Evoke, Everplay (T17), Revel, Virgin Wines, CPI, costs, rates & other:

A DAY IN THE LIFE:

I find it hard to work out how many calories there may be in any given jar, bottle or box of food because, whilst the container may be measured in grammes or millilitres, the kcal measure could be per ‘serving.’

Or it could be a measure for a third of the pack or it could be per bushel, peck, pinch or smidgeon and what’s that supposed to mean?

It leaves me worse off than I was before I started. And certainly hungrier because, though 100 kcal might not be a lot for a pat of butter – and how big is a pat, by the way – it’s quite a bit if it’s per slathering or whichever measure it is they choose to use.

Anyway, at that point, I’m mind to give up and cram whatever it is into my mouth and hope for the best and I would imagine I’m not alone. On to the news:

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PUBS & RESTAURANTS:

Costs:

With another financial statement due today and the major changes announced back in October about to impact, some observers are considering costs. Meaningful Vision reports that prices may already be edging up. it says ‘following a prolonged period of inflationary pressure, price growth in the foodservice industry stabilised somewhat in 2024, but 2025 has seen a return to rising prices….’

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Business rates:

Whilst many eyes have been on the labour line, it’s worth noting that, from 1 April, business rates relief will be cut from 75% to 40%. Software firm Ryan suggests that the business rates bill for the average pub could rise from £3,938 to £9,451. Whilst the system of business rates is due an overhaul, this will come too late for the sector to avoid something of a financial hit in the next tax year and, likely, the one after….

The outlook for pricing:

Accountancy firm Grant Thornton has suggested that 71% of SMEs intend to pass on increased costs to their customers. As the impact date approaches, Grant Thornton notes that the 71% figure has risen by 15 percentage points since December…..

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CPI inflation:

The ONS has updated on CPI in the UK saying that it fell from 3.0% in the year to January to 2.8% in the year to February. The ONS reports that ‘the largest downward contribution to the monthly change in both CPIH and CPI annual rates came from clothing, with a further large downward effect in CPIH from housing and household services….’

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Brand values:

McDonald’s is once again deemed to be the world’s most valuable restaurant brand having taken the title back from Starbucks, which took the number one slot around a decade ago…

The consumer:

With the Spring Statement due today, a flurry of reports was perhaps to be expected. Accountant KPMG suggests that consumers are already cutting back on spending, saying that 58% of consumers surveyed felt Britain’s economy had deteriorated in the three months to the end of February (up 15pps from the three months to the end of November) and some were tightening their belts as a result…

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COMPANY NEWS:

The Revel Collective (was Revolution Bars Group) today reports that its CFO is to leave the business…

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Virgin Wines has reported H1 numbers saying that total revenue slipped slightly to £34.1m from £34.3m in the prior year. The company says that it has seen ‘strong profitability driven by operational efficiency, with PBT up 20% to £1.3m (H1 2024: £1.1m) while EBITDA remained in line at £1.6m.’ The company adds that it has a ‘strong balance sheet, with no debt, £23.7m of gross cash and net cash of £17.3m, an increase of 57% year-on-year (H1 2024: £11.0m)…

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The MCA reports that Wendy’s is on track to open its 50th UK restaurant this year, with growth focused on driving forward new and existing franchise partnerships.

HOLIDAYS & LEISURE TRAVEL:

TUI Group has confirmed that it intends to order two new-build ships for UK cruise arm Marella Cruises.

HVS reports that the value of European hotel transactions ‘surged’ in 2024 ‘marking a turning point for investment.’ It says that ‘last year marked a turning point for the European hotel investment market with transaction volume surging 62% year-on-year, the highest level recorded since 2019…

The latest GO Technology Report from Zonal reveals that some 50% of guests order in (to eat food from outside caterers in their hotel room) or dine out when staying in a hotel….

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Gemini Trains, plans to break Eurostar’s monopoly on Channel Tunnel services to Paris and Brussels.

OTHER LEISURE:

Games company Everyplay (was Team 17) has today reported unaudited results for the year to end-December saying that revenue rose by 5% to £166.6m with PBT of £25.3m (2023: loss £1.1m). The company reports adjusted EPS of 24.1p (up 38%)…

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Betting company Evoke has reported full year 2024 results saying that revenue rose by 3% to £1.75bn with adjusted EBITDA up 4% at £312.5m. The group made a loss after tax of £28.8m on an adjusted basis (2023: profit £39.3m) and the loss per share is 6.4p (2023: profit 8.8p)….

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Merlin Entertainments is set to bring its three divisions under one roof in a bid to cut costs. CEO Fiona Eastwood says this will allow the group to “really take advantage of our scale.”

The CMA has suggested that Ticketmaster’s behaviour could have led some music fans into overpaying for Oasis tickets than they had planned. Many waited for hours online to purchase tickets only to find that prices had shot up by the time they got to the front of the queue.

Tesla sales in the EU and the UK are reported to have almost halved this year. In January and February this year, Tesla sold 26,619 vehicles in the EU + EFTA + UK region, down from 46,343 a year ago.

FINANCE & MARKETS:

For CPI data, see Pubs & Restaurants above.

Sterling up at $1.2930 and €1.1998. Oil higher at $74.26. UK 10 year gilt yield up 5 basis points at 4.77%. World markets better yesterday but London set to open around 8 points lower as at 6.30am.

RETAIL WITH NICK BUBB:

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