FTSE 250 movers: Softcat surges; Ferrexpo plunges
FTSE 250 (MCX) 20,063.35 -0.17%
Shares in Softcat surged on Wednesday as the company lifted expectations for operating profit growth after interim earnings jumped by 12%.
The IT services provider said operating profit growth for 2025 should be in the low double-digit percentage range, up from previous guidance of high single-digits, supported by an "encouraging" second half pipeline. Shares were up 11% in early London trade.
Iron ore producer Ferrexpo was under the cosh after it accused Ukraine of breaching international investment agreements.
The update came as Ferrexpo posted full-year results. It said it had seen a "dramatic" recovery in 2024, with total production surging 66% to 6.9m tonnes and revenues ahead 43% at $933.3m. However, lower average iron ore prices and higher production costs meant underlying earnings before interest, tax, depreciation and amortisation fell 30% to $69m. The pre-tax loss was $20.4m, although that an improvement on 2023's $68.4m.
Essentra was weaker as it said its FY24 performance was in line with previous guidance and market expectations, but that it was "taking a cautious view" on the timing of any material improvement in end-market conditions.
Berenberg slashed its price target on QinetiQ on Wednesday to 500p from 610p to reflect lowered estimates, but reiterated its 'buy' rating.
Market Movers
FTSE 250 - Risers
Softcat (SCT) 1,799.00p 10.84%
Savills (SVS) 976.00p 3.83%
GCP Infrastructure Investments Ltd (GCP) 79.10p 3.67%
Marshalls (MSLH) 246.50p 3.14%
Bridgepoint Group (Reg S) (BPT) 329.20p 2.62%
Computacenter (CCC) 2,642.00p 2.01%
Carnival (CCL) 1,425.50p 1.89%
Kainos Group (KNOS) 737.00p 1.52%
Renishaw (RSW) 2,780.00p 1.46%
Volution Group (FAN) 573.00p 1.42%
FTSE 250 - Fallers
Ferrexpo (FXPO) 72.70p -10.91%
Trustpilot Group (TRST) 233.50p -5.85%
Wizz Air Holdings (WIZZ) 1,680.00p -5.41%
Essentra (ESNT) 110.00p -4.84%
QinetiQ Group (QQ.) 381.00p -3.64%
Oxford Nanopore Technologies (ONT) 111.20p -3.30%
Alpha Group International (ALPH) 2,390.00p -3.24%
Bakkavor Group (BAKK) 155.00p -3.13%
Burberry Group (BRBY) 880.60p -3.04%
Energean (ENOG) 854.00p -2.57%
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