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