DS Smith, up 4.8%, in its Q3 trading statement, announced that it continued a resilient performance, despite tough economic conditions. Additionally, its overall trading together, with its outlook for the remainder of the year remains in line with management expectations.
Darktrace, up 4.6%, in its results for the six months ended 31 December 2023, announced that revenues rose to $330.3m from $259.3m recorded in the corresponding period of the previous year. Profit before tax widened to $50.5m from $1.9m. The Group had cash and cash equivalents as on 31 December 2023 of $383.2m, an increase of $26.2m from 30 June 2023.
Kier Group, up 3.6%, in its interim results, announced that group revenues rose to £1,862.1m from £1,525.8m recorded in the same period a year ago. Profit before tax widened to £27.0m from £25.4m.
Quartix Technologies, up 6.3%, in its audited results for the year ended 31 December 2023, announced that revenues climbed to £29.9m from £27.5m recorded in the previous year. The company has proposed to pay a final dividend of 1.50p per share with no supplementary dividend (2022: 3.85p), payable on 29 April 2024 to shareholders, subject to approval at the forthcoming AGM.
Bango, down 3.0%, announced that it has signed a new strategic partnership contract with Sports.com, Cineshort, and BINGE Movies & TV, to significantly expand the variety of subscription services available via its Digital Vending Machine®.
Netcall, down 1.1%, in its interim results, announced that revenues advanced to £18.9m from £17.5m recorded in the same period of the previous year. The Group's cash position increased to £28.6m at the end of the period (30 June 2023: £24.8m), with no debt on its balance sheet.
1Spatial, down 0.8%, today, in its trading statement, announced that it expects total revenues to be no less than £32.10m with approximately 55% (FY2023: 50%) represented by recurring revenue. Further, the company expects to release its audited final results for the year ended 31 January 2024 on 24 April 2024.
UK markets ended mostly lower last week, amid strength in the British Pound. On the data front, UK's service PMI unexpectedly dropped in February, while the nation’s BRC like-for-like retail sales rose at its slowest pace since 2022 in February. Meanwhile, UK’s Halifax house prices advanced for the fifth consecutive month in February, indicating other signs of a recovery in the housing market, while the nation’s construction PMI rose more than expected in February. The FTSE 100 index declined 0.3% to settle at 7,659.7, while the FTSE AIM 100 index fell 0.4% to close at 3,578.4. Meanwhile, the FTSE techMARK 100 index gained 2.4% to end at 6,967.3.
US markets ended lower in the previous week, after the US unemployment rate rose in February. On the macro front, the US ISM services sector contracted more than expected in February, while the nation’s factory orders fell more than expected in January, amid a sharp drop in bookings for commercial aircraft. Moreover, the US ADP employment rose less than anticipated in February, while the nation’s JOLTS job openings dropped more than expected in January. Additionally, the US unemployment rate rose to a two-year high in February, while the nation’s weekly jobless claims remained unchanged in the week ended 01 March 2024. Also, the US trade deficit widened in January, amid a rise in imports. Meanwhile, the US nonfarm payrolls climbed more than expected in February. Separately, US Federal Reserve chair, Jerome Powell, in his testimony, reiterated that the central bank still expects to reduce its key interest rate later this year but cautioned that continued progress on inflation to the 2% target “is not assured”. Furthermore, the US Beige Book indicated that the US economic activity grew slightly from early January through late February. The DJIA index fell 0.9% to end at 38,722.7, while the NASDAQ index lost 1.2% to close at 16,085.1.
