Pre-Market Update: Tech and Healthcare Shine as UK Firms Navigate Economic Headwinds

📈 Today's Key Themes

This morning's updates reveal a mixed picture for UK markets, with technology and healthcare companies showing resilience amid broader economic challenges. Dotdigital Group and Feedback plc lead the way with strong results in the tech sector, while Uniphar demonstrates solid performance in healthcare services.

However, the updates also highlight ongoing economic pressures, with TT Electronics facing significant headwinds and Victorian Plumbing noting "continuing UK consumer uncertainty." These contrasts underscore the uneven recovery across different sectors as companies navigate inflationary pressures and shifting consumer behaviors.

🎯 Leading Developments

Tech Sector Shows Resilience

Dotdigital Group (#DOTD) reported impressive interim results, with revenue up 10% to £42.4m and adjusted EBITDA rising 11% to £13.8m. The company's high proportion of recurring revenue (95%) and increased Average Revenue Per Customer (ARPC) demonstrate strong customer retention and upselling success. Read more

Feedback plc (#FDBK) also delivered positive half-year results, with revenue growth of 3% to £449k and a 43% increase in sales to £589k. The company's strategic alignment with NHS priorities and expansion into international markets position it well for future growth. Read more

These results suggest that innovative tech companies focusing on healthcare and digital marketing solutions are finding opportunities for growth despite broader economic challenges.

Healthcare Sector Demonstrates Strength

Uniphar plc (#UPR) reported strong 2024 results, with revenue up 8.5% to €2,770.4m and gross profit increasing 9.6% to €427.6m. The company achieved organic growth across all divisions and remains confident in reaching its €200m EBITDA target by 2028. Read more

Manufacturing Sector Faces Challenges

TT Electronics (#TTG) announced a delay in its final results release and warned of a non-cash impairment of up to £35 million for its North America region. The company also lowered its 2025 adjusted operating profit guidance, signaling ongoing challenges in the manufacturing sector. Read more

💡 Company Updates

Results and Trading Updates

McBride plc [MCB]: Reported 0.7% revenue growth to £471.4m and profitability across all five divisions in half-year results. The company plans to reinstate annual dividends.
On the Beach Group plc [OTB]: Delivered 10% year-on-year TTV growth in the first 21 weeks of FY25, with strong performance in both Winter and Summer bookings.
Jadestone Energy plc [JSE]: Reported a 35% year-on-year increase in production to 18,696 boe/d and expects to generate substantial free cash flow over the 2025-2027 period.

Strategic Developments

Victorian Plumbing Group plc [VIC]: Announced 5% revenue growth in Q1 2025, citing successful strategic initiatives despite ongoing consumer uncertainty.
First Tin Plc [1SN]: Raised £10m to advance tin projects in Australia and Germany, ending the period with a strong cash position of £8.36m.
Aurrigo International plc [AURR]: Reported strong growth in its Autonomous division, with revenues up 433% to £2.9m, offsetting steady performance in Automotive.

📅 Week Ahead

Results and Updates

27 February 2025: Rolls-Royce Holdings plc (RR.) 2024 Full Year Results Release

27 February 2025: Compagnie de Saint-Gobain S.A. (COD) 2024 Results Release

27 February 2025: WPP plc (WPP) Results Release

28 February 2025: Pearson plc (PSON) Full year results announcement

28 February 2025: IMI plc (IMI) Preliminary results announcement for the year ending 31 December 2024

Strategic Events

25 February 2025: Pennon Group Plc (PNN) Capital Markets Day

28 February 2025: XPS Pensions Group plc (XPS) Completion of the acquisition of Polaris Actuaries and Consultants Limited

Key Dates to Watch

25 February 2025: Lion Finance Group PLC (BGEO) Earnings call for 4Q24 and FY24 results

26 February 2025: JPMorgan Emerg E, ME & Africa Sec Plc (JEMA) Appeal hearing date for VTB legal case in Russian courts

28 February 2025: Trainline Plc (TRN) End of FY2025 financial year

View full calendar

Market Summary