Market Prognosis

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

April 24, 2023

UK M&A spree continues

Macro & Overnight

On the data front this week, the most consequential might be the interest rate decision from the BoJ on Friday. All eyes are on the new governor and the stance he will take.

In the UK, we will have the CBI Industrial Trends data tomorrow, assuming the CBI exists by then.

UK Company News

Accesso, the visitor attraction software provider, has announced the acquisition of Paradocs Mountain Software which specialises in solutions specifically tailored to the unique needs of the ski industry. It supplies 48 Canadian and 2 US resorts to optimise operations and enhance the visitor experience. The total consideration is $10m, comprised of $9m in cash and $1m in accesso shares. Paradocs reported revenues of CAD$2.34m, with a gross margin of 93.5% and a net income margin of 16.6%. Recurring revenues accounted for 62.7% of the total.

Dignity is delisting as the acquisition from Phoenix Asset Management and Sir Peter Wood past the threshold level of acceptances. 

Frenkel Topping, the professional and financial services firm operating in the Personal Injury and Clinical Negligence space, reported FY revenue up 35% and profit up 28%. Assets under management were up 1%. It targets doubling revenue over the next five years.

Mind Gym, the corporate training provider, updated, saying that revenues will be more than £54.7m, +12%, +4% in constant currency. Profit will be broadly in line with expectations. MindGym’s £10m debt facility remains undrawn.

The M&A spree continues with a PE offer for Medica, the teleradiology provider in the UK and Ireland, worth £269m, a c 32% premium. 

Prognosticator 

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