Proactive Investors -
- FTSE 100 down 14 points at 7,514
- ECB expected to leave interest rates unchanged
- St James 's Place (LON:SJP) drops after disappointing update
UK vehicle production tops 1m in 2023, best year since 2019
UK vehicle production topped one million units in 2023, its in best year since 2019, and up 17.0% on the year before.
Figures from the Society of Motor Manufacturers and Traders showed 905,117 cars and 120,357 commercial vehicles (CV) made, with record electrified model output.
UK vehicle production tops one million units, up 17.0% in best year since 2019⚡️905,117 cars & 120,357 CVs made, with record electrified model output
????£23.7bn of private & public investment commitments announced in 2023https://t.co/09Vk4EhuST pic.twitter.com/BmT6v5pO5R
— SMMT (@SMMT) January 25, 2024
"The easing of pandemic-related challenges, from chip shortages to lockdowns, and increasing electrified model production, combined to drive annual output above one million for the first time since 2019," the SMMT said.
Strong December performances for both car manufacturing, up 20.7% year on year, and CV volumes, up 80.3%, rounded off a positive year.
St James’s Place slips as inflows slide
St James’s Place is down 8.2% after reporting net inflows nearly halved last year, as economic upheaval and attractive returns on cash dented clients’ confidence in long-term investments.
Around £5.12 billion was invested with the company on a net basis in 2023, down from £9.78 billion in 2022, the company said.
Peel Hunt (LON:PEEL) said “flows for the year of £5.1 billion were a touch behind consensus (£5.3 billion); and when put into context with the £9.8 billion generated last year, highlight how weak investor sentiment has been.“
Jefferies, which has a ‘buy’ rating on SJP, said “adviser numbers are very slightly below forecasts, but do not imply an exodus at this stage.”
“Improving market performance may help customer confidence in future periods.”
“The CEO's review as he plans for 2030 may introduce some uncertainty into shareholders' minds, but we do not envision major structural change.”
“This is a solid update at a time of improving underlying conditions.”
Dr Martens up as investors breathe a sigh of relief
Dr Martens (LON:DOCS) is up 4.5% after a trading statement - a rare occurrence recently.
AJ Bell’s Russ Mould notes it’s been a “long time” since we’ve seen Dr Martens’ shares rise on a trading update “but it has finally happened.”
While the headline figures look “miserable,” the positive market reaction is down to Dr Martens maintaining previous guidance rather than having “to rachet it down once again.”
“Investors are breathing a sigh of relief although the company still has considerable issues to resolve.”
“It’s starting to look like Dr Martens is the latest in a long line of British companies which have failed to break through in the US,” he reckons.
Dr Martens’ boots may be iconic but they also don’t come cheap, he said.
“The company should thrive in stronger economic conditions when customers are feeling flush, but we’re not currently in that environment.”