FTSE 250 movers: JD Sports sprints ahead while CYBG lingers
The FTSE 250 was just in the red in afternoon trading on Tuesday, as investors evaluated UK inflation data and a key speech by Federal Reserve governor Lael Brainard.
Sports, fashion and outdoor brand retailer JD Sports Fashion was rocketing ahead, after it posted its interim results for the 26 weeks to 30 July on Tuesday, with revenue up 20% to £970.57m compared to the first half of last year.
The FTSE 250 firm reported a gross profit margin of 48.1%, ahead of the 47.4% margin last year, with operating profit before exceptional items improving 63% to £77.65m.
Profit before tax rose 73% to £77.41m, with basic earnings per ordinary share 69% higher than a year ago at 29.83p.
JD’s board declared an interim dividend of 1.25p per share, just ahead of the 1.2p payout announced at the 2015 interim results.
On the downside, Ocado fell after it claimed its best quarterly volume growth in four years, although a slight acceleration in group revenue growth in the third quarter thanks to the Morrisons deal was overshadowed by comments about the tough margin environment.
Average order size also continued its decline and there remained "sustained and continuing margin pressure", said chief executive Tim Steiner.
House broker Numis said it understood that as items per basket and mix were largely unchanged, it suggested this was largely driven by the ongoing industry-wide price competition.
CYBG, the holding company of the Clydesdale and Yorkshire Bank, was also slipping after it hit its targets for the first year since flotation and upped its guidance for loan growth and cost-cutting for the next three years.
The FTSE 250 bank said it expects the promised double-digit return on tangible equity will arrive one year earlier than planned, by September 2019, and now expects in the same year to deliver mid-single-digit annual loan growth.
Amec Foster Wheeler was also dalling out of favour after it said on Tuesday that Enterprise Products has filed a lawsuit in the Harris County Court, Texas alleging that it is responsible for cost overruns and delays on Enterprise's propane dehydrogenation (PDH) unit in Mont Belvieu.
“The contract we signed with Enterprise allocated risk on timing and cost to them and this legal process appears to be an attempt to avoid the terms they signed up to in 2013. We consider these proceedings to be misconceived and we intend to vigorously defend these claims," Amec said.
FTSE 250 - Risers
JD Sports Fashion (JD.) 1,400.00p 5.03%
Daejan Holdings (DJAN) 5,820.00p 4.86%
Allied Minds (ALM) 331.20p 3.44%
Lancashire Holdings Limited (LRE) 669.50p 3.00%
Synthomer (SYNT) 355.40p 2.72%
HarbourVest Global Private Equity Limited A Shs (HVPE) 982.00p 2.61%
Electra Private Equity (ELTA) 4,087.00p 2.61%
PayPoint (PAY) 1,030.00p 2.28%
Domino's Pizza Group (DOM) 362.80p 2.20%
Aveva Group (AVV) 2,002.00p 2.19%
FTSE 250 - Fallers
Ocado Group (OCDO) 275.30p -14.50%
CYBG (CYBG) 258.20p -5.04%
Tullow Oil (TLW) 217.90p -3.97%
Pendragon (PDG) 31.81p -3.72%
Amec Foster Wheeler (AMFW) 533.00p -3.70%
Cairn Energy (CNE) 179.50p -3.70%
Entertainment One Limited (ETO) 206.20p -3.64%
Workspace Group (WKP) 690.50p -3.36%
Acacia Mining (ACA) 476.80p -3.29%
Petrofac Ltd. (PFC) 814.50p -3.04%