FTSE 250 movers: Mobico slumps after results delay; Close Bros rallies

(Sharecast News) - FTSE 250 (MCX) 19,145.34 -0.37%

Mobico shares slumped on Tuesday after the National Express owner said results would be delayed due to an accounting review of its German rail business.

Publication of results for FY 2023 was pushed back from 29 February to before the end of March.

The company said it had identified accounting judgements made relating to the German rail business "that should be subject to further review". The delay to results will allow management to conclude its review and give auditor Deloitte the requisite amount of time to complete its audit, it said.

For FY 2023, it continues to expect adjusted earnings before interest and tax of between £175m and £185m.

Mobico also said that ALSA - its European bus and coach business - delivered "another strong performance" in FY 2023, while the UK and North American businesses performed in line with expectations.

However, the German Rail business was hit by industry-wide driver shortages, energy price volatility and lower energy cost recovery than previously expected.

"As a result, and subject to the conclusion of the review mentioned above, the Group currently expects the onerous contract provision as at 31 December 2023 to increase by between £40m - £70m which will be utilised over the remaining life of the contract between 2024 and 2033," it said.

Iron ore pellet producer Ferrexpo said on Tuesday that it was cancelling its interim dividend just days before it was due to be paid out, following a claim against its Ukrainian subsidiary.

The company said it has decided not to go ahead with the 3.3 cents per share dividend following "unexpected" events in Ukraine relating to a claim against one of its subsidiaries, Ferrexpo Poltava Mining (FPM), which it disclosed at the end of last month.

Ferrexpo filed a cassation appeal to the Supreme Court in Ukraine on 30 January and an application to suspend enforcement of the decision of the Eastern Economic Court of Appeal in Kharkiv.

It said that until the Supreme Court has considered the application there is a risk of enforcement. However, Ferrexpo insisted the claims were "without merit" and said it had "compelling arguments" to vigorously defend its position.

"The board has reconsidered the interim dividend and decided to withdraw it. The board aims to resume its focus on shareholder returns at the appropriate time."

Close Brothers rallied after last week's share price fall when the firm scrapped its dividend amid fears over its liabilities for historical motor finance commissions.

Market Movers

FTSE 250 - Risers

Close Brothers Group (CBG) 329.80p 8.13% Domino's Pizza Group (DOM) 367.80p 5.99% Octopus Renewables Infrastructure Trust (ORIT) 75.50p 3.99% Darktrace (DARK) 362.00p 2.96% PPHE Hotel Group Ltd (PPH) 1,290.00p 2.79% Bakkavor Group (BAKK) 96.80p 2.33% TUI AG Reg Shs (DI) (TUI) 562.50p 2.09% SDCL Energy Efficiency Income Trust (SEIT) 61.60p 1.99% PZ Cussons (PZC) 101.80p 1.80% Currys (CURY) 65.35p 1.79%

FTSE 250 - Fallers

Mobico Group (MCG) 75.40p -10.61% Plus500 Ltd (DI) (PLUS) 1,672.00p -8.68% Ferrexpo (FXPO) 76.50p -5.44% Kainos Group (KNOS) 1,088.00p -2.86% Tullow Oil (TLW) 29.90p -2.35% Trainline (TRN) 310.00p -2.33% IP Group (IPO) 50.00p -2.15% Diversified Energy Company (DEC) 902.50p -2.06% Elementis (ELM) 134.80p -2.03% PureTech Health (PRTC) 189.40p -1.97%