FTSE 250 movers: Currys hot despite warning, chilly for Baltic Classifieds

(Sharecast News) - The FTSE 250 was up 1.34% at 18,842.94 at 1530 BST.

Baltic Classifieds Group shares as it reported a rise in annual profits, but warned of higher inflation in its trading region.

The Lithuania-based operator of classified advertising websites covering auto, real estate, jobs and general sales, said adjusted core earnings rose 19% to €39.3m.

It added that the war in Ukraine amounted to around 1% of earnings margin, concentrated around the first four weeks of the invasion.

Revenue of €51m grew 21% year on year, exceeding IPO guidance, driven by record sales in all of the company's business units.

"This has been achieved despite a small negative impact seen during the initial weeks of the war in Ukraine and some impact from Covid-19-related restrictions during the year," the company said.

Shares in UK electricals retailer Currys surged as it quadrupled full-year profits.

It also expected annual profits to be lower as consumers started to tighten their belts amid the cost-of-living crisis. The company forecast adjusted profit before tax for the year ending to April 30, 2023 to be £130m - £150 million pounds, down from £186m a year before.

Group profit before tax for the year just completed surged to £126m from £33m, reflecting the reopening of stores after Covid pandemic lockdowns.

Drax shares rallied as the renewable power generator upgraded its full-year earnings expectations after agreeing to keep its coal-fired power plan units open this winter.

In a statement after the close on Wednesday, Drax said it now expects 2022 adjusted earnings before interest, tax, depreciation and amortisation to be "slightly above" the top of the range of analyst expectations of £584m to £635m, subject to continued good operational performance.

Drax said that at the request of the UK government, it has now entered into an agreement with National Grid - in its capacity as the electricity systems operator - pursuant to which its two coal-fired units at Drax Power Station will remain available to provide a "winter contingency" service to the UK power system from October 2022 until the end of March 2023.

The units will not generate commercially for the duration of the agreement and only operate if and when instructed to do so by National Grid.

Drax will be paid a fee for the service and compensated for costs incurred, including coal costs, in connection with the operation of the coal units in accordance with the agreement.

FTSE 250 - Risers

Currys (CURY) 72.75p 9.32% Wood Group (John) (WG.) 154.50p 8.35% Mediclinic International (MDC) 475.80p 7.60% Drax Group (DRX) 667.00p 6.81% ASOS (ASC) 966.00p 6.27% Aston Martin Lagonda Global Holdings (AML) 417.70p 6.12% Centamin (DI) (CEY) 80.60p 5.94% Petrofac Ltd. (PFC) 109.70p 5.68% Euromoney Institutional Investor (ERM) 1,328.00p 5.06% Wizz Air Holdings (WIZZ) 1,801.00p 4.98%

FTSE 250 - Fallers

Baltic Classifieds Group (BCG) 125.20p -9.28% 888 Holdings (DI) (888) 158.70p -5.25% Convatec Group (CTEC) 222.00p -2.20% Polymetal International (POLY) 179.00p -1.65% Paragon Banking Group (PAG) 479.20p -1.56% Discoverie Group (DSCV) 650.00p -1.52% The Global Smaller Companies Trust (GSCT) 140.60p -1.26% Helios Towers (HTWS) 129.10p -1.15% Vietnam Enterprise Investments (DI) (VEIL) 642.00p -1.08% IntegraFin Holding (IHP) 220.00p -0.81%