FTSE 250 movers: Wizz Air soars, Ibstock solid after update

The FTSE 250 was up 0.39% at 19,645.94 at 1300 BST.

Budget airline Wizz Air topped the index with a gain of almost 9% after it said first-quarter operating losses widened as it was hit by higher fuel costs, despite soaring revenues and passenger numbers as air travel recovered from the Covid pandemic.

The carrier on Wednesday reported a loss of €285m from €109m a year earlier. It flew more than 12m customers across Europe, with revenue up more than 300% to €808.8m.

“Whilst we are rebuilding the airline with greater scale we remain very conscious of the challenging macroeconomic and operational backdrop,” said chief executive József Váradi.

“Fuel prices for the quarter were double pre-pandemic levels. Lingering restrictions from Covid-19 remained, particularly during April and May, while the war in Ukraine and supply chain disruptions affecting air traffic control, security and ground operation resources have impacted our utilisation.”

Wizz said it expected to deliver a material operating profit as revenue and pricing momentum continue to improve, and said levels of disruption at airports had started to normalise.

The news also boosted rival easyJet, with the shares up nearly 6%.

Clay bricks and concrete products manufacturer Ibstock was in favour as it lifted its full-year profit outlook on Wednesday as it reported a rise in first-half profit and revenue amid "robust" demand.

In the six months ended 30 June, pre-tax profit was up 32% at £51m, with revenue 28% higher at £259m.

The company said trading was strong despite industry-wide inflation and supply chain issues. It highlighted robust demand in new build residential, repair, maintenance and improvement (RMI) markets and infrastructure markets.

Pub and hotel operator Marston's was up after a trading update. Ttotal like-for-like sales for the 42 weeks ended 23 July were down 2% on the pre-Covid comparator in the 2019 financial year, as it warned of surging energy costs in the second half.

It said that total retail sales in its managed and franchise pubs returned to 2019 levels in the period, with drinks sales continuing to outperform food sales.

Like-for-like sales in the last 16 weeks to 23 July were 1% below the 2019 comparator, but in the first 12 weeks of the period sales were “slightly ahead”, the board said.

Over the last four weeks, despite drinks sales continuing to be in growth, food sales weakened primarily due to the recent spell of “very hot” weather.

Pub chains Wetherspoons and Mitchells & Butlers were higher on a readacross.

FTSE 250 - Risers

Wizz Air Holdings (WIZZ) 2,130.00p 8.40%
Ibstock (IBST) 193.00p 7.52%
easyJet (EZJ) 395.30p 5.89%
Jupiter Fund Management (JUP) 129.10p 4.62%
Mitchells & Butlers (MAB) 176.80p 3.76%
Network International Holdings (NETW) 195.80p 3.71%
TUI AG Reg Shs (DI) (TUI) 129.45p 3.60%
Liontrust Asset Management (LIO) 953.00p 3.36%
Wetherspoon (J.D.) (JDW) 559.50p 3.32%
4Imprint Group (FOUR) 3,145.00p 3.11%