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FTSE 250 movers: Currys slides; Plus500 on the rise
(Sharecast News) - FTSE 250 (MCX) 21,582.79 0.12% Currys slumped after a downgrade to 'sector perform' from 'outperform' at RBC Capital Markets, which said it was time to take profits after a strong run.
The bank, which maintained its 140p price target, said Currys has worked hard to improve its offer in both the UK and Nordics, and its stronger balance sheet and likely lower pension contributions should enable it to make higher cash returns going forward.
"But macro risk remains and we think its valuation is fairer now, hence we reduce our rating to sector Perform, and remove our speculative risk qualifier."
RBC noted that Currys saw three rounds of earnings upgrades in FY25 but said these have stalled somewhat recently as the outlook for the Nordics has become more uncertain.
The bank said it has more valuation upside for some other stocks like B&M and Avolta, hence the Currys downgrade.
RBC highlighted a "mixed" macro picture.
Plus500 gained as it posted a 12% jump in second-quarter EBITDA to $91.3m.
Plus500 said H1 revenues were up 4% at $415.1m, while underlying earnings rose 1% to $185.1m, and EBITDA margins contracted from 46% to 45%.
The FTSE 250-listed group said it had successfully onboarded 56,165 new customers in H12, including 29,268 in Q225, and said active customers came to 179,931, up from 175,909 in H124. Customer deposits hit a record high of $3.1bn for the six-month period.
Looking forward, Plus500 said it remains confident in the outlook for the group in FY25 and beyond.
Chief executive David Zruia said: "Plus500 delivered further operational and financial progress in H1 2025. We expanded our global presence with new regulatory licences in Canada and the UAE, added to our growing list of clearing memberships with ICE Clear US and announced the exciting acquisition of Mehta Equities in India, which will provide us access to the largest retail futures market in the world.
FTSE 250 - Risers
Volution Group (FAN) 613.00p 3.37% Jupiter Fund Management (JUP) 105.00p 3.14% Trustpilot Group (TRST) 237.20p 2.77% Baltic Classifieds Group (BCG) 336.50p 2.75% AJ Bell (AJB) 524.50p 2.74% NCC Group (NCC) 145.60p 2.54% Future (FUTR) 718.00p 2.50% TP Icap Group (TCAP) 285.00p 2.33% VinaCapital Vietnam Opportunity Fund Ltd. (VOF) 435.00p 2.11% Energean (ENOG) 921.00p 1.94%
FTSE 250 - Fallers
Currys (CURY) 117.30p -5.63% Moonpig Group (MOON) 214.50p -2.94% Helios Towers (HTWS) 119.40p -2.93% Raspberry PI Holdings (RPI) 468.80p -2.86% Genuit Group (GEN) 374.00p -2.60% Ocado Group (OCDO) 236.90p -2.39% W.A.G Payment Solutions (WPS) 82.00p -2.38% Close Brothers Group (CBG) 381.00p -2.31% Oxford Nanopore Technologies (ONT) 144.50p -2.30% Tate & Lyle (TATE) 537.00p -2.10%
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