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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January 23, 2023

Dollar weakness persists

Macro & Overnight

$US weakens below 102 on the DXY index, the lowest level since last May.

Sterling is now at 1.24.

Brent crude price back up to $88.

UK Company News

Pub operator Fullers has warned regarding the impact of train strikes and higher costs. 

Audioboom, the podcast company, issued a trading update showing Q4 2022 revenue up 14%, monthly downloads up 3%, brand advertiser count up 4% with revenue per 1,000 downloads up 11%. 

English wine producer Chapel Down reported revenue up 10% during 2022, with premium sparkling wine revenue up 53%. Its average selling price grew 19%, and momentum into 2023 means it is on track to meet its target of doubling the size of our business by 2026.

National undertaker Dignity has agreed to an increased cash offer from Phoenix and Sir Peter Wood of 550p per share while also reporting an update. It has made good progress in its new strategy, with early signs of increased market share growth. However, there is a continued shift towards lower-priced products, which despite a higher-than-average death rate persisting post-COVID-19, is limiting short-term progress. 

Upmarket cinema operator Everyman Media updated an increase in revenue of over 60% and profits of 74%. It opened two new venues; its average ticket price was up 2.6%, and food and beverage spending increased by 3.0%. It has five new sites planned for 2023. The company also expects the volume and quality of new releases to increase significantly in 2023.

Fashion brand Sosander announced it has a new wholesale agreement to supply Sainsbury.  


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