Heineken (HEIA)

Index:

AEX Index

  93.96
   
  • Change Today:
     -0.14
  • 52 Week High:  104.90
  • 52 Week Low:  82.18
  • Currency: Euro
  • Shares Issued: 563.45m
  • Volume: 339,058
  • Market Cap:  52,942m
  • Beta: 0.42

Pubs face beer shortage before World Cup as delivery drivers ballot for action

By Frank Prenesti

Date: Tuesday 18 Oct 2022

LONDON (ShareCast) - (Sharecast News) - Football fans face the prospect of beer shortages ahead of the football World Cup next month as delivery drivers at a key firm ballot for strike action over pay and job cuts.
The Unite union said around 1,000 drivers at GXO Logistics, which makes around 40% of UK deliveries, plan to stage a first round of strikes between October 31 and November 4 at depots across the UK.

It added that the strike would "impede the ability of pubs and other venues to replenish their cellars prior to the World Cup". It warned of further action closer to kick-off of the event in Qatar on November 20 if the dispute was not resolved.

Action will affect pubs and venues supplied by brewers including Heineken, Stonegate, Admiral Taverns and Shepherd Neame.

GXO delivers to about 4,500 pubs in London and south-east England and has a network of 22 depots from Inverness to Southampton where rolling strike action will take place. A ban on overtime working will come into force from October 24.

The US-based firm reported $777m (£690m) in revenues from its UK operations in the three months to the end of June, more than a third of its $2.2bn global revenues for the quarter. Total adjusted core earnings hit $176m for the period, up from $150m.

UK workers rejected a 5% pay offer, in a deal that included a reduction in sick pay, Unite said.

"Once again, a company that is making hundreds of millions in profits is asking workers to take a pay cut. And GXO goes even further. They want to cut sick pay too. This is a shocking way to treat your workforce," said Unite general secretary Sharon Graham.

"GXO can easily afford to pay and Unite is determined to see that they do."

The dispute with management also involves plans to close the GXO depot in Dagenham, Essex, which will result in job cuts and an increase in the workload for drivers at its Croydon, Faversham and Greenford sites.

Reporting by Frank Prenesti for Sharecast.com

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Heineken Market Data

Currency Euro
Share Price   93.96
Change Today   -0.14
% Change -0.15 %
52 Week High  104.90
52 Week Low  82.18
Volume 339,058
Shares Issued 563.45m
Market Cap  52,942m
Beta 0.42

What The Brokers Say

Strong Buy 7
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Neutral 7
Sell 1
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Total 21
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