Three developing stories at the UK stock market open.
1. Filtronic signs new SpaceX deal
There’s news of another contract win with SpaceX from Filtronic LON:FTC out this morning. A similar announcement last April had a transformative impact on the share price, so today’s deal worth £17m over the next two years will again be closely followed by the market. Management expect this will result in growth targets being exceeded over the period, too.
2. Likewise trading update shows strong ’24 momentum continuing
AIM listed flooring distributors Likewise LON:LIKE have announced the purchase of a distribution centre near Plymouth as well as a trading update this morning. Management notes a positive start to the year with total sales revenues in January up 8.4%, extending the momentum it saw build in the latter part of 2024. With extensive product launches planned for the coming months as well as the new distribution centre, there’s optimism over the company’s prospects in the near term.
3. JMAT CFO to depart, new appointment already made
News of board changes at Johnson Matthey LON:JMAT is out this morning. A CFO designate has joined with immediate effect. His predecessor will remain until the end of next month to ensure an orderly transition but the lack of commentary in the note feels telling. The market could well greet this news with a degree of uncertainty.
