FTSE 250 movers: Softcat surges; Ferrexpo plunges
FTSE 250 (MCX) 20,063.35 -0.17%
Shares in Softcat surged on Wednesday as the company lifted expectations for operating profit growth after interim earnings jumped by 12%.
The IT services provider said operating profit growth for 2025 should be in the low double-digit percentage range, up from previous guidance of high single-digits, supported by an “encouraging” second half pipeline. Shares were up 11% in early London trade.
Iron ore producer Ferrexpo was under the cosh after it accused Ukraine of breaching international investment agreements.
The update came as Ferrexpo posted full-year results. It said it had seen a "dramatic" recovery in 2024, with total production surging 66% to 6.9m tonnes and revenues ahead 43% at $933.3m. However, lower average iron ore prices and higher production costs meant underlying earnings before interest, tax, depreciation and amortisation fell 30% to $69m. The pre-tax loss was $20.4m, although that an improvement on 2023’s $68.4m.
Essentra was weaker as it said its FY24 performance was in line with previous guidance and market expectations, but that it was "taking a cautious view" on the timing of any material improvement in end-market conditions.
Berenberg slashed its price target on QinetiQ on Wednesday to 500p from 610p to reflect lowered estimates, but reiterated its ‘buy’ rating.
Market Movers
FTSE 250 - Risers
Softcat (SCT)1,799.00p10.84%
Savills (SVS)976.00p3.83%
GCP Infrastructure Investments Ltd (GCP)79.10p3.67%
Marshalls (MSLH)246.50p3.14%
Bridgepoint Group (Reg S) (BPT)329.20p2.62%
Computacenter (CCC)2,642.00p2.01%
Carnival (CCL)1,425.50p1.89%
Kainos Group (KNOS)737.00p1.52%
Renishaw (RSW)2,780.00p1.46%
Volution Group (FAN)573.00p1.42%
FTSE 250 - Fallers
Ferrexpo (FXPO)72.70p-10.91%
Trustpilot Group (TRST)233.50p-5.85%
Wizz Air Holdings (WIZZ)1,680.00p-5.41%
Essentra (ESNT)110.00p-4.84%
QinetiQ Group (QQ.)381.00p-3.64%
Oxford Nanopore Technologies (ONT)111.20p-3.30%
Alpha Group International (ALPH)2,390.00p-3.24%
Bakkavor Group (BAKK)155.00p-3.13%
Burberry Group (BRBY)880.60p-3.04%
Energean (ENOG)854.00p-2.57%