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Morning Briefing for pub, restaurant and food wervice operators

Tue 7th Jul 2015 - Young's reports like-for-likes up 5.6%
Young’s reports like-for-likes up 5.6%: Pub retailer Young’s has reported like-for-like sales growth of 5.6% in the first quarter of its financial year. At today’s Annual General Meeting, Nick Bryan, chairman of Young’s, will make the following comments about current trading: “Trading in the current year has started well with managed house sales for the first thirteen weeks up 8.3% in total and up 5.6% on a like-for-like basis. On a like-for-like basis accommodation, a major focus of investment over the last few years was up 11.9%, food was up 7.8% and most importantly, because it remains the largest part of our sales mix, drink was up 4.2%.This year is benefitting from the eight acquisitions made last year. Since the start of the year we have also opened the Bull & Gate, an imposing pub in Kentish Town, and the iconic Canonbury, in Islington. Three other pubs are currently under development and due to open in the late summer/autumn: the Nine Elms Tavern, the Trafalgar (Tooting) and the Guard House (Woolwich). These projects, along with other large investments made in our existing estate last year, will provide a helpful tailwind as we compete against the strong comparatives. In addition we are looking forward to the Rugby World Cup 2015 this autumn. With many of our pubs within easy reach of Twickenham, and being famous rugby venues in their own right, we expect the tournament to be good for trade and to bring a feel-good factor to south west London. Consumer confidence continues to grow as the economic recovery gathers momentum. We must retain a degree of caution as macro-economic risks remain, but we are confident that, through our long-standing strategy, the talent, commitment and passion of my colleagues, and our robust balance sheet, we will continue to deliver superior returns to our shareholders.”

Cineworld reports UK and Ireland revenues up 11%: Cineworld has reported UK and Ireland revenues up 11% in the 26 weeks to 2 July 2015. The company stated: “We are pleased to announce a solid first half performance, with total pro forma revenue growth of 11.2%. Box office revenues have increased by 10.9%, with admissions growth in all territories with the exception of Slovakia. The nature of the film mix during the first half of the year as well as our improved range of retail offerings resulted in an increase in retail revenues of 12.9%. The growth in admissions and nature of the film mix also had a positive impact on advertising revenues, which are reflected within the 10.0% increase in other income. During the first half of the year we traded well with a good film release schedule and in addition continued our expansion plans, by opening three new Cineworld cinemas in the UK (Swindon, Broughton and Silverburn, with 31 screens in total) and one Picturehouse (in East Dulwich with three screens). We have also recently completely redesigned and relaunched our Milton Keynes cinema and the former Cineworld site in the Trocadero in the West End of London as a seven screen Picturehouse cinema. In H2 we are on track to open a further six cinemas in the UK (with a total 47 screens, of which five will be Picturehouse screens). In CEE and Israel, we opened a new 14 screen cinema in Bucharest, Romania and extended our existing cinema in Letnany, Czech Republic by four screens. Two additional sites in Poland (15 screens) are scheduled to open within the next week, and a further seven cinemas (77 screens) are scheduled to open throughout H2. There is a promising film release programme during the second half of the year which includes titles such as “Star Wars: Episode VII”, the final Hunger Games title “Hunger Games: Mockingjay Part 2” and the next James Bond film “Spectre”. With our plans for continued expansion across the Group, the Board remains confident of delivering a performance for the year as a whole in line with current market expectations.”

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