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FTSE 250 movers: Close Brothers tanks; Volution surges on results
(Sharecast News) - London's FTSE 250 was down 0.2% at 22,003.92 in afternoon trade on Thursday. Close Brothers shares tanked as it warned that the Financial Conduct Authority's motor finance redress scheme would result in a "material increase" to its existing provision of £165m.
Earlier this week, the FCA ruled that lenders would have to pay out £11bn including costs in compensation after finding "widespread failings" in how motor finance firms disclosed commission payments and commercial ties between lenders and brokers on agreements signed between 6 April 2007 and 1 November 2024.
Close Brothers said in a brief statement that while uncertainty about the outcome of the consultation remains, its initial assessment is that if implemented in its current form, the proposed scheme would result in a material increase to its existing provision.
"This remains subject to ongoing review of the proposal and analysis of its potential impact on the group," it said.
Taylor Wimpey and Primary Health Properties slid as they traded without entitlement to the dividend.
Volution was the standout gainer as it reported a rise in full-year profit and revenue, boosted by its acquisition of Fantech in Australasia.
In the year to the end of July, adjusted operating profit grew 19.7% to £93.4m, while adjusted pre-tax profit was up 18.7% at £83.9m. Revenue jumped 20.6% from a year earlier to £419.1m, with 5.7% constant currency organic growth and 16.2% inorganic growth from eight months of Fantech contribution.
Grainger was also in the black as it hailed a "strong" full-year performance, with occupancy at 98.1%, ahead of expectations, and said it was on track to deliver 50% earnings growth from FY24 to FY29.
FTSE 250 - Risers
Volution Group (FAN) 703.00p 8.32% Energean (ENOG) 887.50p 2.96% Grainger (GRI) 192.40p 2.34% Foresight Environmental Infrastructure Limited (FGEN) 68.60p 2.24% Harbour Energy (HBR) 209.20p 2.05% Ninety One (N91) 213.40p 2.01% Quilter (QLT) 176.40p 1.97% Spire Healthcare Group (SPI) 245.00p 1.87% Mitchells & Butlers (MAB) 247.50p 1.85% Bridgepoint Group (Reg S) (BPT) 320.20p 1.84%
FTSE 250 - Fallers
Close Brothers Group (CBG) 479.20p -8.55% Aston Martin Lagonda Global Holdings (AML) 63.90p -4.63% Taylor Wimpey (TW.) 100.70p -4.37% Chemring Group (CHG) 572.00p -2.56% Avon Technologies (AVON) 2,050.00p -2.38% Pinewood Technologies Group (PINE) 392.00p -2.24% Trustpilot Group (TRST) 212.60p -2.21% Finsbury Growth & Income Trust (FGT) 846.00p -2.08% Unite Group (UTG) 617.50p -2.06% Primary Health Properties (PHP) 88.10p -1.89%
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