Important people worrying about banks
Macro & Overnight
IMF and World Bank Spring gathering is generating headlines regarding global debt and financial stability concerns.
Warren Buffet has also expressed unfavourable views about US banks and their mismanagement.
We will get China GDP data tomorrow and UK inflation data on Wednesday.
UK Company News
Cerillion, the CRM provider, updated that its revenue will be 27% higher, EBITDA will be 38% higher, and cash will be up by 43%. It sees continuing strength in demand for telecom services and substantial ongoing investment in 5G and fibre rollout. It is confident that trading for the year will align with consensus.
Diaceutics, the diagnostic commercialisation partner for precision medicine, had FY results. Revenue increased 40%, with 35% now subscription based. The order book grew to £16.9 million, delivering a gross margin of 86%. Cash and cash equivalents stood at £19.8m. The Board is confident that it can enhance growth to become the primary commercialisation partner for pharma or biotech launching a precision medicine.
These results demonstrate further progress on an ambitious journey to be the partner to the global pharma and biotech industry for next-generation medicines. Listen to a recent interview with Diaceutics founder and CEO Peter Keeling on ITCOM, episode 14.
PageGroup updated that gross profit had decreased, with a 2.4% drop in fee earner headcount and productivity down 8%. It has net cash of £105m. Full Year operating profit should be in line with consensus.
QinetiQ, the defence services provider, expects its results for FY23 to be ahead of previous guidance and in the upper range of market consensus expectations. Full-year order intake is up by 40%.
Supreme, the supplier to discount retail, updated and now expects to report revenue and profit comfortably ahead of current market expectations. The Group also expects trading for the year ended 31 March 2024 to be slightly ahead of current market expectations.
Supreme is an interesting founder-led business forging a profitable niche as the lowest-cost provider of vaping devices and accessories.
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