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FTSE 250 movers: Coats Group surges; Pets at Home falls
(Sharecast News) - London's FTSE 250 closed down 0.7% at 21,459.23 on Thursday. Industrial thread maker Coats Group surged after saying it expect 2024 results to be "modestly above" current market expectations, underpinned by ongoing evidence of the recovery in apparel and footwear, an improving trend in performance materials and continued benefits from its strategic projects.
Wizz Air flew lower as it reported a 44% drop in first-quarter operating profit and cut full-year profit forecasts.
Vesuvius was also in the red as it said end markets were weaker than expected in the first half and that full-year headline trading profit was set to be "only slightly ahead" of last year on a constant currency basis.
In results for the six months to 30 June, the molten metal flow engineering and technology company said headline trading profit fell 7.4% to £97.2m, while statutory pre-tax profit was 19% lower at £76.7m. Revenue was down 5.9% on the same period a year earlier at £936.5m.
The company said end markets were weaker than anticipated, in particular in the foundry business.
Serco was on the back foot as the outsourcer said profit and revenue fell in the first half, but that it was on track for the full year.
Pets at Home was weaker as it maintained its full-year guidance and hailed a "resilient" start to the year.
FTSE 250 - Risers
Coats Group (COA) 96.00p 7.26% IP Group (IPO) 43.00p 3.12% Safestore Holdings (SAFE) 831.00p 3.04% Me Group International (MEGP) 199.00p 3.00% Allianz Technology Trust (ATT) 380.00p 2.84% Rathbones Group (RAT) 1,978.00p 2.81% W.A.G Payment Solutions (WPS) 67.80p 2.73% TP Icap Group (TCAP) 227.50p 2.71% Workspace Group (WKP) 628.00p 2.61% Supermarket Income Reit (SUPR) 76.30p 2.55%
FTSE 250 - Fallers
Wizz Air Holdings (WIZZ) 1,600.00p -16.36% Vesuvius (VSVS) 445.00p -7.96% Telecom Plus (TEP) 1,816.00p -4.42% Serco Group (SRP) 184.10p -3.86% Diversified Energy Company (DEC) 1,257.00p -2.18% Mony Group (MONY) 233.00p -2.10% Bytes Technology Group (BYIT) 498.20p -1.93% Pets at Home Group (PETS) 301.00p -1.89% Baillie Gifford Japan Trust (BGFD) 743.00p -1.72% Renishaw (RSW) 3,730.00p -1.71%
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