Quiz income grows | Unite expands offering | Beeks rises
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5pm: Market closes lower
The FTSE 100 close off its lows for the day, down 31.78 points at 6,959.31.
11am: New OBR date
Chancellor Kwasi Kwarteng has performed another u-turn by agreeing to bring forward the review of his mini-budget to 31 October. Full story here
9am: Bank steps up bond buying
The Bank of England is stepping up the pace of the emergency bond-buying programme launched two weeks ago to calm turmoil in the debt market following the government’s mini-budget.
The Bank said it stood ready to double the size of daily purchases of gilts from a maximum of £5 billion to £10 billion a day, as the scheme draws to a close ahead of Friday’s deadline.
The pound, which fell to an all-time low against the dollar of $1.03, in the immediate aftermath of Kwasi Kwarteng’s £45 billion tax-cutting budget, has since recovered to $1.11 but remains at a 40-year low.
8.30am: London opens lower
The FTSE 100 was trading 42 points lower at 6,949.56.
7am: Quiz revenue grows
Revenue at clothing chain Quiz grew 37.2% to £49.4m over the 1 April to 30 September period, marginally ahead of the board’s expectations.
Demand benefited further from the removal of coronavirus related social restrictions. The group’s year on year revenue growth rate moderated as the period progressed during August and September, a trend consistent with other fashion retail businesses as inflationary pressures began to impact consumer confidence.
The gross margin generated in the period benefited from stronger demand for full price products and was ahead of comparable periods in recent years.
This reflects the success to date in recovering higher product costs which, along with other costs, have been subject to inflationary pressures through the period.
7am: Unite moves into ‘young professionals’ market
Unite Students, the owner, manager and developer of student accommodation, has made its first move into the “young professionals” market after acquiring a 178-unit purpose-built build-to-rent property in Stratford, East London for £71m.
The acquisition will enable the group to test its operational capability to extend its accommodation offer to young professionals and retain them as customers as they move on to the next stage in their lives. Full story here
7am: Beeks Financial Cloud
Beeks Financial Cloud, the markets connectivity firm, posted a 28% rise in underlying profit before tax to £2.06m (2021: £1.61m) in the year to 30 June on a 57% rise in revenue to £18.29m (2021: £11.62m).
The Braehead-based company raised £15m in an oversubscribed fundraising in April, with funds allocated towards “considerable market opportunity”.
The group has secured two three-year contracts via a partner, further underpinning its FY23 expectations.
Gordon McArthur, CEO, said: “ Beeks is now recognised as an established technology provider to financial markets, with a track record and compelling reference clients, providing us with a strong foundation to drive our business forward.
“The majority of financial services organisations around the world are exploring how to utilise the power of the cloud to support their ambitions. This presents us with a considerable opportunity and through our Private Cloud, Proximity Cloud and Exchange Cloud, we have the offering to address it.
“We will continue to invest into the development of our offering and increased sales and marketing activities to capitalise on our early successes in this significant market. We have a considerable and growing pipeline and look to the future with confidence.”
Overnight in Asia, equity markets are slipping and further extending a global equity sell-off in thin trading this morning. The Hang Seng, down 2.44%, is leading losses with the Shanghai Composite 0.34% off.
UK unemployment and wage data is due this week, along with an update from media group Reach and first quarter figures from Barratt Developments.
US earnings season gets into full swing, with PepsiCo, BlackRock and the Wall Street banks Citigroup, JPMorgan Chase, Morgan Stanley and Wells Fargo among those reporting this week.
Thursday will see the latest print on US inflation.