• Domino's

    Analysts’ verdict: Goodbody on the leisure shutdown


    With the pubs and restaurants now closed the remainder of the leisure sector saw further restrictions last night with collection and delivery now also being impacted.

  • News

    Goodbody on M&B, TRG, Marston’s


    Mitchells & Butlers, Restaurant Group and Marston’s all seeing a significant impact from COVID-19

  • News

    Morgan Stanley on M&B


    Jamie Rollo of Morgan Stanley gives his verdict on Mitchells & Butlers’ latest update. 

  • GettyImages-1149890156

    BDO: ‘The contagion into a deep recession will happen very quickly’


    Widescale job losses in the restaurant and bar industry will plunge the UK economy into a deep recession, BDO partner Peter Hemington has told MCA.

  • TRG Logo

    Goodbody on TRG


    Restaurant Group will report a Q4 trading update in late January. At this point last year RTN gave full year LFL’s for the group and total sales. We forecast FY LFL sales growth of -0.8% in the Legacy business with LFL sales growth of 8.8% for Wagamama UK (implying a group FY LFL of just above 2%). As a reminder group LFL growth was +3.7% in the first 34 weeks.

  • News

    Goodbody on Marston’s


    Management were quite open at their FY results a few weeks ago that it was disappointed with FY19 trading and would be working hard to remedy it in FY20. It will be interesting to see if they can deliver better YoY growth this Christmas particularly given its comp is easier ...

  • News

    Goodbody on Coffer Peach


    The Coffer Peach data for the key 6 week Christmas trading period was released this morning. Sector like for likes were up 2.5%. Both Pubs and Restaurants saw a good LFL trading performance with restaurants +2.3% and pubs +2.7%. Within this wet led pubs slightly outperformed food led. Total sales growth for the cohort was +5.4%. The tracker added a new data point for bars which saw strong growth of 3.9%. The director of Coffer Corp leisure noted that “there is a post election sense of optimism”. 

  • News

    Goodbody on Mitchells & Butlers


    Like for like sales growth for the first 14 weeks of the year to the 4th of January was +2.6% (versus our H1 expectation of c.2.2%) with food +3.0% and Drink +1.8%. Implies growth of +3.5% in the most recent 7 weeks (Food +4% & Drink +2.7%). Total sales growth for the 14 weeks is +2.6%. The festive period showed good LFL sales growth of +5.6% over the three weeks, with +6.5% growth across the 5 key festive days.

  • News

    Goodbody on Domino’s Q4 update


    We believe investors will begin to focus more keenly on the health of the core UK and ROI business given DOM’s decision to exit its International markets. For H219 we forecast +3.0% LFL sales growth ex-splits, and +1% incl splits, in the key UK division. At the Q3 stage UK LFL ex-splits was +3.0% (+1.4% incl splits) so we essentially expect a continuation of trends, although we would note the comp is more difficult in Q4 so the group will need a good finish to the year.

  • MARSTONS_Day_2_Jan_2019-1662_300dpi_CMYK

    J.P. Morgan Cazenove on Marston’s and M&B


    After strong outperformance in 2019, we are moving MARS and MAB to Neutral, from Overweight, as the current share prices have now “caught up” to reflect the fundamentals, in our estimation. MAB’s operational performance inflected during 2019, and MARS largely resolved fears around its leverage and dividend sustainability. In addition, ...

  • City Pub Co

    Berenberg on City Pub Group


    This morning, The City Pub Group (CPC) released a full-year trading update, noting that due to a series of largely one-off issues, 2019 earnings are expected to be modestly below prior expectations. While we only reduce our 2019 sales numbers by c1%, the impact of operational gearing means that our 2019 EPS forecasts come down by c12%. The impact on outer years is far more modest and we continue to believe in CPC’s expansion plans – so while we reduce our price target to 220p, we maintain our Buy rating.

  • Beefeater interior

    Goodbody on Whitbread


    Whitbread - Thoughts into Q3 update, any confirmation of improving trends important

  • Mitchells and Buttler Logo

    J.P. Morgan and Goodbody on Mitchells & Butlers


    Robust Q120 LFL represents comparison-adjusted acceleration

  • News

    Jamie Rollo on pubs under the new Government


    UK pubs have been relatively resilient over the past few years, with industry LfL sales running up around 1%. 

  • Just Eat 2

    Goodbody on Coffer Peach and 2020; Peel Hunt on Just Eat


    Goodbody says the UK restaurant sector is still facing the dual headwinds of chronic oversupply and cost inflation, while Peel Hunt say Prosus’ latest offer for Just Eat ”significantly increases deal certainty”. 

  • GettyImages-1153667868

    2019 – a year of rising input prices for food and drink


    Prestige Purchasing’s chairman David Read looks back on an expensive year for operators, and discusses the outlook for food and drink costs in 2020.

  • Cote exterior

    Focus on: French casual dining chains


    For a country associated with such a long established and fine cuisine tradition, it might be considered a little surprising that French food does not have a stronger restaurant chain presence in the UK, but perhaps the two elements of individual flair and multi-site brand consistency are indeed, polemically opposed.

  • GettyImages-fish and chips

    Spend up at dinner despite visit challenge for pubs


    Average spend at pubs during the dinner occasion has seen a strong increase, despite the challenge for operators to grow share of visits at this day-part, according to MCA’s latest Pub Brand Monitor.

  • GettyImages-508263822

    Wet-led pubs best placed to capitalise on demand for experiences


    Wet-led pubs are best placed to capitalise on the demand for experiences as the growth in online delivery and competition from home entertainment means consumers are looking for more on a night out, according to leisure analysts Peel Hunt.

  • Seven Dials Market

    Running the halls


    Lower rents for operators, more choice for customers – food halls are being heralded as a win-win model for the eating out sector, writes Tony Naylor.