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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April 12, 2023

US CPI later

Macro & Overnight

We get critical US CPI numbers later today. All eyes are on signs for the Fed to take its foot off the rate hike pedal.


UK Company News

Argentex, the corporate FX provider, had FY 2022 results showing revenue increased by 54% and profit up 12%. Alternative Transaction Banking division was launched, and a new institutional division was established post year-end. Momentum has continued into 2023. It looks to the year ahead with optimism. 

Cambridge Cognition has been awarded two contracts worth £2.1 million for rare disease trials. 

Craneware announced a £5m share buyback programme.

Marks Electrical, the online white goods supplier, updated a record full-year revenue of £97.8m (FY22: £80.5m), representing growth of 21.5%. Gross margin improved in the second half, and Q4 saw 20.0% revenue growth. Improvements in working capital and inventory turn resulted in improved cash conversion and a closing net cash position c£10m. Its newly launched integrated gas, electric and television installation service continues to grow strongly. 

Marks is a disrupting business attacking the premium segment of home electrical goods. The founder CEO is a passionate advocate for customer service and operating efficiency. This market is tough, but evidence suggests Marks has a competitive advantage. The question remains about its sustainability.  

Female fashion brand Sosandar had a FY update. Revenue will be £42.5m, up 44% PBT of at least £1.6m. Gross margins have been maintained at 56.1%, and orders increased by 22%, with order value up 8% and active customers increased by 19%. 

Selling clothes online has been challenging, but Sosandar has focused on an underserved segment and successfully developed new market channels with major retailers. Having reached the milestone of FY profitability, the business has reached a new stage of maturity. (Click here for the ITCOM episode 9, where the co-founders discuss the business and their determination for Sosander to become a household name).   


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