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FTSE 250 movers: Cussons slumps on downbeat results; Wizz Air up again
(Sharecast News) - FTSE 250 (MCX) 20,871.59 -0.35%
Consumer goods company PZ Cussons reported a 10.6% drop in full-year revenue to £527.9m on Wednesday, primarily due to the significant devaluation of the Nigerian naira against sterling.
The FTSE 250 company said profit before tax fell 39.7% to £44.7m for the 12 months ended 31 May, reflecting reduced operating profit and increased interest charges.
Profit before tax slid 29.7% year-on-year on an adjusted basis, to £44.7m.
It said the naira's average value was 57% lower against sterling during the year, substantially impacting earnings and cash flow.
Despite those challenges, the company still achieved like-for-like revenue growth of 4.4%, driven mainly by price adjustments in Nigeria to offset inflation.
Excluding the African market, however, like-for-like revenue declined 2.6%.
Wizz Air continued to rally after on a report that the budget carrier expects 15-20% growth in passenger volume next year. Chief executive Jozsef Varadi said new low-cost routes to the Middle East, such as from Europe to the United Arab Emirates, would add an extra boost.
Market Movers
FTSE 250 - Risers
North Atlantic Smaller Companies Inv Trust (NAS) 3,950.00p 2.86% Wizz Air Holdings (WIZZ) 1,308.00p 2.35% Auction Technology Group (ATG) 405.00p 1.76% Just Group (JUST) 139.80p 1.75% Hammerson (HMSO) 30.28p 1.68% Aston Martin Lagonda Global Holdings (AML) 162.50p 1.44% Playtech (PTEC) 724.00p 1.40% OSB Group (OSB) 385.20p 1.37% Lancashire Holdings Limited (LRE) 699.00p 1.30% PureTech Health (PRTC) 144.40p 1.26%
FTSE 250 - Fallers
PZ Cussons (PZC) 92.00p -10.85% Spectris (SXS) 2,698.00p -3.85% TI Fluid Systems (TIFS) 162.00p -3.57% Genus (GNS) 1,840.00p -3.16% JTC (JTC) 1,048.00p -3.14% Energean (ENOG) 914.50p -2.24% Bloomsbury Publishing (BMY) 646.00p -2.12% International Workplace Group (IWG) 170.30p -1.96% NCC Group (NCC) 171.60p -1.94% Hochschild Mining (HOC) 179.20p -1.86%
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