London Report: Recovery looks on track in busy reporting week November 3, 2013 SERVICES figures due out this week, plus the latest updates on industrial and manufacturing production, look set to show continued recovery for the British economy. “September’s industrial production figures are likely to show that overall output partially recovered from its surprise 1.1 per cent monthly fall in August,” said Martin Beck, of Capital Economics. “Manufacturing [...]
JD Wetherspoon slams government’s tax policy as pub chain’s profits suffer October 16, 2013 THE chairman of pub chain JD Wetherspoon yesterday hit out at what he called excessive and unfair government taxes on pubs yesterday. “We believe that pubs are taxed excessively and that the government would create more jobs and receive higher levels of overall revenue, if it were to create tax parity among supermarkets, pubs and [...]
JD Wetherspoon slams unsustainable taxes on pub sector October 16, 2013 JD Wetherspoon's 2013 annual report has shown pre-tax profits fall by three per cent to £57.1m in the 52 weeks ended 28 July as it warns that heavy taxation threatens the pub sector. There was some good news for shareholders with earnings per share, before exceptional items, increasing 12.6 per cent, along with revenue growth [...]
Wetherspoons hit by rising tax bill as it expects “reasonable outcome” this year September 13, 2013 Wetherspoons chairman Tim Martin has slammed the "far higher taxes" imposed on pubs than on supermarkets in a comment on the chain's results today. Already, 10,000 pubs have closed and many others are suffering, through insufficient investment. In particular, there should be VAT equality for pubs, restaurants and supermarkets. Wetherspoon, along with many other pub [...]
Best of the Brokers for 09 September 2013 September 8, 2013 To appear in Best of the Brokers, email your research to notes@cityam.com JD WETHERSPOON Panmure Gordon has reiterated its “buy” rating and target price of 806p for Wetherspoons, which is due to report its full-year results on Friday. The broker expects the pub chain to report a “solid” two per cent growth in like-for-like sales [...]
London Report: UK retailers set to reveal if tills ringing again September 8, 2013 RETAILERS are set to reveal this week how big an impact the UK recovery is making as consumers return the shops. Reports from Dunelm, Home Retail, Morrisons, Next, Ocado and Sports Direct will show how confident buyers are in the improving economy. Ocado, which will update the market on Thursday, was rated a “buy” by [...]
Beer shortage threatened by union walkout September 5, 2013 DRINKERS could be left without their post-work pint next Wednesday, after union barons yesterday announced plans to disrupt beer deliveries in a dispute over pay and conditions. Unite, Britain’s biggest trade union, said supplies to 30,000 drinking establishments would be affected when employees of distributors KNDL walk out for 24 hours. Draymen and warehouse workers believe that [...]
Best of the Brokers for 31 July 2013 July 30, 2013 JD WETHERSPOON Deutsche Bank has maintained its “hold” rating on the value pub chain but raised its target price from 520p to 660p after better than expected final-quarter figures. The analyst notes improved sales with cautious optimism, although performance has been volatile, with 14 forecast changes in three years. GEM DIAMONDS Charles Stanley has reiterated [...]
Wetherspoons more bullish as UK pub-goers’ mood improves July 24, 2013 JD WETHERSPOON raised its profit forecast yesterday and said it plans to accelerate pub openings thanks to a recovery in margins and a more upbeat mood among customers. The pub chain’s 800 pubs have helped cash-strapped consumers ride out the downturn with promotions like curry clubs and “beer and a burger” bargains. Like-for-like sales rose [...]
Wetherspoons expects better outcome for the year as sales rise in second quarter July 24, 2013 Pub chain Wetherspoons has seen total sales rise by 6.2 per cent in the 11 weeks to 14 July, with like-for-like sales up 3.5 per cent (release). The firm has opened 29 firms since the start of the financial year, and sold three, with plans to open around 30 in the next financial year. The [...]