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FTSE 250 movers: WoS rallies after results, chair share purchase
(Sharecast News) - FTSE 250 (MCX) 19,086.19 -0.09% Watches of Switzerland rallied after reporting a dip in third-quarter revenues on Thursday as it said consumers in the UK and Europe were choosing to spend their disposable income on other categories such as fashion and beauty. Chairman Ian Carter also revealed he had acquired 50,000 ordinary shares in the London-listed watchmaker.
Group revenue nudged down 1% to £397m, with revenue in the UK and Europe 7% lower at £222m. The luxury watch retailer said challenging macroeconomic conditions in the UK had dented consumer spending in the luxury retail sector, impacting luxury watches and particularly non-branded jewellery, where there was an unusually high level of promotional activity.
In addition, consumers opted to allocate their discretionary spend to other categories, such as fashion, beauty, hospitality and travel.
Watches said its UK performance continues to be driven by domestic clientele, with a "minimal" return of tourist spending due to the lack of VAT-free shopping.
The performance in the US was better, however, with revenues up 8% at £175m and sales remaining strong across all regions. Watches said it was gaining market share in the "fragmented" luxury watch market there.
A rise in the oil price saw Tullow Oil and Harbour Energy make gains.
Banks were in favour after Barclays agreed to buy most of Tesco's banking business for £600m.
Market Movers
FTSE 250 - Risers
Watches of Switzerland Group (WOSG) 389.00p 4.46% TI Fluid Systems (TIFS) 153.00p 3.94% Tullow Oil (TLW) 31.12p 3.60% TBC Bank Group (TBCG) 2,940.00p 2.62% Future (FUTR) 703.00p 2.55% Indivior (INDV) 1,403.00p 2.26% Harbour Energy (HBR) 260.50p 2.20% IG Group Holdings (IGG) 686.00p 2.01% Trainline (TRN) 326.60p 1.94% Bytes Technology Group (BYIT) 658.50p 1.70%
FTSE 250 - Fallers
Close Brothers Group (CBG) 444.80p -4.43% Hochschild Mining (HOC) 90.85p -3.14% Dr. Martens (DOCS) 84.30p -3.05% Just Group (JUST) 82.40p -2.83% Drax Group (DRX) 438.20p -2.71% Barr (A.G.) (BAG) 530.00p -2.21% Wizz Air Holdings (WIZZ) 2,069.00p -2.13% Tate & Lyle (TATE) 614.50p -1.92% Hill and Smith (HILS) 1,856.00p -1.80% Workspace Group (WKP) 497.40p -1.80%
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