FTSE 250 movers: Rough skies for Wizz; AO World looking brighter

Shares in AO World surged on Thursday as the online white goods retailer reported strong growth in first-quarter revenues.

In a trading statement for 1 April to 30 June ahead of its annual general meeting, the company said AO branded sales in the UK were up 29% on the year, with total UK revenue growth of 25%, driven mostly by improving brand recognition.

Revenue in euros, meanwhile, rose by 101% and AO said it had made further advances in gross margin with expected efficiencies coming through in the cost base.

William Hill shares were given a boost after chief executive James Henderson left with immediate effect after a recent poor performance from the UK’s biggest bookmaker.

Canaccord Genuity last Friday cut its target price for William Hill from 301p to 340p. The company had experienced poor results from the Cheltenham horse race, tighter regulation and technology challenges.

Euromoney Institutional Investor rose as the company said said trading in the third quarter has been in line with the board’s expectations and the UK’s vote to leave the European Union has had no significant impact.

Reported revenues for the period from 1 April to 20 July were down 1% to £104.7m, with the benefit from a favourable GBP/USD rate offset by the reduction in revenues from the disposal of Gulf Publishing and Petroleum Economist in April.

Shares in Wizz Air, eastern and central Europe's biggest no-frills airline, nosedived after the company said is planning to cut its proposed expansion in the UK because of the slump in the pound against the euro after the UK vote to leave the European Union.

Wizz Air said it had planned to increase its presence in the UK by 30% – equivalent to four extra planes based in the UK this year – but would now halve this and redeploy the jets is halving this.

Challenger banks Metro and OneSavings were also lower on Brexit concerns.

Market Movers

FTSE 250 (MCX) 17,000.67 -0.11%

FTSE 250 - Risers

AO World (AO.) 145.90p 8.56%
William Hill (WMH) 297.30p 8.07%
Ocado Group (OCDO) 280.50p 5.49%
Restaurant Group (RTN) 319.00p 4.69%
Vedanta Resources (VED) 517.50p 3.40%
Weir Group (WEIR) 1,539.00p 3.22%
Euromoney Institutional Investor (ERM) 993.00p 3.06%
Close Brothers Group (CBG) 1,223.00p 3.03%
Virgin Money Holdings (UK) (VM.) 238.40p 3.03%
Hochschild Mining (HOC) 218.60p 2.77%

FTSE 250 - Fallers

Wizz Air Holdings (WIZZ) 1,441.00p -5.51%
DFS Furniture (DFS) 214.00p -4.16%
IP Group (IPO) 149.30p -3.93%
NCC Group (NCC) 321.70p -3.39%
Daejan Holdings (DJAN) 5,310.00p -2.93%
Metro Bank (MTRO) 1,895.00p -2.92%
OneSavings Bank (OSB) 211.90p -2.66%
Workspace Group (WKP) 692.50p -2.60%
Shawbrook Group (SHAW) 171.20p -2.51%
Paysafe Group (PAYS) 390.30p -2.42%