FTSE 250 movers: Wood Group tanks; Currys up on guidance lift

Shares in Wood Group plunged by more than a third on Monday as US private equity firm Apollo Global pulled plans to make a takeover offer for the UK oil industry engineer.

Apollo had made five approaches for the company and had to table a firm bid or walk away by May 17.

In response, the Wood board said it remained confident in its strategic direction and long-term prospects and believes that, "following a transformative year in 2022, including new executive leadership and a new strategy" the company was "well placed to deliver substantial value for shareholders".

Apollo had made a fifth cash bid for the Wood Group of 240p per share on April 4. Wood’s board rejected the bid, saying it undervalued the group.

UK electricals retailer Currys on Monday lifted its full-year earnings guidance after trading in the final two months of its fiscal year were better-than-expected.

Adjusted pre-tax profit for the year to April 29 is now expected to come in at £110 – 120m compared with previous guidance of £104m, citing improved profits driven by continued gross margin improvements and management focus on cost efficiencies.

It added that an in-year benefit from non-repeating mobile debtor revaluation had been higher than prior year and forecast.

Curry’s said full-year adjusted earnings before interest and tax at its international business were expected to be materially lower than last year driven by the Nordics, where the trading environment “remains challenging”, but under new management it had made progress on margins and costs.

It added that structural changes had started at the division to remove at least £25m of early costs, which would result in a one-off cash charge of £15 - 20m.

ASOS shares plunged 15% after analysts at Shore Capital raised concerns that the fast-fashion retailer may have o raise more cash soon.

"The looming question: will ASOS require further capital raise? Despite the recent amendment of the revolving credit facility which has increased to £350m from £250m with only £100m remaining undrawn, we believe a further capital raise is likely," the broker said in a note.

"This assessment is based on the realisation that the measures implemented may fall short in stabilising the business within the existing macroeconomic context."

FTSE 250 - Risers

Currys (CURY) 59.00p 5.45%
Trainline (TRN) 280.40p 4.71%
Genuit Group (GEN) 307.50p 3.89%
HGCapital Trust (HGT) 376.50p 3.58%
FDM Group (Holdings) (FDM) 653.00p 3.32%
IP Group (IPO) 55.00p 3.19%
Pantheon International (PIN) 269.00p 2.67%
Ithaca Energy (ITH) 159.30p 2.64%
Diploma (DPLM) 2,922.00p 2.53%
CLS Holdings (CLI) 131.20p 2.34%

FTSE 250 - Fallers

Wood Group (John) (WG.) 145.30p -33.65%
ASOS (ASC) 425.10p -15.82%
Tullow Oil (TLW) 23.28p -2.18%
Baltic Classifieds Group (BCG) 155.60p -2.02%
Jupiter Fund Management (JUP) 121.20p -1.46%
Helios Towers (HTWS) 90.70p -1.41%
Genus (GNS) 2,554.00p -1.39%
Lancashire Holdings Limited (LRE) 608.00p -1.38%
Just Group (JUST) 88.60p -1.34%
Vesuvius (VSVS) 402.20p -1.18%