Cambridge Index falls 4.7%

The Cambridge Index declined 1,023.0 points or 4.7% to close at 20625.2, as five out of the top ten index heavyweights posted weekly losses to their share price.

Kirly Group Cambridge Index

AVEVA Group, down 10.0%, in its trading update for the period ended 31 December 2021, announced that its Annualised Recurring Revenue (ARR) rose by 9.6% for the period to 31 December 2021, amid growth in the subscription contracts. Also, it expects to accelerate ARR growth during the next financial year. On the outlook front, the group's sales pipeline for the remainder of the financial year is strong, supporting management plans for good revenue growth in the final quarter, giving a revenue outlook for the full year that is in line with expectations.

Sareum, up 32.4%, today, in its half-year results for the six months ended 31 December 2021, announced that it reported nil revenues during the period and loss before tax widened to £1.02m from £0.61m recorded in the same period last year. The Directors do not propose the payment of a dividend in respect of the six months ended 31 December 2021.

1Spatial, up 2.2%, announced that it has won a three-year contract worth $0.8m from the State of Montana for its Next Generation 911 solution. Checkit, up 2.2%, in its trading update for the year ended 31 January 2022, announced that it has witnessed better than expected ARR performance, due to strong sales bookings in the second half. The company expects to release its full year results on 28 April 2022.

Aferian, up 1.0%, announced that its 24i video streaming platform is supporting Denmark's Waoo to bring its Pay TV service to a new generation of Android TV set top boxes (STBs), as well as adding third party aggregated content and enhanced search functionality.

Kier Group, up 0.2%, announced that it has been selected as main contractor by Gloucester City Council and Reef Group to deliver phase 2 of a new £107m technology campus, The Forum.

Tristel, down 8.2%, today, in its interim results for the six months to 31 December 2021, announced that revenues dropped to £13.65m from £14.73m recorded in the same period previous year. Profit before tax narrowed to £1.01m from £2.38m. Moreover, the board has proposed an interim dividend of 2.62p per share.

UK markets ended lower last week, as UK’s inflation surged in January and amid ongoing tensions between Russia and Ukraine. On the data front, UK’s consumer prices accelerated to a 30-year high in January, strengthening expectations that the Bank of England will raise interest rates for a third consecutive meeting, while the nation’s retail sales grew more than expected in January, as the impact of the omicron variant eased. Meanwhile, UK’s unemployment rate remained unchanged in the three months to December, in line with market expectations. The FTSE 100 index declined 1.9% to settle at 7,513.6, while the FTSE AIM 100 index fell 2.8% to close at 5,059.0. Meanwhile, the FTSE techMARK 100 index lost 3.9% to end at 6,154.6.

US markets ended lower in the previous week, as the US warned that Russia might invade Ukraine anytime soon. On the macro front, the US jobless claims rose more than expected for the week ended 11 February 2022, while the nation’s housing starts dropped for the first time in four months in January, amid high materials costs. Meanwhile, the US retail sales increased by the most in 10 months in January, amid a surge in consumer spending, while building permits unexpectedly climbed in January. Separately, the FOMC minutes indicated that the central bank would raise interest rates and shrink balance sheet soon. The DJIA index fell 1.9% to end at 34,079.2, while the NASDAQ index lost 1.8% to close at 13,548.1.


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