Market Prognosis

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

July 11, 2023

Less H2 weighted

UK Company News

D4t4, the data solutions provider, had FY results with revenue down 12.6% to £21.4m but recurring revenue up 19% to £16.7m, gross margin of 60.2%, an adjusted EPS of 7.74p (FY22: 7.11p) and a cash position of £17.2 million (FY22: £11.4 million). Its goal is to focus on new logo sales. It said trading to date is in line with expectations for FY24, with the US market showing particular strength. 

Eagle Eye Solutions, the SaaS technology company enabling personalised, real-time marketing, reported revenue and adjusted EBITDA growth of 36% and 32%, respectively. It is seeing strong cash generation. It is increasingly an international business and enters the new financial year in a strong position, with a growing presence in North America and Australasia, alongside its long-standing European customers.

Forterra H1 results were broadly in line with expectations, although the market improvement through May and June has been less pronounced than anticipated. Given the increasingly uncertain macroeconomic outlook, it now expects to deliver 2023 EBITDA with a more balanced H1 / H2 split, reflecting only a modest improvement in trading conditions in H2. See note here

H&T, the UK’s largest pawnbroker, said that demand for pledge lending remains at record levels and continues to gather momentum. Demand for new and pre-owned jewellery and watches also continues to rise. Foreign exchange transaction volumes were up 19% year on year. All these aspects make for a robust revenue foundation for the remainder of the financial year.

Sosander, the female fashion brand, said its FY revenue grew 44% to £42.5m with a PBT of £1.6m. Gross margin was maintained at 56.1%, and active customers increased 19% to 265k. It grew conversion to 4.11%, up from 3.87%. It is seeing a solid start to Q1 FY2024 with revenue of £11.4m, up 10% against a strong prior year current trading in line with expectations.

Prognosticator 

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