Finance – Page 289
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NewsCollyer: JDW 'an enigma'
Leading analyst Geof Collyer has labelled JD Wetherspoon an “enigma” that “continues to confound and delight”. He raised his Target Price for JDW from 660p to 695p but reduced his forecast by 3%
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Chapel Down: £4.5m funding, poor harvest hits H1
Chapel Down, the wine maker, has raised £4.35m in new funding for expansion as it reports a halving of EBITDA to £145k in the six months to 30 June
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OpinionThe investment case
At four o’clock last Wednesday morning the deal for Cote, which had been nearly a year in the making, finally got over the line. Many had questioned whether it would actually happen, with rumours of a parked process and complications over finding a chairman, but there was always a sense that this was one deal that would go through. So what next for the brand and for the leisure sector as a whole and what further opportunities are on the horizon?
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Amber secures new funding
Amber Taverns, the fast-growing operator of wet-led community pubs, is set to acquire another 30 sites after it increased its debt facility with Lloyds Banking Group by £5m to £27.5m
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Abokado on track for FY sales of £7m
Abokado, the London-based chain of healthy food bars led by Mark Lilley, is on track to report full year sales of c£7m, as it looks to have an estate of 25 sites by the end of next April
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NewsPubs drive M&C20 outperformance
The M&C20 outperformed the FTSE All-Share index for the sixth week in a row this week, growing 1.4% to 1,200 while the FTSE All-Share could only manage a 0.8% increase to 1,019
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Theakstons profits surge; urges PBD review
The North Yorkshire brewer has reported a sharp rise in profits in the year to 31 December 2012 and called for a formal review of the system of tax breaks for smaller brewers
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Jack: Sector acquisitions at six-year high
The current period is the most active for acquisitions in the licensed retail sector since 2007, a leading analyst has argued following the £100m sale of Cote and the expected imminent sale of 300 Greene King pubs
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NewsJDW FY lfls rise 5.8%
JD Wetherspoon, the managed pub operator, has reported a 5.8% rise in like-for-like sales in the year to 28 July, with profits before tax and exceptionals up 6.3% to £76.9m, in what it called a “year of progress”
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Kopparberg reports 'extraordinary' summer sales
The Swedish cider maker says its sales in the on-trade grew 79% in July against the same month last year, with year-on-year sales in August up 55%
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NewsCBPE completes Cote acquisition
CBPE, the private equity firm that was once part of Close Brothers investment bank, is understood to have completed the acquisition of Cote, the Richard Caring-backed French brasserie chain, early this morning in a deal thought to be worth around £100m
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NewsStonegate turnover hits £484.3m; swings into profit
Stonegate Pub Company saw turnover grow 83% to £484.3m in the 53 weeks to 30 September 2012 as it benefitted from the first full-year of trading following the merger with Town & City Pub Company and its acquisition of 333 pubs from Mitchells & Butlers
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OpinionMcDonald’s sales up 1.9% in August
McDonald’s saw its global comparable sales increase 1.9% in August, thanks to a strong performance across its European operations, which reported a 3.3% rise during the month
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Analysis & InsightSector lfls grow 1.9% in August
Like-for-like sales across 27 leading pub and restaurant companies grew 1.9% in August, with growth much stronger among pub operators and outside London, new figures show
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Whitbread: Restaurants, Costa Express, margins, analysts
M&C Report takes a closer look at the Q2 and H1 update from Whitbread, reports from a presentation for analysts featuring chief executive Andy Harrison and finance director Nicholas Cadbury, and speaks to Cadbury
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NewsWhitbread growth slows in Q2
Whitbread, the leisure operator, saw a slowdown in growth in the second quarter of its financial year, with total like-for-likes in the 11 weeks to 15 August up 2.1% against a 2.6% increase across the half-year
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NewsJack: JDW can hold or grow margins
A leading analyst has said JD Wetherspoon, which announces its full-year results on Friday, has a good opportunity to hold or increase its margins
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NewsFY EBITDA up 47% at Be At One; agrees new bank funding
Be At One, the Piper-backed cocktail bar chain, has reported a 47% rise in EBITDA to £1.6m for the year 31 March 2013, against record sales of £11.6m, up 23% on the previous year
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NewsM&B rises to the top of the M&C20
Mitchells & Butlers has overtaken Greene King to become the company with the highest market capitalisation within the M&C20, following a well-received presentation to city analysts
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NewsAnalyst corner
Leading analyst look ahead to Whitbread’s Q2 interim management statement on 10 September. Notes from Barclays and JP Morgan both give an Overweight recommendation, whereas Simon French of Panmure Gordon reiterates his Sell recommendation for the Costa, Brewers Fayre, Beefeater and Premier Inn operator