Delivery, WTB, YUM, PPHE, Evoke, Heathrow, interest rates & other:

A DAY IN THE LIFE:

We had two cars until recently.

One got to 18 years old and the other 13 and, given that we’ve now had to start talking to car dealers again for the first time in well over a decade, it brought back all of the reasons why we’d let out cars get to such a ridiculous vintage.

Because, whilst there’s no doubt the odd good-egg out there, many car dealers seem to come from central casting and, whilst they’re checking out the vehicle you arrived in, how shiny your shoes are and whether you plonk down a £1,000 smartphone while you’re talking to them, you can almost feel them considering both what’s the most they can get out of you and what junk they’ve got on their back book that they can palm off.

And seeing a car dealer smile can be confusing.

Have they pulled a fast one, have they made this month’s bonus on the back of muggins or are they simply happy to see the back of you?

Anyway, we’ve dealt. 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

sent separately

PUBS & RESTAURANTS:

Delivery & take away sales:

NIQ reports that ‘British restaurant groups recorded a third consecutive month of below-inflation organic growth in at-home sales in March.’ NIQ’s data suggests that growth in like-for-like sales across the month was only 1.9%, well below the prevailing rate of inflation and broadly in line with the 2.7% and 0.1% growth seen in January and February respectively…’

• 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.

Interest rates:

The Bank of England looks set to hold interest rates in the UK at 3.75% when its MPC reports at 12:00. The voting could be 7:2 in favour of a hold with the dissentient votes recommending a 25bp increase in rates.

Other news:

Cider Industry: New research conducted by the National Association of Cider Makers (NACM) has suggested that the cider industry contributes £2.7bn in ‘Gross Added Value’ to UK GDP to the UK economy and supports some 65,000 jobs. The research suggests that ‘cider is not just an important heritage product, but a significant modern economic force embedded across multiple sectors with the UK the largest producer and consumer in the world….’

• 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:

Sky News reports that Karali Group, which owns the Cote chain of restaurants in the UK, is ‘closing in on a rescue of The Real Greek casual dining chain that will nevertheless entail the closure of roughly half its sites….’

YUM Brands yesterday reported Q1 numbers saying that worldwide system sales grew 6%, excluding foreign currency translation. It says that GAAP Operating Profit grew 17% and Core Operating Profit grew 6%. Excluding Pizza Hut, system sales grew 7% excluding foreign currency translation. The company adds that its site numbers rose by 5% with some 1,030 gross new units opening in the quarter…

• 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.

Wingstop has reported Q1 numbers saying that system-wide sales of $1.4 billion were up some 5.9% vs. Q1 2025. The company adds that domestic same store sales decreased 8.7% vs. Q1 2025…

• 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.

Greene King is reported to be using a digital assistant named ‘Charlie’ to answer phone calls at a number of sites. City AM reports a spokesperson as saying ‘we have been trialling an AI conversational voice assistant in select pubs and restaurants as we look to leverage digital capabilities and drive efficiencies across our estate.’

Chipotle Mexican Grill has announced that it is to award up to 200,000 teachers and healthcare workers free entrée e-gift cards worth up to $2m as part of its annual Teacher Appreciation Week and National Nurses Week celebration.

WHITBREAD FULL YEAR NUMBERS:

Whitbread reports that total Group sales were virtually unchanged on last year at £2.920bn (FY25: £2.022bn). The group reports PBT unchanged at £483.1m (FY25: £483.4m) and EPS up by 7% on a lower tax charge at 208.5p. The full year dividend is held at 97.0p. WTB maintains that it ‘continued to outperform the midscale and economy market in both the UK and Germany on total accommodation sales and RevPAR growth.’ It says decent room sales have been ‘offset by the expected lower food and beverage revenues as a result of the Accelerating Growth Plan.’ The group says that ‘adjusted EBITDAR was up 4%, despite significant external headwinds.’ This ‘reflects the benefits of our vertically integrated model, the strength of our brand and the impact of our technology-led commercial initiatives, highlighting the quality and resilience of our business.’

By income stream:

• 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:

PPHE Hotel Group yesterday updated on Q1 trading saying that total revenue was £83.8 million, an increase of 8.0% on Q1 2025. It adds that LFL revenue was up by 8.2%. PPHE adds that REVPAR was up by 4.9% and says that the ‘encouraging performance was driven by demand across the Group’s London portfolio, which delivered revenue and average room rate growth alongside stable occupancy…’

• 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.

Fuel shortages. Opinions remain divided as to whether or not fuel shortages, particularly of aviation fuel, are likely or not….

EES: The Guardian has reported on delays caused by the introduction of the EES in 25 of the EU’s 27 states plus Iceland, Norway, Liechtenstein and Switzerland, saying that ‘travellers described problems with fingerprints not being accepted and additional delays when travelling with children. Many said there was little guidance on using the kiosks….’

Heathrow yesterday updated on Q1 trading saying that the group has made a ‘positive start to the year’ but it says there is an ‘uncertain outlook ahead.’ The company reports that, ‘following airspace closures in the Middle East, there was an increase in transfer passengers across Heathrow’s network.’ It says that it has ‘temporarily absorbed demand from elsewhere’, but adds that ‘passenger numbers for the rest of the year are likely to be impacted…’

• 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.

Uber has partnered with Expedia to offer in-app hotel bookings.

CoStar reports that the volume of U.S. hotel rooms under construction decreased year over year for a 15th consecutive month in March. It says that some 137k rooms are in construction (down 5.4%) and the numbers of rooms in Final Planning and Planning were down by 9.3% and 7.3% respectively.

OTHER LEISURE:

Evoke has today reported full year numbers saying that revenue rose by 2% to £1.782bn. EBITDA is up by 14% to £356.2m and the group swings to a profit after tax of £5.7m compared with a loss at the same line last year of £39.2m. EPS is 1.6p compared to a loss per share of 8.9p last 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.

Sky News reports that ‘high street tycoon Mike Ashley has ridden to the rescue of Frog Bikes, a children’s cycle-maker.’

The FT reports that a ban on ticket touts is unlikely to be included in the King’s Speech next month ‘after officials concluded there was insufficient space in the UK parliamentary calendar for the legislation’. It is likely to remain an ambition, but looks to have been pushed further out into the Parliament.

Alphabet yesterday reported Q1 numbers ahead of estimates at both the top and bottom lines. The stock rose more than 3% on the news. Alphabet reported EPS of $5.11 on revenue of $109.9 billion.

Meta also beat Wall Street estimates for Q1 revenue yesterday but it reported what were seen as disappointing user numbers. The shares fell about 7% in extended trading.

The US Fed yesterday held interest rates at their current rates in the US despite pressure from President Trump to cut them. The Bank of England opines on interest rates at lunchtime today.

Universal Music Group has reported Q1 numbers saying that it generated some €2,900 million in revenue, flat year-over-year but up by 8.1% in constant currency terms. Adjusted EBITDA was €636 million, down 3.8% year-over-year but up by 3.9% in constant currency terms. UMG reports that ‘top sellers included BTS, Olivia Dean, Taylor Swift, the KPop Demon Hunters soundtrack and Morgan Wallen.

FINANCE & MARKETS:

Sterling lower at $1.3459 and €1.1547. Oil up around $3 at $113.55 (having been higher). UK 10 year gilt yield up 7 basis points at 5.07%. World markets weaker yesterday & London set to open around 12 points lower 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.