FTSE 250 movers: Morgan Crucible plunges on profit warning
Fri 12 Oct 2012
LONDON (SHARECAST) - Industrial materials provider Morgan Crucible has delivered a profits warning as trading conditions have deteriorated across most geographies, particularly in Europe and China.
The slowdown in demand has been most pronounced in the Advanced Materials and Technology business, the group said, in an interim management statement covering trading since the beginning of July. The Ceramics division and Molten Metal Systems, which comprise over 70% of the company, have been more resilient, with margins remaining in its target mid-teen range.
Sector peer Bodycote fell in sympathy.
Building materials supplier Travis Perkins fell after it saw like-for-like sales fall back in the group's third quarter (to end-September), as the group struggled with the poor weather and the competing attraction of the Olympics. Total sales in the quarter were down 2.4% year-on-year, although the group noted that the quarter this year had one less trading day.
Meanwhile, shares in Indonesia-focused mining giant Bumi continued to rise following Thursday's news that major shareholder, the Bakrie Group, tabled an offer that could end their turbulent relationship.
Bakrie wants to swap its stake in the group for a stake of equivalent value in Bumi Resources.
DS Smith shares got a further boost after Tempus in the Times wrote that the cardboard box maker has been transformed by its recent acquisition of Swedish rival Svenska Cellulosa Aktiebolaget (SCA). Yesterday it gave a positive update on the first 100 days since the deal. Expected annual savings have been raised to 100m euros within three years.
FTSE 250 - Risers
Bumi (BUMI) 278.70p +7.61%
Smith (DS) (SMDS) 204.80p +3.80%
JD Sports Fashion (JD.) 756.50p +3.49%
Stobart Group Ltd. (STOB) 116.70p +3.27%
NMC Health (NMC) 190.00p +3.26%
Dixons Retail (DXNS) 21.70p +2.55%
Paragon Group Of Companies (PAG) 219.90p +2.28%
Carpetright (CPR) 690.00p +2.22%
Lonmin (LMI) 507.00p +2.14%
Chemring Group (CHG) 342.30p +2.09%