FTSE 250 movers: AO World tanks; Telecom Plus travels higher
London’s FTSE 250 was down 0.6% at 23,296.18 in afternoon trade on Tuesday.
Online electrical retailer AO World tumbled as it warned that supply chain issues and higher costs would hit full-year earnings and revenue.
Richard Hunter, head of markets at Interactive Investor, said: "The company is currently in a parlous position. The well-publicised supply chain disruptions have had a severe impact, with a shortage of delivery drivers a particular issue.
"At the same time, the group’s foray into the German market is not only in the early stages of establishing the brand, but is also being faced by significantly increased competition."
Newspaper publisher Reach lost ground despite saying trading was ahead of expectations, driven by a rise in customer registrations for its websites.
On the upside, Telecom Plus - which trades as Utility Warehouse - surged as it reported a drop in half-year profit but a 6% jump in revenue thanks in part to a colder spring relative to the prior year.
Pets at Home advanced as it backed its full-year profit guidance and posted a jump in interim profit and revenue, highlighting a rise in pet ownership. In the 28 weeks to 7 October, total group revenue was up 18% to £677.6m, with underlying pre-tax profit 77.2% higher at £70.2m. On a like-for-like basis, revenue was up 22.2%.
The company declared an interim dividend of 4.3p a share, up 72% on the same period a year ago.
Heat treatment specialist Bodycote was on the rise despite warning that full-year revenues would be lower due to supply chain bottlenecks in the automotive industry.
FTSE 250 - Risers
Telecom Plus (TEP) 1,476.00p 13.89%
Pets at Home Group (PETS) 486.80p 6.24%
Mitie Group (MTO) 67.20p 3.86%
Bodycote (BOY) 868.50p 3.83%
easyJet (EZJ) 569.00p 3.76%
Wizz Air Holdings (WIZZ) 4,341.00p 3.75%
SSP Group (SSPG) 260.10p 3.54%
Ferrexpo (FXPO) 294.40p 3.52%
Mitchells & Butlers (MAB) 240.80p 2.99%
Energean (ENOG) 929.00p 2.99%
FTSE 250 - Fallers
AO World (AO.) 105.30p -15.08%
Diploma (DPLM) 3,208.00p -7.28%
Reach (RCH) 285.50p -5.46%
Hammerson (HMSO) 30.96p -4.47%
Hochschild Mining (HOC) 114.50p -4.42%
Allianz Technology Trust (ATT) 357.50p -3.38%
Oxford Instruments (OXIG) 2,275.00p -3.19%
Liontrust Asset Management (LIO) 2,140.00p -3.17%
Oxford Biomedica (OXB) 1,366.00p -3.12%
Herald Investment Trust (HRI) 2,485.00p -3.12%