Hilton Food Group, up 3.4%, confirmed that Philip Heffer has stepped down from the Board. Meanwhile, it has appointed Steve Murrells CBE as CEO of the company.
Xaar, up 6.4%, announced that it has entered into a partnership contract with Quantica GmbH (Quantica), the multi-material 3D printing firm, to build Quantica's NovoJet printheads, enabling ultra-high viscosity printing for 2D and 3D printing applications.
CyanConnode Holdings, up 4.6%, in its trading update announced that trading performance has been in line with market expectations. Moreover, it expects revenue for Q1 FY24 to exceed £2.8m, more than double the revenue for H1 FY23. Cash balance as at 31 March 2023 stood at £4.1m compared to £2.4m at 31 March 2022.
IQGeo Group, up 2.8%, announced that it has signed a new subscription agreement with an existing Japanese utility customer to expand its use of the IQGeo software for emergency response.
Quartix Technologies, down 6.3%, announced that its Chief Technology Officer, Laura Seffino, has resigned from the company, with immediate effect. Separately, today, the company, in its trading update, announced that it has performed well in the first half of 2023. Recurring revenues remained high at 94% of sales. Cash balance as at 30 June 2023 stood at £3.2m. Further, the company would release its interim results for the six-month period ending 30 June 2023 on 31 July 2023.
1Spatial, down 3.9%, in its AGM statement and trading update, announced that it witnessed positive progress, including the first four wins for its new SaaS solutions. The Group has a strong order book, a growing recurring revenue stream and substantial sales pipeline. The Board remains confident in delivering results for FY24 in line with current market expectations.
UK markets ended lower last week, amid concerns over further rate hikes and US-China tensions. On the macro front, UK’s manufacturing sector PMI fell to a 6-month low in June, due to lower demand for new orders, while the nation’s services PMI dropped as anticipated in June. Additionally, UK’s Halifax house price fell at its fastest pace in 12 years in June, as mortgage rates climb, while the nation’s construction PMI fell to a 5-month low in June. The FTSE 100 index declined 3.6% to settle at 7,256.9, while the FTSE AIM 100 index fell 2.0% to close at 3,502.4. Also, the FTSE techMARK 100 index lost 3.6% to end at 6,451.1.
US markets ended lower in the previous week, as dismal non-farm payrolls data stoked fears of aggressive rate hikes. On the macro front, the US ISM manufacturing PMI fell to its lowest level since May 2020 in June, while the nation’s factory orders rose less than expected in May. Additionally, the US weekly jobless claims advanced more than expected in the week ended 30 June 2023, while JOLTs job openings dropped in May. Also, the US nonfarm payrolls rose less than expected in June. Meanwhile, the US private sector employment unexpectedly climbed in June, driven by large hiring in leisure and hospitality sectors, while the nation’s unemployment rate advanced as expected in the same month. Separately, the Federal Open Market Committee (FOMC), in its June meeting minutes, indicated policymakers expect further tightening but at a slower pace. The DJIA index fell 2.0% to end at 33,734.9, while the NASDAQ index lost 0.9% to close at 13,660.7.
