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FTSE 250 movers: AO World surges on profit upgrade
(Sharecast News) - FTSE 250 (MCX) 21,598.03 -0.13% Shares in AO World surged on Monday as the UK electrical retailer ticked up the lower end of earnings guidance and announced its first-ever share buyback on the back of strong cash generation.
Full-year adjusted profit before tax is now expected to be £45m - 50m, up from prior guidance of £40m - 50m. Group revenue is expected to be up 13% with retail sales up 11%.
In a trading update, the company said it would buy back £10m in shares after generating £70m in cash with a revolving credit facility of £120m still undrawn. AO World shares soared more than 11% in early London trade.
Founder and chief executive John Roberts said the company's ongoing efforts to broaden its product range was an "increasingly key driver of our performance".
Oil companies were out of favour despite rising crude prices, driven by Ukrainian drone attacks on Russian refineries. Diversified Energy and Ithaca were both lower.
Market Movers
FTSE 250 - Risers
AO World (AO.) 93.00p 11.51% Vistry Group (VTY) 612.80p 4.01% Endeavour Mining (EDV) 2,892.00p 2.63% Frasers Group (FRAS) 708.50p 2.46% Tritax Big Box Reit (BBOX) 138.80p 2.44% WH Smith (SMWH) 683.00p 2.40% Aston Martin Lagonda Global Holdings (AML) 75.30p 2.38% Mitchells & Butlers (MAB) 267.50p 2.29% Lancashire Holdings Limited (LRE) 631.00p 2.27% Foresight Group Holdings Limited NPV (FSG) 475.50p 2.26%
FTSE 250 - Fallers
Diversified Energy Company (DEC) 1,125.00p -3.43% Plus500 Ltd (DI) (PLUS) 3,060.00p -3.41% The Renewables Infrastructure Group Limited (TRIG) 72.40p -3.21% Bloomsbury Publishing (BMY) 494.00p -2.95% Burberry Group (BRBY) 1,075.50p -2.67% Ithaca Energy (ITH) 187.10p -2.45% BlackRock World Mining Trust (BRWM) 612.00p -2.24% Playtech (PTEC) 376.00p -1.96% Kainos Group (KNOS) 880.00p -1.57% Genus (GNS) 2,575.00p -1.53%
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