FTSE 250 movers: Cussons slumps on downbeat results; Wizz Air up again
FTSE 250 (MCX) 20,871.59 -0.35%
Consumer goods company PZ Cussons reported a 10.6% drop in full-year revenue to £527.9m on Wednesday, primarily due to the significant devaluation of the Nigerian naira against sterling.
The FTSE 250 company said profit before tax fell 39.7% to £44.7m for the 12 months ended 31 May, reflecting reduced operating profit and increased interest charges.
Profit before tax slid 29.7% year-on-year on an adjusted basis, to £44.7m.
It said the naira's average value was 57% lower against sterling during the year, substantially impacting earnings and cash flow.
Despite those challenges, the company still achieved like-for-like revenue growth of 4.4%, driven mainly by price adjustments in Nigeria to offset inflation.
Excluding the African market, however, like-for-like revenue declined 2.6%.
Wizz Air continued to rally after on a report that the budget carrier expects 15-20% growth in passenger volume next year. Chief executive Jozsef Varadi said new low-cost routes to the Middle East, such as from Europe to the United Arab Emirates, would add an extra boost.
Market Movers
North Atlantic Smaller Companies Inv Trust (NAS) 3,950.00p 2.86%
Wizz Air Holdings (WIZZ) 1,308.00p 2.35%
Auction Technology Group (ATG) 405.00p 1.76%
Just Group (JUST) 139.80p 1.75%
Hammerson (HMSO) 30.28p 1.68%
Aston Martin Lagonda Global Holdings (AML) 162.50p 1.44%
Playtech (PTEC) 724.00p 1.40%
OSB Group (OSB) 385.20p 1.37%
Lancashire Holdings Limited (LRE) 699.00p 1.30%
PureTech Health (PRTC) 144.40p 1.26%
FTSE 250 - Fallers
PZ Cussons (PZC) 92.00p -10.85%
Spectris (SXS) 2,698.00p -3.85%
TI Fluid Systems (TIFS) 162.00p -3.57%
Genus (GNS) 1,840.00p -3.16%
JTC (JTC) 1,048.00p -3.14%
Energean (ENOG) 914.50p -2.24%
Bloomsbury Publishing (BMY) 646.00p -2.12%
International Workplace Group (IWG) 170.30p -1.96%
NCC Group (NCC) 171.60p -1.94%
Hochschild Mining (HOC) 179.20p -1.86%