346. Oil higher at $64.94. UK 10 year gilt yield down 8 basis points at 4.38%. World markets better yesterday and London set to open broadly unchanged 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.