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FTSE 250 movers: Plus500 surges; CAB Payments tumbles
(Sharecast News) - London's FTSE 250 was down 0.2% at 17,020.25 in afternoon trade on Tuesday. Plus500 surged to the top of the index after saying it was on track to deliver revenue and EBITDA for FY 2023 in line with recently upgraded market expectations.
CAB Payments tumbled after the payment processing business warned on full-year revenues, pointing to changes in market conditions in some of its key currency corridors, as well as ongoing uncertainties surrounding the Naira.
The company, which only debuted on the London Stock Exchange a few months ago, said total group revenue rose 10% on the quarter in Q3, to £105.5m. However, in recent weeks there have been a number of changes to the market conditions in some key currency corridors, on top of the ongoing uncertainties surrounding the Naira, which are impacting both volumes and margins.
In particular, CAB highlighted the Central African franc (XAF) and West African franc (XOF).
Based on the revenue run rate up to now in the fourth quarter, CAB Payments now expects group revenue for 2023 to be at least 20% ahead of the prior year, which would mean it was down 17% on previous guidance.
Softcat was also under the cosh as full-year revenue missed analysts' expectations.
Hipgnosis fell after the music rights owner said it had failed to receive a "superior offer" to Blackstone's in its recent 'Go-Shop' process. Hipgnosis said potential buyers fell short of the $440m offer from Blackstone for a portfolio of song rights, with the group receiving no binding offers from the eight parties that had signed non-disclosure agreements.
FTSE 250 - Risers
Plus500 Ltd (DI) (PLUS) 1,402.00p 7.27% Drax Group (DRX) 437.30p 6.74% TUI AG Reg Shs (DI) (TUI) 416.20p 3.12% Ithaca Energy (ITH) 169.80p 2.91% Future (FUTR) 874.00p 2.52% Bakkavor Group (BAKK) 92.00p 2.22% Pennon Group (PNN) 695.50p 2.13% Primary Health Properties (PHP) 87.30p 2.11% HICL Infrastructure (HICL) 122.60p 1.66% Wood Group (John) (WG.) 140.80p 1.44%
FTSE 250 - Fallers
CAB Payments Holdings (CABP) 61.50p -71.59% Softcat (SCT) 1,215.00p -13.52% IP Group (IPO) 46.30p -5.22% Jupiter Fund Management (JUP) 76.25p -4.45% Lancashire Holdings Limited (LRE) 553.00p -3.49% Essentra (ESNT) 149.40p -3.36% Ceres Power Holdings (CWR) 202.40p -3.34% Bytes Technology Group (BYIT) 457.80p -3.30% Mobico Group (MCG) 59.60p -3.09% Hipgnosis Songs Fund Limited NPV (SONG) 73.10p -3.05%
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