FTSE 250 movers: WH Smith, Whitbread surge on upbeat statements
The FTSE 250 was up 1.31% to 19,293.58 at 1445 BST.
WH Smith shares topped the index as the retailer said it expected annual results to be at the upper end of expectations as it reported a surge in revenue over pre-Covid pandemic levels for the first time, driven by a recovery in the travel market.
The newsagent, which runs stores on the high street as well as train stations and airports, said sales in the 15 weeks to June 11 were up 107% on the same period in 2019, with its travel division surging by 123%.
“We remain in a strong position to benefit from the significant growth opportunities across the global travel retail market and currently have over 125 stores won and yet to open. In addition, there are a large number of ongoing tenders across our markets,” WH Smith said in a trading update.
Shares in gambling software maker Playtech rose as the firm said it has received all of the required regulatory approvals for the all-cash sale of its financial trading division Finalto, to Gopher Investments.
Jefferies upgraded food producer Cranswick - sending the shares higher - to ‘buy’ from ‘hold’ as it said the pullback below 3,000p offers a compelling entry point.
The bank said a fresh approach to forecasting, one based on return on new invested capital, suggests that Cranswick is capable of compounding profits by 6% per annum over the next five years, 150 basis points ahead of consensus, with an upside case of double-digit growth, in line with what has been delivered in the most recent five years.
"With the shares down 25% on the 12-month higher and the EV:EBITDA multiple having close to halved, we upgrade," it said.
Shares in low-cost carrier Wizz Air fell, despite Citi upgrading its recommendation on the airline's shares to ‘neutral’ from ‘sell’ on Wednesday, keeping the price target at 2,300p.
FTSE 250 - Risers
WH Smith (SMWH) 1,464.00p 7.77%
Ferrexpo (FXPO) 157.60p 6.13%
Playtech (PTEC) 537.50p 6.02%
Trustpilot Group (TRST) 83.30p 5.31%
Dr. Martens (DOCS) 251.00p 5.29%
Baltic Classifieds Group (BCG) 140.80p 5.23%
C&C Group (CDI) (CCR) 198.10p 5.04%
Cranswick (CWK) 3,064.00p 5.00%
Dunelm Group (DNLM) 813.50p 4.76%
888 Holdings (888) 185.70p 4.68%
FTSE 250 - Fallers
Wood Group (John) (WG.) 189.00p -3.08%
Auction Technology Group (ATG) 829.00p -2.93%
JPMorgan Japanese Inv Trust (JFJ) 433.00p -2.70%
Petrofac Ltd. (PFC) 132.30p -2.29%
Wizz Air Holdings (WIZZ) 2,014.00p -1.80%
Vietnam Enterprise Investments (DI) (VEIL) 665.00p -1.77%
Babcock International Group (BAB) 354.20p -1.61%
Rathbone Group (RAT) 2,020.00p -1.46%
Coats Group (COA) 69.90p -1.41%
CMC Markets (CMCX) 264.00p -1.31%