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Yes fair point Hexam; I knew pubs in the portfolio - good to be reminded how many - all the same not a pure play pub company. It’s kinda a bit of everything. I think pubs might suffer over next year : pints just too expensive. I’ve not been to an rtn pub tho

What are the comparables for restaurant group. It’s not a pub chain. Mainly a Wagamama restaurant. Affordable. I guess it’s Nando’s…. Trying to build a big sense of what’s going on in decent chain restaurants. Thanks

I’m thinking:
- no more exceptionals / cut on investment
- big margin uplift consequent to $ swing.
- 2-3 big wins for ingenuity.
- slight +ve cashflow in ‘23
- premium listing
- bid for beauty from US
- ingenuity hook-up with QIA firms
- end of war (so awful)

Hope this helps bottom line. However I would have preferred THG to place product in higher end (read more margin) outlets eg Waitrose / M&S. i guess benefit with Iceland is it’s a good testing bed, relatively high volume : lots of data to be accrued.

To think this was bouncing around 200p Christmas last year … has there really been at 75% decline in the underlying value of THG?

I’m not as optimistic. Though would like to be wrong.

Is what again? Late December.

Having said all below. It dawned on me that demand for dining could quickly evaporate. And I’m caught between Waga being an affordable luxury (enjoyed as times are tough e.g. in lieu of bigger luxuries, holidays etc) and an excess. But mid market whats the competition? Nando’s? Pizza Express?

MM - as it stands - is the CEO of a listed business. His duty is to act in interest of it and all shareholders - not his own buy-out ideas. CA is their as Chair to both hold MM to account and steward him to a +ve future for THG. MM would do well to move a little toward providing transparency and communicating with the market in a way that enables them to understand THG. As I type becoming annoyed that CA has not enforced this.

I think it’s the amount of debt and it being due soon that is suppressing SP. Unclear how HMSO covers this unless it makes sales soon : tho it could sell assets with benefit of planning consent for other uses. I should have sold at 40.

Tho service since has been a bit naff. Kitchen doing great but only about half the waiting staff actually ‘on it’ the other half kinda walking around aimlessly (do look like kids tho) shame as they can’t sit people quickly enough.

Thanks Spades.
Camden Town rammed.
It is 7pm on Sat night however.
Interesting they are doubling up on staff tho.
Two take you to table -&- if ready one immediately takes an order as the other checks on those near you.

At okehurst : yes CA buys helpful and bode well -but- a strategy update would be welcome and not unreasonable; esp as CA top quality Chair. FWIW I’m going to share sentiment with THG IR

Would be welcome on:
- Chair’s strategic review.
- release of golden share / listing.
- BU P&L’s.
- transition from loss-making + growth to profit.

A straight forward update on above would do wonders for confidence in THG and MM. And given SP movements it’s not unreasonable to expect.

So what….

It’s wasn’t MM that sold shares to QIA rather Softbank. MM could have bought the entire quantum; equally SoftBank could have sold on open market. I think QIA will simply sit and wait. The luxury of being an oil producer.

I don’t sense update will have much of an effect (if it does likely to be positive). My sense is thg will confirm it’s been a challenging trading period : hopefully margins have improved but I would guess volumes down. What I really hope for is update on governance (unlikely as it’s a trading update) and transparency on BU income streams (fingers crossed).

I’ve asked…

Thank you Spade. I would imagine taking the impairment is prudent and a positive in that it’s effectively taken it out of ‘23 / ‘24 now. But there isn’t much detail. I might ask investor relations.

Interim results (Sept ‘22) stated the following on impairment. Anyone able to add colour on how impairment on certain assets works (are they discounting future revenues and so value of asset that generates them in light of their inflation / economy expectations). Sorry for ignorance but help welcome.

Exceptional items

An exceptional pre-tax charge of £42.4m has been recorded in the period (2021: £18.1m). The key driver of this charge has been the impairment of certain assets due to the near-term inflationary pressures and economic outlook reducing management's expectations for 2023 and 2024. An impairment charge of £45.4m has been provided in the period (2021: £1.3m).