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(Sharecast News) - FTSE 250 (MCX) 23,376.20 -0.54%
Analysts at Berenberg lifted their target price target on geotechnical contractor Keller from 2,550p to 3,150p on Tuesday, after the firm issued a stronger‑than‑expected trading update that prompted a material upgrade to full‑year guidance.
Keller said both revenue and underlying earnings were now expected to finish "materially ahead of current market consensus", previously £3.15bn and £223m, respectively, driven by strong organic momentum and a record £1.9bn order book.
Berenberg said the update underlined robust demand across key markets despite pockets of macro pressure in some regional residential sectors.
The German bank noted that the acceleration in trading momentum since May was entirely organic, with no acquisitions or disposals, and heavily weighted towards the US, where Keller has secured major infrastructure work including the multi‑year I‑40 highway remediation project. Management also highlighted continued margin discipline and a buoyant tendering environment.
Berenberg said North America remained Keller's "primary engine of growth", with strong infrastructure and data‑centre volumes offsetting a slowdown in south Florida's residential market. Europe and the Middle East delivered solid results, supported by strength in Scandinavia and central Europe, while Asia‑Pacific traded in line with expectations as momentum across Australasia helped counter pricing pressure in Australia's foundations market.
The broker added that Keller's strategic focus on high‑growth subsectors such as infrastructure and technology continued to pay off, and that the group's net cash position at the end of FY25 left it with meaningful capital‑allocation flexibility.
Berenberg said Keller now trades on a 10.3x FY26 price-to-earnings ratio, 5.0x EBITDA and 7.4x EBIT.
Reporting by Iain Gilbert at Sharecast.com
Polymer specialist Victrex traded higher early on Tuesday, helped by a strong third‑quarter update showing a sharp rebound in volumes and revenue across key end markets.
Victrex said group revenues for the three months ended 30 June had risen 18% year‑on‑year to £84.5m, with volumes up 17% to 1,238 tonnes, reflecting continued momentum from the second quarter. Aerospace and electronics led growth within its sustainable solutions unit, with aerospace benefiting from a much weaker comparator after supply‑chain backlogs hit the sector in 2025. Average selling prices were unchanged at £68/kg.
Year‑to‑date revenues increased 7% to £231.6m, while volumes were up 10% to 3,375 tonnes, supported by stabilisation in the medical segment and ongoing strength across industrial end markets.
The FTSE 250-listed group also said it had made good progress on its profit improvement plan, including a roughly 10% reduction in headcount that will begin to deliver benefits in the final quarter. Annualised cost savings of at least £10m remain on track for FY27, with around £10m of cash exceptional items expected this year.
Victrex added that net debt stood at £43m as of 30 June, with cash of £27.5m, after payment of its interim dividend.
Chief executive James Routh said: "Q3 maintained the positive momentum we saw through our second quarter. Compared to the prior year, revenue growth was driven by improvement across several end markets, particularly aerospace and electronics, with some stabilisation in medical.
"In our final quarter, whilst we will start to see initial cost savings as part of our profit improvement plan, we remain mindful of normal seasonality and wider macroeconomic conditions including the potential implications for global demand and energy costs. Our full year guidance is therefore unchanged."
As of 1000 BST, Victrex shares had shot up 15.46% to 671.98p.
Reporting by Iain Gilbert at Sharecast.com
ITV slumped as JPMorgan downgraded the shares to 'neutral' from 'overweight' after the broadcaster announced on Monday that it was selling its media and entertainment business to Comcast-owned Sky for up to £1.6bn.
FTSE 250 - Risers
Keller Group (KLR) 3,230.00p 20.36%
Victrex plc (VCT) 683.00p 17.56%
NCC Group (NCC) 137.80p 5.52%
WPP (WPP) 269.60p 4.83%
Telecom Plus (TEP) 800.00p 4.56%
Hikma Pharmaceuticals (HIK) 1,612.00p 4.34%
Mitchells & Butlers (MAB) 260.00p 2.97%
Barr (A.G.) (BAG) 646.00p 2.87%
Mony Group (MONY) 195.20p 2.85%
Savills (SVS) 906.00p 2.37%
FTSE 250 - Fallers
Genus (GNS) 2,082.00p -8.01%
ITV (ITV) 76.50p -6.60%
XP Power Ltd. (DI) (XPP) 1,800.00p -6.01%
Seraphim Space Investment Trust (SSIT) 189.40p -5.10%
Oxford Nanopore Technologies (ONT) 120.20p -4.61%
W.A.G Payment Solutions (EWG) 104.60p -4.56%
Fidelity Emerging Markets Limited Ptg NPV (FEML) 1,490.00p -4.13%
Allianz Technology Trust (ATT) 698.00p -4.12%
Polar Capital Technology Trust (PCT) 657.00p -4.01%
Hochschild Mining (HOC) 474.40p -3.85%
