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

FTSE 250 - Risers

North Atlantic Smaller Companies Inv Trust (NAS) 3,950.00p 2.86%
Wizz Air Holdings (WIZZ) 1,308.00p 2.35%
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Just Group (JUST) 139.80p 1.75%
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Aston Martin Lagonda Global Holdings (AML) 162.50p 1.44%
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