Three things you need to know in the financial markets today from investment writer, Tony Cross.
#1. Keystone Law upgrades full year view
Tech-enabled law firm Keystone LON:KEYS has issued a trading update this morning in the wake of its 31st January year end. Management note that the favourable market conditions reported in H1 2023 have continued with client demand remaining robust, The Board now expects both revenue and adjusted profit before tax for FY 2023 to be marginally ahead of current market expectations. Full year numbers will be published at the end of April.
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#2. Samarkand: market update from Chinese ecommerce play
Aquis-listed Samarkand Group [AQSE:SMK] has provided a market update this morning. The company notes that disruption in its major market – China – as a result of COVID restrictions then their subsequent unwinding has been challenging. However, Chinese households have been amassing cash at a significant rate since the start of the pandemic and there’s seen to be an improved outlook for the Chinese ecommerce market in the year ahead. Results for the current FY which ends in six weeks are expected to be in line with forecasts and management remain focused on the key objective of profitability in the coming FY.
#3. Tekcapital £2.25m fund raise
Tekcapital LON:TEK have announced a placing of £2.25m at a 20% discount to Friday’s closing price, with the funds primarily being used to build inventory of its MicroSalt product and also to purchase autonomous shuttles from portfolio company Guidant. There’s a degree of internalisation here so that may well help with the market’s response to the news.
