After five years of beating or meeting City expectations, the world’s biggest seller of posh tonic water issued a profit downgrade yesterday — and its stock fizzed 8% higher (The Times £). Fevertree Drinks warned its annual revenue would be lower than expected, blaming weaker demand for its premium tonics in the UK, as consumers rein in spending (The Financial Times £). The drinks company Fever-Tree has said a slowdown in consumer spending has hit UK retail sales of its popular mixers (The Guardian). Tonic maker Fever-Tree has lost a bit of its fizz as it cut its sales expectations for the year, blaming a slowdown in consumer spending in the UK (The Daily Mail). Fever-Tree has cut its full-year revenue forecasts, blaming the consumer spending slowdown in the UK (Sky News). Premium tonic maker Fever-Tree will no longer produce “shooting the lights out growth” after the company blamed weak consumer retail spending for a significant slowdown in its UK business, forcing it to cut sales targets for the year (The Telegraph).
Fevertree is taking on a different flavour: at this rate, the UK will account for less than 50% of sales in 2020 and only 44% in 2021. If it can maintain its margin as it expands overseas, it shares will retain their appeal. Especially for those who don’t like too much gin in the recipe. (The Financial Times £)
Jill McDonald, the woman sacked for presiding over the “jeansgate” affair at Marks & Spencer has resurfaced as the new chief executive of Costa Coffee (The Times £). The former Marks & Spencer high-flyer who was sacked after the ‘jeansgate’ fiasco has found a new job as chief executive of Costa Coffee (The Daily Mail). Costa, which was bought by Coca-Cola for £3.9bn last year, announced on Wednesday that Ms McDonald will replace current boss Dominic Paul at the end of the month (Sky News).
Kate Swann may have flown the nest, but SSP continues to generate plenty of cash, enabling its new boss to unveil the return of a further £100 million to shareholders alongside its full-year results. (The Times £)
Mitchells & Butlers, the pub chain behind the All Bar One and Harvester brands, has grown its estate and revenues despite the ongoing contraction of the casual dining market (The Financial Times £). Joe Lewis’s ownership of Tottenham Hotspur may have hit a rough patch, but his 27% stake in Mitchells & Butlers is looking increasingly like a Premier League-winning investment (The Times £). A recent revamp of hundreds of its pubs and a simplification of the booking process has helped pub giant Mitchells & Butlers increase sales and profits in spite of a ‘challenging market’ and rising costs (The Daily Mail).
Takeaway curry and pizza have long been a staple of British life - but now even Sunday roast dinners are up for delivery. Toby Carvery started offering take-outs earlier this year and has seen a surge in sales as a result. (The Telegraph)
Impossible Foods plans to enter the world’s largest meat market with plant-based pork. Beyond Meat plans to start production in Asia late next year. China’s meat producers have started launching their own alternative meat. Shares have soared. But all are gambling on untested demand. (The Financial Times £)
This year’s best mince pies are from Marks & Spencer, according to baking experts at Which?, with Iceland the much cheaper runner-up. (The Guardian)
No comments yet