Post financial year I was somewhat concerned that there would be a reduction in Morrisons that would catch SEQ out. Clearly Morrisons would have benefited from extra activity through 2020 calendar year and 2021 financial year, so seemed logical that it would fall or moderate as market activity reverted to "normal".
I do believe the string of upgrades during 2021 was influenced by Morrison. So the lack of regular upgrades over the past 6 months is IMO due to less "excitement" in the Morrisons business.
However, at face value it does seem that whatever normalisation has taken place has been offset plus some from new business.
Anyway, I dont have any factual info to back that up. However as a ticket clipper they still seem to be tracking OK. And it increasingly seems they are growing sufficiently to mitigate any cyclical themes for the time being at least.
SEQ Price at posting:
67.5¢ Sentiment: None Disclosure: Held
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