FTSE 250 movers: Discoverie slumps; Workspace rallies

FTSE 250 (MCX) 20,651.78 -0.32%

Electronic components manufacturer Discoverie reported a double-digit increase in profits for the year ended 31 March, thanks to strong growth in underlying operating margins.

Discoverie said on Wednesday that underlying operating profits were up 10% at £57.2m and underlying operating margins were 1.6ppts at 13.1% as it moves towards achieving its targets of 13.5% in the year ahead and 15% over the medium-term.

Underlying pre-tax profits were up 4% at £48.2m, underlying earnings per share improved 5% to 36.8p, and investors will be rewarded with a 12.0p dividend, also up 5% year-on-year.

Ninety One posted a drop in full-year assets under management on Wednesday and cut its dividend as it said business conditions remained "challenging".

In the year to the end of March 2024, assets under management fell 3% to £126bn, while pre-tax profit ticked up 2% to £216.8m.

Net outflows improved slightly during the year, to £9.4bn from £10.6bn in 2023. The asset manager said outflows in the second half were marginally higher than the first half.

For the full year, net outflows were driven by reduced inflows relative to the prior year, as clients elected to delay allocations to risk assets.

Workspace gained as it reported strong rental income growth in the year to 31 March, but said losses widened substantially due to falling property valuations. However, the company predicted that valuations would start to improve from here on out.

Net rental income was up 8.2% at £12.62m, helped by stable occupancy levels and a 10.4% increase in pricing during the period to £44.27 per share foot.

"This has involved a huge amount of customer activity with our teams completing 1,238 lettings and 705 renewals, worth £53.3m in terms of rent roll," said chief executive Graham Clemett.

Trading profit after interest increased by 9% to £66m. However, reported loss before tax swelled to £192.8m from a loss of £37.5m the year before, as the company saw a 9.5% decrease in the value of its property portfolio, with net tangible assets per share falling 13.7% to £8.00.

Market Movers

FTSE 250 - Risers

Aston Martin Lagonda Global Holdings (AML) 157.30p 7.23%
TUI AG Reg Shs (DI) (TUI) 624.50p 6.30%
Workspace Group (WKP) 583.00p 5.81%
Mobico Group (MCG) 54.50p 3.32%
W.A.G Payment Solutions (WPS) 72.00p 3.15%
Future (FUTR) 1,145.00p 2.69%
SSP Group (SSPG) 165.00p 2.55%
NextEnergy Solar Fund Limited Red (NESF) 73.00p 2.10%
Carnival (CCL) 1,196.00p 1.92%
JPMorgan Indian Investment Trust (JII) 952.00p 1.82%