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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September 18, 2023

Interest rates

Macro & Overnight

It is rate decisions week, with the Fed on Wednesday, BoE on Thursday and BoJ on Friday.

UK inflation data are also reported on Wednesday.

Brent crude is above $95, reminding investors that disinflation might be transitory.

UK Company News

Artisanal Spirits, owner of the Scotch Malt Whisky Society, reported H1 revenue of £10.2m, representing a 3% increase. Membership grew 9%, and UK venues continued to achieve strong outperformance. It reported a loss of £1.8m against a prior year loss of £0.3m but says it remains on track to deliver positive FY EBITDA. SMWS membership product offer will be broadened in H2 by introducing private cask sales.

Dialight warned with H1 revenue 13% lower and an operating loss of £2.5m. Trading and the FY outlook are below prior expectations. A transformation plan will be initiated in H2. 

Facilities ADF reported strong H1 results but is seeing the impact of the US writers’ strike. However, it sees itself as strongly positioned with quality UK productions to sustain the business through the current USA Writers strike action, impacting global productions. It believes it can capitalise on the opportunity ahead and is ready to capitalise on the pent-up demand once the situation normalises.

S4 Capital issued another warning about the outlook for its business. It has seen slower-than-expected trading over the summer months. Full-year expectations have been further revised. Like-for-like net revenue is now expected to be down on the prior year, and operational EBITDA margins are now targeted to be in the range of 12% to 13.5%. It expects the year results to be heavily Q4-weighted.  


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