Market Prognosis

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

January 25, 2024

US economy pulls away but UK is OK

Macro & Overnight

Composite PMI data released yesterday showed strength in the US economy, better than expected performance in the UK, and a deterioration in Europe.

We get US Q4 GDP data and the ECB rate decision later today.

Tesla disappointed overnight, but US indices reached new all-time highs led by big tech.

UK Company News

Aquis Exchange updated for 2023 that revenue was up 12% and profits up 16%. Aquis Markets increased its pan-European share and is currently at 5.21%. Technologies was awarded two new technology contracts in 2023, including one for a central bank. It has nine contracts, seven of which have recognised revenue. Data increased revenue by over 20% from selling Aquis Markets and Aquis Stock Exchange data to non-member market participants. The Aquis Stock Exchange admitted 16 new companies in 2023 – the most of any growth exchange in the UK for the second year running. It expects to report performance for FY23 in line with expectations.

CVS updated on positive trading in the first half. It continues to support the CMA review. It expects to deliver FY results in line with market expectations. 

Equals said that current trading continues to align with the Board’s expectations, and the Board remains confident in the longer-term growth prospects of the business. It announced an extension of the PUSU agreement with PE suitor Madison Dearborn.  

Fevertree updated revenue growth of 6% and EBITDA within the guidance range. It is confident of delivering a significant improvement in gross margin in 2024, underpinned by new glass contracts with fully hedged energy pricing, lower Trans-Atlantic freight rates, and a continuation of cost-saving initiatives, alongside its long-term approach to sustainable price increases across our markets.

Idox expects a solid financial performance in line with expectations.

NCC H1 numbers should be in line with expectations. Its strategy should transform the business, and it’s well-placed to deliver on FY expectations.

Treatt updated that its revenue performance in Q1 declined year on year as anticipated, but with encouraging signs that destocking trends are reversing. Its focus remains on cash generation, and it is on track for further improvement in net debt. 

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