Market Prognosis

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

February 6, 2024

Beeks fly in the cloud

Macro

Chinese equities rallied overnight as its concerted efforts to rally support for its listed equities showed signs of success.

UK Company News

BP has announced a $1.75bn share buyback. 

Beeks Financial Cloud now expects trading in FY25 to be significantly ahead of previous Board expectations for FY25. It announced a conditional contract with one of the largest exchange groups for its Exchange Cloud offering, a multi-home, fully configured and pre-installed physical trading environment fully optimised for global exchanges to offer cloud solutions to their end users, the third major international exchange to sign up to the Exchange Cloud offering. Trading in H1 FY24 aligns with expectations, with revenue growth of over 25% versus H1 FY23, combined with improved margins.  In line with strategy, Beeks has achieved a positive free cash flow position in the period, with unaudited net cash increasing to £5.5m on 31 December 2023 (June 2023 net cash of £4.4m). (Note here). 

Springfield Properties signed a new contract worth £15.3m with Highland Housing Alliance (“HHA”) to deliver affordable housing. The contract includes an initial bulk sale of housing, followed by a design and build aspect. The Group will receive £4.1m for a bulk sale of housing, which will be completed in the current financial year. 

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