FTSE 250 movers: Wizz Air takes off; Essentra slumps

FTSE 250 (MCX) 21,014.09 0.40%

Wizz Air soared 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.

Essentra warned on Tuesday that full-year adjusted operating profit would be below market expectations, pinning the blame partly on softer market conditions in Europe in August and into September.

In an update for the year to the end of December, the company also said the Americas region has reported a slower-than-expected rate of recovery, while Asia Pacific remains broadly in line with expectations.

"The impact of the market back drop on trading since the half year 2024 results, combined with a consequently more cautious view of the likely timing of further modest improvements in market conditions has led to the board revising its expectations for full year 2024," Essentra said.

Including the impact of adverse foreign exchange retranslation, estimated to be around £2m, it now expects 2024 full-year adjusted operating profit of between £40m and 42m, which is below market expectations of £48.4m to £49.7m.

"Management remain confident in the business model and that the company is well positioned, supported by a right-sized cost base and robust operations, to benefit from high levels of operational leverage when normalised growth returns," it said.

"The group continues to balance its investment in value creating opportunities across the business alongside cost mitigation activities and driving efficiencies, which has supported strong gross and operating margins. The balance sheet remains robust, and full year leverage guidance remains unchanged."

JTC, a global provider of fund, corporate, and private client services, saw its shares slide on Tuesday morning, even after it announced robust interim results for the six months ended 30 June.

The FTSE 250 company said revenue increased 21.1% to £147.1m, up from £121.5m during the same period last year.

Underlying EBITDA rose 22.3% to £49.1m, as the firm maintained a healthy EBITDA margin of 33.4%.

Gambling technology firm Playtech said on Tuesday that it has agreed to sell its Italian business, Snaitech, to Paddy Power owner Flutter Entertainment for €2.3bn in cash.

Once the deal completes, Playtech said it will focus on its "technology-led offering in high-growth B2B gambling markets with an accelerated growth plan and an extensive portfolio of strategic ventures".

Playtech also said that after completion, it plans to return €1.7bn to €1.8bn to shareholders by way of a special dividend.

Market Movers

FTSE 250 - Risers

Wizz Air Holdings (WIZZ) 1,274.00p 8.89%
Bridgepoint Group (Reg S) (BPT) 376.00p 4.91%
Watches of Switzerland Group (WOSG) 406.00p 3.94%
Travis Perkins (TPK) 950.50p 3.77%
4Imprint Group (FOUR) 5,120.00p 3.33%
Pets at Home Group (PETS) 308.00p 3.22%
Ocado Group (OCDO) 347.40p 2.84%
Patria Private Equity Trust (PPET) 555.00p 2.78%
Close Brothers Group (CBG) 534.00p 2.69%
Computacenter (CCC) 2,482.00p 2.39%

FTSE 250 - Fallers

Essentra (ESNT) 137.80p -17.58%
JTC (JTC) 1,064.00p -6.17%
Playtech (PTEC) 716.00p -4.91%
OSB Group (OSB) 380.80p -2.41%
Hochschild Mining (HOC) 182.80p -2.25%
Chemring Group (CHG) 374.50p -2.22%
Senior (SNR) 156.00p -1.89%
Plus500 Ltd (DI) (PLUS) 2,504.00p -1.88%
NCC Group (NCC) 174.80p -1.58%
QinetiQ Group (QQ.) 452.40p -1.52%