Market Prognosis

A concise summary of the major macro events of the past 24 hours, and selected UK company-specific news.

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April 10, 2024

UK company updates trend inline

Macro

Yesterday, modest reversals in oil prices and bond yields boosted equity markets ahead of critical US inflation data later today.

UK Companies

Churchill China reported flat revenues in a challenging environment while profits were up 12.4% and a dividend increase of 19%. It said that Q1 trading was in line with expectations, and its quality, differentiated product with a service level unmatched put it in a solid position to take advantage of a market recovering from current weakness, which it expects in the second half of 2024

Speedy Hire updated that its FY outturn would be towards the lower end of expectations. However, it has increased confidence in its strategic actions and self-help measures.  

M&C Saatchi reported revenue down 2%, with H2 profit growing 30% compared to the prior H2 FY24 expectations. This is underpinned by encouraging Q1 momentum.

Overall, UK updates continue to be mainly in line with expectations. 

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