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FTSE 250 movers: Pennon up on results; Dunelm crashes after profit warning
London's FTSE 250 was up 0.5% to 21,095.76 in afternoon trade on Friday.
Pennon was among the top gainers after it posted a rise in full-year pre-tax profit and hiked its dividend, as it sounded a positive note on the outlook for water and waste.
In the year to the end of March 2018, pre-tax profit increased 3.5% to £258.8m on revenue of £1.39bn, up 2.9% on the previous year. Statutory earnings per share were up 20.6% to 48.0p and Pennon lifted its dividend per share by 7.3% to 38.59p.
The company said earnings growth was driven by net tariff increases and higher demand at South West Water, energy recovery facilities growth and a strong focus on cost savings.
GVC Holdings was on the rise as it said it had a good start to the year and that it expects more synergies from the Ladbrokes acquisition than originally thought.
Total group net gaming revenue increased 7% over the 20-week period since the start of 2018, as UK retail sales were hit by adverse weather but total digital revenue increased 17%. The online gaming specialist, which completed the takeover of bookmaker LCL on 28 March, said it now was confident of extracting £130m of synergies by 2021 versus the £100m expected at the time of the deal.
On the downside, Centamin tumbled after downgrading its production guidance due to "persisting low grades" at its Sukari mine in Egypt.
Production guidance for this year was revised down to between 505,000 and 515,000 ounces from a previous target of 580,000, while the all-in sustaining cost of producing an ounce of gold is expected to be between $875 and $890 versus $770 previously.
Shares in Dunelm crashed as the homeware retailer issued a profit warning. The company said underlying profits for the year are likely to be "moderately below" those deliver in 2017 following "materially more challenging" than expected trading conditions in the fourth quarter.
Like-for-like store sales are down 4.7% in the quarter to date due to reduced footfall to stores. Although online LFL sales jumped an impressive 43.7%, total LFL sales were up just 0.1% in the quarter. As a result, the company now expects profits for the year to be moderately below the £109.3m delivered in 2017.
Big Yellow was on the back foot after JPMorgan cut the stock to 'neutral'.
FTSE 250 - Risers
Entertainment One Limited (ETO) 301.40p 7.26%
Pennon Group (PNN) 767.60p 5.15%
Wizz Air Holdings (WIZZ) 3,382.00p 4.74%
GVC Holdings (GVC) 1,023.00p 4.07%
On The Beach Group (OTB) 486.47p 3.95%
Capita (CPI) 141.65p 3.85%
Sophos Group (SOPH) 594.50p 3.57%
Softcat (SCT) 745.00p 3.47%
Great Portland Estates (GPOR) 691.90p 3.10%
Bakkavor Group (BAKK) 200.00p 3.09%
FTSE 250 - Fallers
Centamin (DI) (CEY) 131.95p -17.19%
Dunelm Group (DNLM) 521.50p -15.07%
Cairn Energy (CNE) 227.40p -4.13%
Tullow Oil (TLW) 235.60p -3.60%
Electrocomponents (ECM) 710.00p -2.74%
Thomas Cook Group (TCG) 117.90p -2.56%
Big Yellow Group (BYG) 934.50p -2.35%
Ferrexpo (FXPO) 225.20p -2.26%
Hunting (HTG) 851.00p -2.18%
Sanne Group (SNN) 642.61p -1.89%