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FTSE 250 movers: FDM gains on update; Lower crude price hits producers
(Sharecast News) - FTSE 250 (MCX) 19,371.09 0.11%
Professional IT services provider FDM Group said it expected annual revenues to be flat, confirming the warning it issued in November about the hit from geopolitical uncertainties and clients deferring project decisions.
Revenue for calendar 2023 is expected to rise by 1% to £334m as client placements plunged by 21% and FDM was forced to axe a tenth of its internal workforce.
"The last nine months of 2023 saw difficult trading conditions across our markets, with many clients delaying and deferring decisions around projects and consultant placements given the macro-economic and geo-political uncertainties they faced," said chief executive Rod Flavell.
"Levels of client engagement remain encouraging and the early signs of returning client confidence which we reported in November continue."
Oil and gas producers were lower as crude oil prices fell after the US Energy Information Administration reported an inventory build of 1.2 million barrels for the week to January 26, compared with a substantial draw of 9.2 million barrels for the previous week.
The American Petroleum Institute estimated another inventory draw of 2.5 million barrels, for the week to January 26, far higher than estimates for 867,000 barrels.
Tullow Oil and harbour Energy were both down on the news, while services company Wood Group also fell.
Market Movers
FTSE 250 - Risers
NCC Group (NCC) 121.80p 3.05% Indivior (INDV) 1,395.00p 2.72% OSB Group (OSB) 456.20p 2.56% SThree (STEM) 407.50p 2.52% IG Group Holdings (IGG) 716.00p 2.29% Hiscox Limited (DI) (HSX) 1,038.00p 2.27% Sirius Real Estate Ltd. (SRE) 91.15p 2.19% Hill and Smith (HILS) 1,890.00p 2.16% Telecom Plus (TEP) 1,452.00p 2.11% Oxford Instruments (OXIG) 2,230.00p 1.83%
FTSE 250 - Fallers
Harbour Energy (HBR) 280.60p -4.82% Tullow Oil (TLW) 31.20p -4.06% Pets at Home Group (PETS) 282.60p -3.68% Wood Group (John) (WG.) 160.50p -3.55% Morgan Advanced Materials (MGAM) 272.50p -3.54% Renishaw (RSW) 3,538.00p -3.39% Allianz Technology Trust (ATT) 316.00p -2.77% Wizz Air Holdings (WIZZ) 1,951.50p -2.72% W.A.G Payment Solutions (WPS) 88.20p -2.65% Spirent Communications (SPT) 119.60p -2.37%
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