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FTSE 250 movers: Pets at Home jumps, miners shine
(Sharecast News) - FTSE 250 (MCX) 23,445.53 0.18%
Pets at Home on Wednesday said it expected full-year underlying earnings to be in line with expectations despite a fall in third quarter revenues after it cut prices as part of a plan to revive its fortunes, with shares in the company jumping 6% on the news.
The ailing retailer, currently still waiting for a chief executive and financial boss to arrive in the spring, said retail consumer revenue fell 1.1% in the three months to January 1, while its veterinary services business, Vets for Pets, performed strongly with a 5% rise. Group revenue was down 1% to £358m.
Current consensus forecasts are for underlying pre-tax profit of £93m with a range of £90m-97m. Interim earnings slumped more than a third after retail profits plunged 84%, forcing the company to implement a £20m cost-cutting programme.
"One of our key early actions as part of this plan included investing in our customer offer, reducing the price of over 1,000 products by an average of 12%, ensuring our customers know they can trust us to provide great value for them and their pets," said interim chair Ian Burke."
Miners shone as a falling US dollar helped boost the gold price beyond $5,200. Pan African Resources and Endeavour both gained on the news.
FTSE 250 - Risers
Playtech (PTEC) 318.00p 6.18% Pets at Home Group (PETS) 211.80p 5.69% Pan African Resources (PAF) 145.60p 5.20% Harbour Energy (HBR) 225.40p 4.84% Pagegroup (PAGE) 205.20p 3.43% Bluefield Solar Income Fund Limited (BSIF) 71.00p 3.35% Discoverie Group (DSCV) 641.00p 3.22% Endeavour Mining (EDV) 4,478.00p 3.08% Me Group International (MEGP) 142.20p 2.89% Greencoat UK Wind (UKW) 99.65p 2.73%
FTSE 250 - Fallers
Oxford Nanopore Technologies (ONT) 160.40p -6.31% Energean (ENOG) 850.00p -3.02% HGCapital Trust (HGT) 492.00p -2.96% Ceres Power Holdings (CWR) 312.00p -2.50% OSB Group (OSB) 605.00p -2.42% W.A.G Payment Solutions (EWG) 127.50p -1.92% Avon Technologies (AVON) 1,840.00p -1.92% Paragon Banking Group (PAG) 864.00p -1.82% VinaCapital Vietnam Opportunity Fund Ltd. (VOF) 452.00p -1.74% PPHE Hotel Group Ltd (PPH) 1,828.00p -1.72%
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