Ocado (LON:OCDO) is reporting its interims on 9 July and there should be news of the new retail joint venture and progress with generating revenues from the company’s software and technology.
Ocado is moving from being an online food retailer to being a technology-focused business. This technology focus started more than one year ago, but it is becoming even more true. Shareholders agreed to the new 50/50 joint venture with Marks & Spencer at a general meeting back in May.
Marks & Spencer is paying a total of £750m for its 50% stake in Ocado.com. It is still early days but there shou...
Travel diaries: four days in Barcelona
I recently visited Barcelona and came to the conclusion that it’s the perfect holiday location because it truly offers everything. Located on the coast, a trip to Barcelona offers a city-break and beach holiday, proving popular for travellers who like a mixture of both. In addition to the city’s location, Barcelona’s rich culture, history and exquisite cuisine ranks it high up in many travellers’ top ten cities to visit list.
Short city breaks can often seam daunting and stressful rather than relaxing as we desperately try to squeeze in as much into our day as possible in order to see all of the city. From exploring all of the city to trying local cuisine, here is a breakdown of how I made the most of Barcelona in four days.
Day 1:
My flight from London Luton airport landed in Barcelona for 19.30 local time, which meant I only had the evening to explore. After jumping on the Aerobus, the quick shuttle that connects the airport to the city centre, I swiftly dropped my belongings off at my Airbnb and headed out for a bite to eat. I had a few different restaurants on my list which were recommended by friends and family who had also recently visited the city. The first of these was Set De Gòtic for tapas. Located just a few steps from the city’s famous La Rambla street, the restaurant offered a quiet and cosy contrast to the buzzing streets of Barcelona. After sampling what the tapas bar had to offer, I headed back to my Airbnb for a relaxing evening spent on my balcony to make sure I was well rested for the following day.Day 2:
My second day in the city consisted of a lot of walking. In the morning, I headed to Barcelona’s Gothic Quarter (Barri Gòtic) for a morning stroll. The narrow streets were packed with stylish bars and Catalan restaurants and home to some of the city’s most popular tourist attractions including the City Hall, the Palau de la Generalitat, the Cathedral and the Plaça del Rei. If you don’t fancy staring at a map all morning, I recommend joining a group walking tour and letting an expert lead the way. Lunch was spent in the Ciutadella Park where I ate some freshly bought Jamón Ibérico under the Spanish sun. Whilst walking to the park, I also stumbled across the Palau de la Música Catalana, and decided I would return to the building and enter it later on in my trip. My afternoon was spent walking up the large avenue Passeig de Gràcia, which is home to several of Gaudí’s architectural beauties such as Casa Milà and Casa Batlló. I headed to Park Güell in the early evening for golden hour. I recommend purchasing all tickets to famous attractions online before hand; Park Güell had run out of normal tickets which had left several tourists disappointed as they had been denied entry. Dinner was spent at La Fonda restaurant where I tried both the Seafood Paella and the Black Fideuà. The latter of these was particularly striking as the jet black dish included prawns, clams and squid in their own ink, served with aioli. I picked this restaurant for its friendly prices; seafood can be particularly expensive in the city, but La Fonda offered an authentic experience at a reasonable price.Day 3:
Having walked a total of 18 kilometres the day before and visiting most of the city’s main attractions, I decided to take the third day (and last full day) easy. The morning was spent re-visiting the Palau de la Música Catalana where I took part in a guided tour of the building. The tour included the chance to listen to a piece played from the concert hall’s organ and sample its perfect acoustics for myself. After grabbing lunch from the Mercado de La Boqueria, I headed to the coast for an afternoon spent soaking up the sun and relaxing on the beach – at this point I had come to the conclusion that the city really was the perfect location for anyone seeking a bit of both. In the evening, I headed back to Gaudí’s Casa Milà for a stunning sunset view of the city from its roof terrace before dining at L’Arrosseria Xàtiva. I had been recommended this restaurant for its strikingly different paella dishes, and it did not disappoint. My third day was rounded off by heading to a roof top bar that I had spotted whilst on the roof terrace of Casa Milà. Located on the 8th floor of Hotel Condes de Barcelona, Alaire Terrace Bar is a trendy and unique bar that overlooks the city and offers an al fresco aperitif during the day, relaxed dinner and cocktails.Day 4:
After checking out of my Airbnb, I headed to the last must-see part of Barcelona; La Sagrada Familia. Just like Park Güell, it’s important to pre-book tickets to enter the church as it is one of the busiest tourist destinations in the city. Standard entry tickets were completely sold out online for the week ahead, so it’s important to book as early as possible to avoid missing out. La Sagrada Familia occupied the majority of my day, and around 16.00 I jumped back onto the Aerobus and headed to the airport. There is still much of the city that I haven’t had the chance to explore and, like many who leave Barcelona, I can’t wait to return.Is Love Island really worth it for ITV2?
It’s summer in the UK which means Love Island, the reality TV show that involves young singles finding love, is back. If you’re not talking about it, or desperately trying to increase you Instagram followers to be considered a contestant, then you’re rolling your eyes and wondering what’s wrong with the world.
Whether you live for the nightly drama or are desperately gazing elsewhere, Love Island’s popularity is undeniable. For those of you who haven’t the faintest clue what I’m talking about, let me explain the concept of the show in a nutshell;
Hosted by Caroline Flack, young singles move in to a Majorca-based villa over the summer aiming to find love. They must couple up with each other and make it through a variety of challenges, relationship tests and public voting rounds, aiming to not get dumped from the villa. However, the two members of the last couple standing face one final test; split the £50,000 cash prize evenly, or decide to keep it all for themselves.
But the fortune doesn’t end there for the winners; upon leaving the island they will find themselves with thousands more followers on their social media platforms. Even the contestants who don’t come first are offered sponsorship deals and given a head start in commencing their careers as social influencers. The level of fame and exposure that they receive has the potential to make them millionaires.
The figures speak for themselves; last year’s final attracted ITV2’s biggest ever audience with 3.6 million viewers ready to watch the finale of the summer of love. Last year’s final, which ended the fourth series of the show, was the most watched programme in its slot across all channels and the most watched programme for 16-34 year-olds, with 1.6 million viewers falling under this category.
In fact, the figures for series four made Love Island the most watched programme on a digital channel ever amongst 16-34 year-olds, excluding the World Cup. So what is it about Love Island, and perhaps reality TV in general, that makes it so successful? The casting of “ordinary people” as protagonists allows the public to feel more connected and empathise with people that they consider to be similar to themselves.
Ironically, however, the reality of the reality TV show is that these contestants are far from ordinary people, and they often have a head start to fame before entering the villa; last year’s winner Dani Dyer is the daughter of English actor Danny Dyer and this year’s Tommy Fury is the British professional boxer Tyson Fury’s brother. Granted, not all of the contestants have famous family members, but many of them have at least done some kind of modelling in the past.
Figures and social engagement aside, we must not forget the controversies that the show has sparked in recent years. Love Island has amounted a huge amount of backlash regarding mental health, gender equality and self esteem – so is it really worth it for ITV?
The impact the show has on the mental health of its contestants has recently come under scrutiny following the suicides of two former contestants.
The suicides have sparked calls for the safeguard of the contestants’ mental health, in addition to demanding better provision of aftercare when they leave the show. Indeed, the rapid rise to fame in such a short period of time can be overwhelming and difficult for individuals who are not accustomed to being in the public eye.
In May, prior to this year’s season airing, ITV outlined the key changes it had made to the show’s duty of care process. This includes enhanced psychological support, more detailed conversations with potential contestants concerning the impact of their participation, bespoke training for contestants on how to manage their social media and finances and a proactive aftercare package.
And yet, the show’s impact on mental health is not limited to those who directly take part in the show, but also its viewers. One of the most obvious issues that arises from a show based on nothing but physical attraction is the consequences it has on the body confidence and self-esteem of its young viewers.
Love Island is among the television programmes that raise concerns for the Mental Health Foundation precisely because it targets younger audiences who most probably already experience some kind of anxiety concerning their body. An ITV spokesman may have claimed that this year’s Love Island contestants “come from a diverse range of backgrounds,” but there’s nothing diverse about their sexualised body types. When young viewers watch these individuals every night gain fame for their looks, they are bound to idolise the way the contestants look.
In addition to the questions concerning mental health are those surrounding gender equality. Questions asking whether the show promotes gender equality or rather, damages it, are at the forefront of the show. An incident this season between newly coupled up Maura Higgins and Tom Walker exemplifies the debate;
Maura, the 28-year-old ring girl who openly discusses sex on the show in such a way that breaks with traditional gender norms whereby women are shamed for discussing their sexuality, won a night alone with Tom away from the other contestants. However, because of her somewhat open attitude towards sex, she faced comments from her own partner, as well as other women in the villa, questioning whether she would have sex with him on their night away, or whether she was “all mouth”. Maura had to remind her fellow female contestants that she had only kissed him three times which, when coupled with her open discussions of sexuality, does not mean she is obliged to sleep with him.
After being dumped from the villa, Tom appeared on This Morning and, when asked about the incident, responded with “it was lad banter gone wrong.” Viewers had to watch every male contestant in the villa laugh at the situation, egg Tom on and even provide him with contraception. If anybody would like to see a visual representation of toxic masculinity, then this scene provides exactly that.
And yet, the same woman sexually assaulted a younger male contestant the week before when she repeatedly tried to kiss him against his will. Almost 500 people complained to Ofcom about Maura’s predatory behaviour towards Tommy Fury, who is eight years younger than her. Tommy had politely declined Maura’s attempts to kiss him, but Maura was nothing but persistent. Had the roles been reversed, then ITV would have most probably come under direct fire for publicising sexual harassment and the male contestant would have most likely been sanctioned and removed from the show.
With all the controversy surrounding the show, is Love Island really worth it for ITV2? Will it eventually become too much to handle for the television channel?
Shares in ITV plc (LON:ITV) were last trading at +0.32% as of 16:35 BST Friday.
Arc Minerals rallies after acquiring 5% interest in Zaco Ltd
After announcing the successful results from its Cheyeza East prospect and identifying West Lunga as a drilling target, copper, gold and cobalt mining company Arc Minerals (LON: ARC) continues its productive week by announcing a further 5% acquisition of Zaco Limited.
This announcement means that the Company now holds a 47.5% interest in Zaco.
Arc Minerals statement
On the update, the Company’s statement read,“Following the discovery of the large West Lunga target (as per the announcement dated 4 July 2019), Arc Minerals has purchased a further 5% interest in Zaco from Rémy Welschinger, a Non-Executive Director of Arc, for a total consideration of 1,414,000 New Ordinary Shares of no par value in the share capital of the Company (“New Ordinary Shares”).”
Executive Chairman of the Company, Nick von Schirnding, commented,“Following the exciting news of the West Lunga discovery we are keen to consolidate our interest in Zaco and we are pleased to have increased our interest in Zaco on the same commercial terms as the initial transaction.”
On yesterday’s positive news, the Arc Minerals Executive Chairman stated,
“These maiden drill results have exceeded all our expectations both in terms of grade and thickness. While we are still at an early stage in the drilling programme, these results are highly encouraging and we have now deployed two rigs to Cheyeza East. Importantly our third hole 200 meters south also shows significant mineralization.”Investor notes
The Company’s share price is up 7.05% or 0.26p to 3.99p a share since trading began 05/07/19 11:25 GMT. Elsewhere in the mining and minerals sector, recent updates have come from; Arc Minerals Ltd (LON: ARCM) Thor Mining PLC (LON: THR) Premier African Minerals (LON: PREM), Pathfinder Minerals (LON: PFP), AfriTin Mining Ltd (LON: ATM), Ferrexpo Plc (LON: FXPO) and Altus Strategies Plc (LON: ALS).Ashley House profits postponed by legal processes
Housing and Health property partner Ashley House Plc (LON: ASH) have posted a second trading update within a short space of time, adding a caveat to some of the results and payment of profits displayed in the previous update.
The Company stated that due to delayed legal processes, the profits of three Morgan Ashley extra care schemes would be delayed until the next year end June 30 2020. Ashley House added that the first of the three schemes’ legal processes had been finalised and the agreements would provide a strong start to the year.
Ashley House statement
The group’s statement read as follows,“Further to the Trading Update of 25th June, the Company advises that due to delays in the final legal processes, the three Morgan Ashley extra care schemes mentioned in that update did not reach financial close prior to the end of the Company’s financial period to 30 June 2019. As a result the related profit from these schemes will fall into the year to 30 June 2020.”
“As reported this means that whilst the Company is likely to be profitable in the second part of the fourteen month period to 30 June 2019, it will show a loss for the full period. However, the Company is pleased to advise that the first of the three extra care schemes is all agreed, awaiting signature from the parties. In addition, for the further two schemes (one transaction) the complex legal documentation is almost agreed and the schemes are expected to reach financial close in the near future. Together, the Directors believe that these schemes will provide a strong start to the year to 30 June 2020.”
Investor notes
The Company’s shares are up 0.97% or 0.08p to 8.33p a share 05/07/19 08:15 GMT. Elsewhere in property development and estate agency news, there have been updates from; Persimmon plc (LON: PSN), McKay Securities plc (LON: MCKS), MJ Gleeson PLC (LON: GLE), Somero Enterprises Inc (LON: SOM), Bovis Homes Group plc (LON:BVS) and Telford Homes plc (LON: TEF).John Menzies shares dip on profit warning
Aviation services Company John Menzies plc (LON: MNZS) has seen its share price dip following its latest trade update, which enclosed that the Company were expecting reduced earning on-year.
John Menzies said that the reduced earnings reflected what had been a challenging period for the aviation industry, with their business particularly hampered by weak cargo volumes and flight schedule reductions.
The Company noted that they are in the process of undertaking mitigative action in the form of cost rationalisation, which they hope will save at least £10 million by 2020.
John Menzies comments
In its statement, the Company said the following,“Overall the Board believes that the medium and long term fundamentals of, and prospects for, the business are sound and remain confident that the actions being taken in the current year underpin the Board’s expectations for 2020.”
Company Chief Executive Officer, Giles Wilson, then attached these comments to the update,
“The overall aviation market is having a difficult year. This inevitably is having an impact on our full year outturn. However, I firmly believe in the structural growth dynamics within our industry and all historical data points to recovery.”
“Accordingly, I believe we remain well placed to prosper. Since my appointment I have taken a number of actions to right size the business, we have also restructured our commercial teams to ensure we are ready to seize opportunities as they present themselves.”
“We have a great, motivated team and I look forward with confidence.”
Investor notes
The Company’s shares have fallen 14.15% or 64.8p to 393.2p a share during morning trading on Friday 05/07/19 10:18 GMT. Analysts from Shore Capital, Peel Hunt and Berenberg all reiterated their respective ‘Buy’ stances on John Menzies stock. Elsewhere in aviation, there have been updates from; Wizz Air (LON: WIZZ), Thomas Cook (LON:TCG) and Ryanair Holdings Plc (LON:RYA).Acacia Mining sees jump in mineral resources on-year
Tanzania-based gold mining company Acacia Mining PLC (LON: ACA) has posted a positive mineral resources update for its Gokona Mine venture at North Mara.
As of May 2019, mineral reserves were up 13% compared to the year’s end 2018. Up from 1.117 million ounces of gold at 5.6g/t to 1.257 million ounces of gold at 5.5g/t. This was driven by drilling at the Company’s Gokona prospect in Q4 2018 and Q1 2019, though this was offest by mining depletion and a, “conservative change in assumptions for crown pillar stope recovery.”
Further, measured and indicated resources increased by 63% on-year, from 75,000 at 3.3g/t to 122Koz at 3.6g/t. Likewise inferred mineral resources of gold increased 65% from 515Koz at 6.5g/t to 849Koz at 5.4g/t.
These results and projections are despite the fact 76Koz of gold have been mined in the intervening period, but are absed on an increase in drill density and the Company’s confidence in the deeper parts of the deposit.
Acacia Minerals comments
Within the update, the Company enclosed the following details, “The Mineral Reserve and Resource upgrade follows the ongoing drilling programme which is taking place at the Gokona underground mine and has confirmed the predicted extensions of the orebody. In particular, an additional 95 drill holes totalling 32,463 metres have been incorporated into the updated Gokona Mineral Resource Model with the additional underground drilling information increasing the Gokona Mineral Reserves by 286Koz of gold; offset by mining depletion of 76Koz of gold and a conservative reduction in assumed crown pillar recovery of 71Koz of gold. New mining designs and a revised life of mine (LOM) plan have been created using this model which supports the update to the Mineral Reserve Statement.” “The Nyabirama Open Pit experienced some slope stability issues during Q1 2019 which led to a redesign of the open pit. The current work indicates that, aside from depletion, there will likely be a further 70Koz to 130Koz decrease in open pit Mineral Reserves. An updated open pit design is in the process of being produced and the statement will be updated as soon as the work is completed.” “Acacia plans to continue underground diamond drilling at Gokona and this is expected to further increase confidence in the continuity of the mineralisation of the deposit with the potential for further additions to inventory in the Lower West and Lower East, as well as in the Deep East in the year-end 2019 Mineral Reserve and Resource. Accordingly, Acacia expects to provide a further update to its Mineral Reserves and Mineral Resources as soon as finalised.”Investor notes
Since markets opened, the Company’s rallied 0.98% or 1.7p in the first hour of trading on Friday, up to 175.4p a share. Analysts from Barclays Capital recently reiterated their ‘Overweight’ stance on Acacia Mining stock, while the last update from Peel Hunt saw them reiterate their ‘Buy’ rating. Elsewhere in the mining and minerals sector, recent updates have come from; Arc Minerals Ltd (LON: ARCM), Thor Mining PLC (LON: THR) Premier African Minerals (LON: PREM), Pathfinder Minerals (LON: PFP), AfriTin Mining Ltd (LON: ATM), Ferrexpo Plc (LON: FXPO) and Altus Strategies Plc (LON: ALS)Persimmon suffers public backlash and H1 revenues down
British housebuilding company Persimmon plc (LON: PSN) posted a trading update ahead of the release of the official release of its results for H1 in August. This round of results displayed consistent performance, with modest increases in average house prices within their portfolio, while their legal completion volume and overall revenues both dipped slightly.
Persimmon have faced criticism from media outlets and angry members of the public on social media. This followed what the Company lauded as a campaign to increase customer satisfaction, which many have boiled down to the hijacking of online complaint forums and blanket censorship.
https://platform.twitter.com/widgets.js The Company’s total revenues were down from £1.836 billion to £1.754 billion on-year, for the first half. Housing revenues were also down 5.6% for H1 2019, finishing at £1.645 billion, compared to £1.742 billion the year before. Further, new housing completion volumes were down by 488, from 8,072 to 7,584 and the value of total forward sales fell marginally from £1.680 billion to £1.622 billion. On a more optimistic note, the average selling price of properties in the Company’s portfolio rose from £215,813 to £216,950.Persimmon’s latest ploy to recover its reputation – destroy years’ of public complaints by taking over the biggest customer complaints group about its homes on Facebook https://t.co/zkW78s38IW
— Louisa Clarence-Smith (@LouisaClarence) June 29, 2019
Persimmon comments
On the update, Company Chief Executive, Dave Jenkinson, said, “I am pleased that there are some clear early signs that our focus on increasing the quality and service delivered to our customers is beginning to bear fruit, with some encouraging improvements being made right across the business. Although we are still in the early days of our improvement plans our customer satisfaction rating, as measured by the HBF, has increased during the period.”“Our progress on customer service shows that Persimmon is listening carefully to all stakeholders and making the changes needed to position the business for the future, while maintaining a robust trading performance. We enter the second half with our build programme well progressed, healthy rates of sale on site and an encouraging forward sales position. I look forward to giving further details of our progress at the interim results in August.”
Investor notes
The Company’s shares are down 0.81% or 16p to 1,971.5p a share 04/07/19 15:40 GMT. UBS and Liberum Capital analysts reiterated ‘Buy’ stances, while Shore Capital and Peel Hunt reiterated their ‘Hold’ ratings on Persimmon stock. Elsewhere in property development and estate agency news, there have been updates from; McKay Securities plc (LON: MCKS), MJ Gleeson PLC (LON: GLE), Somero Enterprises Inc (LON: SOM), Bovis Homes Group plc (LON:BVS) and Telford Homes plc (LON: TEF).McKay Securities updates on contracts, refurbishments and tenancies
Real Estate Investment Trust company McKay Securities plc (LON: MCKS) have posted their annual results, listing a series of positive if not necessarily groundbreaking updates.
Comments from Company CEO Simon Perkins make up the bulk of the update.
“Since the year end, we have made good progress with our active programme of portfolio refurbishment and development schemes, maintaining our focus on the office, industrial and logistics sectors of London and the South East. Completion of these schemes will enhance our ability to deliver further income growth from unlocking our significant 24.3% (£6.6 million pa) portfolio reversion,” the Company CEO stated.
He continues, “Having derisked the office development programme with lettings last year, the resulting valuation gains enabled us to increase our banking facilities by £55 million shortly after the year end. This has provided additional headroom for acquisitions and future portfolio projects, which will also contribute to future earnings growth.”
“Market conditions remain generally as reported in our year end statement issued on the 20th May 2019. Occupational demand in the South East office sector, which accounts for 54% of our portfolio (by value), has proved resilient despite the continuing political uncertainty. Once a Brexit conclusion is reached, stronger economic activity and limited supply, now at a 10 year low, should support rental value growth in this market sector.”
“The South East industrial and logistics sector (16% of the portfolio) has continued to benefit from rental growth, albeit at a slower pace, with limited supply also constraining occupier choice. These remain positive market conditions for the speculative development of our distribution warehouse at Theale Logistics Park, referred to below.”
“Investment volumes in our markets are down compared to this time last year, due primarily to the extended Brexit programme. Buyers are exercising caution in view of uncertainty over the outcome, and sales are generally on hold for the same reason.”
Other updates issued by McKay Securities include; progress on refurbishments of portfolio properties, contracts exchanged for the freehold disposal of Station Plaza for £8.23 million, four lettings with a combined rent of £0.15 million and strong tenant retention of 78%.The Company’s shares are currently trading up 2.17% or 5p to 235p a share. Analysts from Peel Hunt reiterated their ‘Add’ stance on McKay Securities stock.
Elsewhere in property development and estate agency news, there have been updates from; MJ Gleeson PLC (LON: GLE), Somero Enterprises Inc (LON: SOM), Bovis Homes Group plc (LON:BVS) and Telford Homes plc (LON: TEF).
