Heineken, McDonald’s, Wingstop, Butcombe, Harveys, delivery & other:

A DAY IN THE LIFE:

Do you think that birds get upset by being called ‘common’ this or ‘common’ that?

I mean they can’t do a James Bond, raise an eyebrow and say the name’s Chaffinch, Common Chaffinch, can they?

Because it just wouldn’t do much to lift their self-esteem and why, in all honesty, do wood pigeons, buzzards, chiffchaffs, moorhen and the like maybe another 40 birds in Europe alone, have to have the word ‘common’ stuck before them?

It would be one thing to be called a Yorkshire Oik but common Yorkshire Oik, that just has to be overkill

Anyway, enough of that, let’s move on to the news:

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PUBS & RESTAURANTS:

Restaurants’ delivery sales.

NIQ last week reported its latest Hospitality at Home Tracker showing that deliveries had a good June (the first half of the World Cup), but click and collect and takeaway continued to decline. We made a number of points re profitable vs unprofitable revenues…

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COMPANY NEWS:

Heineken has this morning reported H1 numbers saying that total volume increased 1.6% and this rate of growth picked up in Q2. It says that ‘all five global brands delivered growth, with Heineken volume up 5.3% and Tiger returning to volume growth.’ The company reports net revenue growth of 2.7% and says that ‘in over two-thirds of our markets, we gained or held share.’ Heineken reports that its ‘operating profit grew 6.7% with operating profit margin expanding 55 bps to 14.6%….’

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Coca-Cola HBC has reported H1 numbers for the six months ended 3 July 2026 saying that it saw organic volume growth of 7.5% in the first half ‘driven by Sparkling +6.4% and Energy +26.1%.’ It says that there was organic revenue per case growth of 1.9% and reported revenue grew 10.8%. EBIT was up by 15.2%…

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McDonald’s yesterday reported Q2 numbers saying that sales growth slowed in the US in the quarter. It says that it generated global same-store sales growth of 1.3%, slightly below estimates having seen 3.8% growth in the first quarter. US comp sales rose but by only 0.8%. The company CEO, Chris Kempczinski, says ‘this was below our expectations’ but he added ‘we don’t have a strategy problem. We simply didn’t execute at the level we needed to in the second quarter….’

Pizza Express has announced that Stevenage will be the location for it to open the first UK restaurant for its Houston Hot Chicken brand.

AG Barr’s shares closed down 35p or 5.4% yesterday on news that the group had been facing supply shortages that had led to revenues undershooting by around £10m in H1 due to internal issues. There was no mention as to the H2 impact but the company did reassure that the situation should be improved.

Lemon Pepper Holdings, which is the master franchisee of Wingstop in the UK and Republic of Ireland, has said that it generated record revenues and operating profit in the year to 28 Dec 2025/. The company says that revenue rose by 73% to £216.4m with operating profit up 77% to £24.3m….

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Wadworth & Co shares are to be traded on the FCA-approved Asset Match Private Market. The company is a well-established regional brewer and pub operator in the South and West of England with 19 managed houses, 127 tenanted pubs and a new brewery.

The MA reports that NEOS Hospitality is aiming to convert six former Revel Collective sites by the end of the year. It says that the move marks the first phase of its wider rebrand strategy following its acquisition of 20 bars from the Revel group.

Butcombe Group has reported a ‘strong H1 with summer sales.’ It says its ‘major investments in the estate’ are ‘driving growth’. Commenting on the 26-weeks to 1st August, the company says it turned in Group Managed LFL growth of 5.2% ‘against double digit growth last year’ and it adds that it saw ‘sales and volume growth in all three categories with LFLs of Food 4.7%, Drink 5.7% and Accommodation 5.2%….’

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Brewer & pub company Harvey & Son, which is based in Lewes, Sussex, has reported numbers for the year to 31 December 2025 to Companies’ House saying that revenue rose by 0.5% to £25.2m but, as the GP% slipped from 28.4% to 26.6%, gross profit for the year was down by 5.8% at £6.69m. Admin costs were well-controlled and operating profit was only 4% lower at £3.53m. The company is cash rich and has net interest receivable rather than payable. The amount dropped, however, year on year and PBT was down by 11.8% at £3.74m. Harvey’s paid a dividend in the year of £795k (FY24: £596k). It has retained profits since its incorporation in 1928 of £36.2m and positive shareholders’ funds of some £53.3m….

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In the US, Dave & Buster’s has announced that Darin Harper, currently group CFO, is to take over as CEO from Monday. He will succeed Tarun Lal, who is retiring.

HOLIDAYS & LEISURE TRAVEL:

The Telegraph reports that British Airways believes markets are so competitive that it has become a challenge to protect margin. Europe has, currently, more competitive routes than does the North Atlantic.

Safestay has confirmed that it has exchanged contracts for the sale of its leasehold interest in, and associated hostel business operated from, Safestay London Kensington Holland Park…for a cash consideration of £3.0 million….

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Whitbread PLC has appointed Stuart Hookins as Estates Director for the UK & Ireland ‘as the business continues to deliver its long-term property strategy and unlock value from its extensive property estate.’

TTG notes that Gatwick’s second runway can now be brought into full use after the High Court dismissed a legal challenge against the £2.2 billion expansion project.

The International Air Transport Association reports that the Middle East conflict negatively impacted global air demand in June. It fell for the fourth consecutive month against the same month in 2025, with total demand in terms of RPK down by 1.7%. IATA notes that in Europe, demand rose by 0.8% in June.

OTHER LEISURE:

Spotify yesterday reported Q2 numbers saying that Premium Subscriber numbers rose by 9% Y/Y to 300 million. Total Revenue rose by 14% Y/Y (15% Y/Y constant currency) to €4.8 billion and the Gross Margin improved by ~193 bps Y/Y to 33.4%. Operating Income reached €655 million…

Sky News reports that ‘the buyout firm Permira is among a pack of bidders pursuing a possible £700m takeover of Third Space, the upmarket London-based health clubs operator….’

SpaceX shares slid yesterday on Q2 numbers despite the company reporting nearly doubled revenues at $7.8bn, ahead of analysts’ forecasts of $6.8bn.

FINANCE & MARKETS:

CBRE reports that the UK real estate market began the year with cautious optimism. It says that it enters the second half of 2026 with a measured outlook.

Sterling mixed at €1.1661 and $1.3453. Oil down around $6 at $79.00 on Gulf peace hopes. UK 10 year gilt yield down at 4.88%. World markets better yesterday & London set to open some 30 points better as at 6.30am.

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