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Not great H1 numbers. Despite a good revenue increase, due to new bar openings, like for like down 10%.
Short on cash and now high borrowing charges mean some way from being profitable - EBITDA a bit meaningless when a company has high borrowing costs.
Whilst i'm sure train strikes have had an impact there are clearly bigger issues. WFH cannot be helping these city centre locations in midweek.
What a great idea. Happening now in Sheffield and Nottingham they said.
Day Fever Clubs for Afternoon Partying. Will likely catch on in London too, if not already !
should be a good buy for recovery & they did have a write up in citya.m. that sounded promising.
have also included some market details.
market cap £11.98 million. shares in issue:217.88 million.
revenue reached £9.2m in december. back in june they bought the dirty martini chain.
near to 50 sites are owned across the uk. ****tails seem to be very popular.
the ex dragon's den star sarah willingham owns this company. '' we expect to see the benefits of the integration and the synergies during the coming year from the transformation of our management team and improving our systems.
That being said , this could well get back to 15p by this time next year. The on-trade will do much better in 2024 so i would expect good financial updates over the course of the year. Especially around June/ July
I work in the drinks industry just for context
Rum will make a resurgence in the coming 2 years. Already is to a certain extent. Diageo recently bought Don Papa and will be plowing a lot of money into it as they predict that sector to grow.
Red Leg Spiced will be positioned to do well again in my opinion. Gin on the other hand is completely on a downcycle.
I wont be investing but will spectate on this one.
GLA
Only came across this share today after reading the trading update but it seems a decent one after what seems to be years of pain. Not sure what the long termers think of it?
Revolution Bars are closing 8 of their branches:
https://www.morningstar.co.uk/uk/news/AN_1704449734419230900/revolution-bars-plunges-amid-closure-of-eight-bars-softer-trading.aspx
Watford wasn't the first mis-step for the underpowered NGHT management team. Adverse economic conditions and train strikes can only be blamed for so long. Unimpressive.
They need to explain how they got it so wrong with Watford. Opened in Sep 22-closed “pause in trading” June 23. 500k wiped out. They talk about a much more favourable environment re rents so I assume when they go into a new location it’s with much lower overheads to make it work… this was a huge miss and a red flag for if they’re disciplined enough to execute their roll out strategy. Great concept, but need to ensure strong negotiating skills to ensure new locations are profitable
Yes, we did have a hot Sept, but only for 1 week at the beginning, not the whole month.
Also, the WFH on Friday is being used regularly now too.
Watch out for the train strike excuse in Dec although it will actually only impact 1 of the weekends in the lead up to xmas.
"Trading in the first 13 weeks of the new financial year to October was “adversely impacted” by September’s record warm weather"
What, like the warm weather that spiked UK Cider sales in the same period? What a laughable statement.
I agree. The Nightcap brand of bars target a younger crowd the majority of which live at home and are not exposed to increased mortgages costs. They still have their disposable income.
* Executive
I have to say that today's statement from the Chief Executive's reads well having had a quick scan this morning.
Interesting to learn that almost half of the sales come from pre-booked events/parties. Very good to read about their strong focus on training and investment in technology to manage/understand the customer.
It will still be a tough task to pull this all together and generate cash long term with all the challenges that exist in this sector, but the signs look promising based on their strategy which seems very clearly understood.
Hard to imagine there is much room left to crash further 😂
You have to laugh or we’ll cry
There's been practically no figures presented for 2023 at all.
Investors are flying blind hoping we're not going to crash.
Where are the half year results????
The full year is over in 6 weeks and no sign or mention in the recent rns
I sold out weeks ago. The CEO seems more interested in developing her IG following for her lifestyle and travel aspirations, than rolling up their sleeves here. Yesterday's announcement was head-scratching. GL to all who remain, IF it succeeds it will be down to individual brand teams IMHO and not the directors here.
...awaiting the forthcoming FY23 results announcement and update on trading before committing further here. I suspect that recent interest rate increases will be making quite an impact on what is already a precarious bottom line. Can this bar concept be run in a profitable way long term? In my heart I'd like to believe it can but I don't know in practice. Keeping things fresh and up to a good standard costs a lot of money.
It is a little bit too quiet for me, share price has been drifting lower and lower, no director buys, no trading updates
Starting to think I should have sold out back in Feb
We should see final results in November. Last year they were out on 10th of November.
Next trading update probably around 11 January 2024. Will be interesting to see how this Christmas performs.
YE trading update hidden at the bottom of the Dirty Martini RNS in July - appears with EBITDA lower than expected it's essentially a profit warning.
Trading update
Whilst the cost-of-living crisis has affected the entire hospitality industry, as indicated in Nightcap's previous updates, the influence of train strikes has been the main source of disruption to the Group's trading in the 52-week period ending 2 July 2023 ("FY 2023"). Recovering the lost revenues and EBITDA from the significant level of train strikes held across the UK, particularly during the key 2022 Christmas trading weeks, has proved a particular challenge. Management currently estimates that the 28 train strike days over FY 2023 have cost the Group a total of approximately £2.9 million in revenue and £1.9 million in EBITDA. In relation to FY 2023, the Board currently expects to report revenues that are broadly in line with current market expectations, with adjusted EBITDA* expected to be below current market expectations.
Re xmas trading 2023 i note that RBG mentioned in their RNS yesterday that bookings for this period are up 25% on this time last year, so hopefully Nightcap will have seen a similar increase.
Just need these train strikes to get resolved as that must be hurting, on top of all the other cost of living challenges.