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Wetherspoon Savages Mandelson and Cameron
Wetherspoon (JD) JDR Tim Martin devotes most of todays update to a withering attack on Christine La Garde, Cameron, Carney and all the others involved in the fear and terror propaganda machine known as Remain.
First the boring bits. For the 11 weeks to 10th July Wetherspoons like for like sales rose by 4% and for the 50 weeks to 10th July they were up by 3.4%. total sales for the 50 weeks rose by 5%.
As for the company’s outlook he says; Wetherspoon trade strengthened slightly in recent weeks and we consequently anticipate a modestly improved outcome for this financial year. Caution should be exercised in extrapolating current levels of sales growth for future years.” And then comes the killer thrust.
“Unbeknown to most voters, one of the “architects” of the Remain campaign, which devised the above approach, was Peter Mandelson (“How the struggle for Europe was lost”, Peter Mandelson, Financial Times, 2 July), who worked closely with Cameron, Osborne and others.
“In my opinion, the above individuals and organisations are either dishonest, or they have a poor understanding of economics, since democracy and prosperity are closely linked and the EU is clearly undemocratic. By voting to restore democracy in the UK, I believe the UK’s economic prospects will improve, although it is quite possible that the unprecedented and irresponsible doom-mongering, outlined above, may lead to some kind of slowdown.
Barratt Developments BDEV proclaims another strong performance for the year to 30th June with profit before tax expected to show a rise of 20%, after a 5.3% rise in completions and another huge rise of 10.6% in average selling prices. Not surprisingly Barratt remains supportive of governments schemes designed to ensure that housebuilders can continue to benefit from strong demand and inflation beating price rises.
Burberry BRBY continues to suffer from falling sales even in its most important markets, as it tries, so far without much signs of success, to position itself for long term growth in the midst of a challenging external environment. In the three months to the 30th June, Asia Pacific and Hong Kong, where it once rode so high, saw a double digit % decline in like for like sales whilst Continental Europe was depressed and saw a similar fall in sales to travelling luxury customers.The UK on the other hand did deliver mid, single digit % growth. Caution is also expressed about the outlook for wholesale sales since May and expects that the 6 months to the end of September will produce a fall of 10%.
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Unexpected Lifeline for Tesco (TSCO) & Morrisons (MRW)
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