Three things you need to know as the UK financial markets open, from Tony Cross.
#1. Molten Ventures highlight hopes of thaw in M&A activity
The Venture Capital Trust Molten Ventures LON:GROW published full year results this morning. Management open with a line noting that the trough in private equity valuations may now be in the past and that M&A activity is on the increase, but this doesn’t hide a 6.8% decline in the NAV after dividends. However whilst geopolitical woes continue to drag on sentiment, the note adds that investments made during previous periods of economic decline have often yielded the best results.
#2. Q1 trading update at Cranswick sees revenues up 6.7%
Cranswick LON:CWK have issued a first quarter trading statement noting group revenues up 6.7% on the same period a year ago. Export sales were strongly ahead but this line was impacted by softer pricing in the Far East and EU. The note adds that there are now signs of a market recovery emerging in Asia and board expectations for the full year outcome remain unchanged.
#3. Nightcap calls time on public markets
The end of a short era for Nightcap LON:NGHT who have this morning seen their listing cancelled from the AIM market. The company was founded to take advantage of significant changes in the premium bars segment post-COVID, but persistent economic headwinds including spiking energy prices, rising labour costs, train strikes and broader cost of living pressures have all combined to make for tough trading conditions. Against this backdrop the company notes it is finding it difficult to raise capital at what it considers a fair valuation on a public market so has elected to become a private company.
