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FTSE 250 movers: Wizz Air plummets after profit warning
(Sharecast News) - The FTSE 250 was down 0.35% at 20,327.73 at 1407 BST. Hungary-based Wizz Air led the fallers, down 9% as the low-cost airline Wizz Air said it expected to make a first-quarter loss despite strong summer demand as it deployed extra resources to minimise disruption due to staff shortages and supply chain issues.
The airline reported a loss of €642.5m for the year to March 31, compared with a loss of €576m a year earlier. Core losses were almost at break even at €19m, compared to a €182.8m loss a year earlier.
Planned capacity growth for the first two quarters of the current fiscal year is more than 30% and 40% respectively.
Shares in rival easyJet were also lower in reaction to the news along with travel outlet food operator and Upper Crust owner SSP Group, heavily dependent on passenger traffic at airports.
National Express shares continued their slide after the coach operator on Tuesday warned that profits are recovering far slower than expected. The stock was down more than 6% after plunging almost 10% yesterday.5p.
The slump came after National Express said it expects "the recovery in profitability to lag our revenue recovery" over the next five years. The company, which operates in Britain, the US, Spain and Morocco, said profit margins will be lower than hoped.
FTSE 250 - Risers
Helios Towers (HTWS) 129.40p 3.60% PureTech Health (PRTC) 179.40p 3.34% Capricorn Energy (CNE) 219.60p 3.09% Dr. Martens (DOCS) 277.20p 3.05% HGCapital Trust (HGT) 396.50p 2.85% Johnson Matthey (JMAT) 2,130.00p 2.75% Baillie Gifford US Growth Trust (USA) 164.20p 2.50% Oxford Biomedica (OXB) 514.00p 2.39% Darktrace (DARK) 371.30p 2.14% Tullow Oil (TLW) 55.15p 2.05%
FTSE 250 - Fallers
Wizz Air Holdings (WIZZ) 2,496.00p -9.49% National Express Group (NEX) 228.00p -6.86% Chemring Group (CHG) 342.00p -6.56% easyJet (EZJ) 472.00p -3.30% Synthomer (SYNT) 296.40p -2.95% Network International Holdings (NETW) 210.40p -2.49% 888 Holdings (888) 199.70p -2.30% SSP Group (SSPG) 259.60p -2.26% Greencore Group (CDI) (GNC) 110.50p -2.21% Weir Group (WEIR) 1,577.50p -2.15%
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