FTSE 250 movers: Aveva surges on results; PZ Cussons in a lather

Thu 14 Jun 2018

LONDON (SHARECAST) - (Sharecast News) - London's FTSE 250 was up 0.4% to 21,314.49 in afternoon trade on Thursday as investors digested rate announcements from the Fed and the ECB, and better-than-expected UK retail sales data.

Aveva was the standout gainer after it said a strong performance by its heritage business fuelled a 6.8% rise in annual profit as the engineering and industrial software group targeted 25m of cost reductions from its merger with Schneider Electric.

The company posted adjusted pre-tax profit for the combined group of 162.8m, up from 152.4m a year earlier, for the 12 months to the end of March. Revenue rose 8.6% to 704.6m.

Safestore was on the front foot as it said that occupancy performance at its storage facilities was the strongest for five years and posted a 12% rise in first-half earnings. Underlying earnings before interest, tax and other items rose to 39.1m in the six months to the end of April from 34.9m a year earlier as revenue rose 10.5% to 69.2m. Statutory pre-tax profit jumped 49% to 81.9m.

Rathbone Brothers was in the black as it agreed to acquire Scotland's largest independent wealth manager, Speirs & Jeffrey, for an initial cash and shares consideration of 104m. The consideration comprises 79m in cash - which will be funded from internal cash resources and the proceeds of a proposed 60m equity placing - and the issue of 1m new Rathbone shares worth 25m.

On the downside, consumer products peddler PZ Cussons was firmly in the red after saying in a trading update that pre-tax profit for the full year was likely to be at the lower end of the 80m to 85m range it announced in March.

Pets at Home was among the fallers as its stock went ex-dividend.

FTSE 250 - Risers

Aveva Group (AVV) 2,804.00p 10.74%
Alfa Financial Software Holdings (ALFA) 200.50p 4.86%
Safestore Holdings (SAFE) 581.00p 4.31%
Charter Court Financial Services Group (CCFS) 348.90p 4.21%
Inmarsat (ISAT) 542.80p 3.55%
Rathbone Brothers (RAT) 2,590.00p 3.52%
Bank of Georgia Group (BGEO) 1,943.00p 3.35%
Entertainment One Limited (ETO) 350.00p 3.18%
Dixons Carphone (DC.) 197.85p 2.89%
Provident Financial (PFG) 645.60p 2.48%

FTSE 250 - Fallers

PZ Cussons (PZC) 219.81p -5.58%
TalkTalk Telecom Group (TALK) 119.50p -3.47%
Pets at Home Group (PETS) 122.20p -3.09%
Kaz Minerals (KAZ) 965.00p -2.58%
RHI Magnesita N.V. (DI) (RHIM) 4,773.00p -2.47%
IP Group (IPO) 136.60p -2.43%
Daejan Holdings (DJAN) 5,825.00p -2.27%
Templeton Emerging Markets Inv Trust (TEM) 726.00p -2.16%
TR Property Inv Trust (TRY) 419.95p -2.11%
Dairy Crest Group (DCG) 502.00p -1.76%
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