FTSE 250 movers: Vesuvius rallies on results; Intu tumbles
London's FTSE 250 was 0.1% higher at 20,766.96 in afternoon trade on Thursday as investors sank their teeth into a barrage of earnings reports.
Vesuvius surged as the molten flow engineering group impressed investors with a record set of interim results, with sales up 8% and trading profits 15% higher. Revenue hit £897m for the six months ended 30 June, with trading profits of £99.6m as the company counteracted raw material cost inflation with sales price increases. The interim dividend was lifted 9.1% to 6p per share.
National Express rallied as the company reported record half-year profit, led by strong revenue growth at the bus and rail operator's North American business. Pre-tax profit for the six months to the end of June rose 24% to £80.1m as revenue from continuing operations increased 3.2%, or 64% at constant currency, to £1.21bn.
Going the other way, Intu Properties tumbled as it announced the departure of chief executive David Fischel and said it swung to a first-half loss, caused by a fall in the value of its estate.
The stock was also knocked lower by a downgrade to 'sell' from 'hold' at Liberum, which cut its price target on the stock to 145p from 200p, saying things were likely to get worse before they get better.
"Following Intu's awful first half capital value decline, we downgrade our NAV forecasts by over 14% and also lower our earnings to reflect future asset disposals," it said.
Cobham was under the cosh after saying it will book at £40m charge in the first half over the KC-46 programme, while security software company Sophos was weaker as it said earnings in the first quarter were hit by slow billings growth and higher costs.
Howden Joinery was on the back foot despite what were generally considered decent first-half results, while Hammerson lost ground as Morgan Stanley cut it to 'equalweight' from 'overweight' and reduced the price target to 565p from 600p.
"The strategic review and buyback catalyst is done; and unless M&A returns to the space, investors face EPS, valuation and NAV drift. The buyback helps, but overall NAV and EPS trajectory is more important," the bank said.
FTSE 250 - Risers
Vesuvius (VSVS) 618.50p 6.27%
Daejan Holdings (DJAN) 6,500.00p 5.69%
National Express Group (NEX) 420.20p 5.37%
Ferrexpo (FXPO) 188.00p 3.75%
esure Group (ESUR) 198.50p 3.12%
RHI Magnesita N.V. (DI) (RHIM) 4,790.00p 3.01%
Cineworld Group (CINE) 267.80p 3.00%
AA (AA.) 115.85p 2.66%
Petrofac Ltd. (PFC) 593.60p 2.45%
Clarkson (CKN) 2,510.00p 2.45%
FTSE 250 - Fallers
Intu Properties (INTU) 163.50p -9.14%
Cobham (COB) 120.05p -8.78%
Sophos Group (SOPH) 484.30p -7.40%
Howden Joinery Group (HWDN) 485.50p -5.47%
Alfa Financial Software Holdings (ALFA) 159.40p -4.67%
Hammerson (HMSO) 506.60p -4.23%
Halfords Group (HFD) 337.40p -3.93%
Ascential (ASCL) 407.40p -3.78%
Capital & Counties Properties (CAPC) 272.50p -3.47%
Lancashire Holdings Limited (LRE) 552.00p -3.41%