The IPO prospectus that gives you a new definition of clubbing January 22, 2014 Magnum, a chain of three Hong Kong nightclubs, is launching an initial public offering tomorrow. Obviously, briefing prospective investors beforehand is, as with any business, paramount, and Magnum has left no stone unturned in its prospectus. The document includes a definition of nightclubs, highlights the popularity of the Jagerbomb and describes how, on occasion, [...]
Best of the Brokers for 14 November 2013 November 13, 2013 BSKYB Westhouse has given the TV group a good reception, raising its rating from “neutral” to “buy” and sticking to its 985p target. Despite the loss of Champion’s League rights, BSkyB still has strong content and attractive growth, the broker reckons. FULLER, SMITH & TURNER Numis tells investors to “add” shares in the pub chain and [...]
Punch Taverns moves towards restructuring after profit drops September 25, 2013 PUB company Punch Taverns said yesterday full-year profit fell by almost a quarter, and that the firm could kick off a restructuring plan later this year. Pre-tax profit for the year to 17 August fell 23 per cent to £49m after it reduced the size of its estate. Revenues fell seven per cent to £458m. [...]
Advertising group joins Twitter’s growing flock September 10, 2013 TWITTER has bought the mobile advertising exchange MoPub in what is widely seen as another move towards its initial public offering (IPO) expected early next year. MoPub is a mobile-focused advertising exchange with a stated goal of “enabling the development of a new ads economy in mobile”. “The big issue for an IPO is if [...]
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 [...]
Why raising the minimum wage is not the best way to help Britain’s poorest January 8, 2014 IT IS widely rumoured that the government is moving towards a commitment to increase the national minimum wage (NMW) well above levels suggested by the – usually fairly sensible – Low Pay Commission. This may be good news for some workers, but I’m not convinced that it is sensible policy. Temporarily recognising the constraints on [...]
City’s Christmas parties have lost their sparkle December 18, 2013 NO ONE could deny Christmas is in full swing – drunken revellers are falling out of pubs in festive onesies, the Tube has a whiff of Baileys, and Boots has all but sold out of Alka-Seltzer. But for the City, Christmas isn’t the same as it used to be – extravagance is outlawed and the parties, [...]
Analyst Views: What do you make of JD Wetherspoon’s interim management statement? November 6, 2013 JAMES HOLLINS | INVESTEC“Wetherspoon has delivered strong like-for-like performance and increased its targeted estate expansion for 2014. Wetherspoon, despite a rise in our maintenance capex estimates to reflect a facilities upgrade programme, is forecast to drive a free cash flow yield of 8.7 per cent this year. NICK BATRAM | PEEL HUNT“Top-line growth was better [...]
Best of the Brokers for 04 November 2013 November 3, 2013 To appear in Best of the Brokers, email your research to notes@cityam.com G4S Numis has an “add” rating on the outsourcing giant and a target price of 300p ahead of an investor day tomorrow. The broker expects the firm to set out a rejuvenated set of best practices alongside a two to three per cent [...]
City Boy at Large: Can a booze-free spa break convert our cynical urbanite? March 2, 2014 He may be more at home in the Emirates Stadium but the Bedford Lodge gives our reporter a well needed break WHEN someone says “spa”, my initial word association-style reaction is to think of the Belgian Grand Prix. The Circuit de Spa-Francorchamps, to give it its full name, is a favourite on the Formula One [...]