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FTSE 250 movers: Profit warning sends Capita tumbling; Dairy Crest gains on update
London's FTSE 250 was down 0.2% to 20,333.32 in afternoon trade on Wednesday, with outsourcer Capita on its knees after a profit warning.
Capita nosedived after it announced a rights issue for this year, shelved its dividend plans and warned over its 2018 profit. Peers Serco and Mitie also suffered losses.
TalkTalk was knocked sharply lower as Exane BNP Paribas slashed its price target on the stock by 35% to 90p, saying the company's commercial recovery looks set to stall this year, as it cut its subscriber, revenue and EBITDA estimates and said it expects a dividend reduction.
Drinks maker Britvic was in the red after it said first-quarter revenue rose 3.3%, although on an organic basis excluding the acquisition of Bela Ischia, it was up a more modest 0.7%. The group also highlighted uncertainty from the introduction of the soft drinks levy.
Bucking the trend, Dairy Crest rallied after saying that revenue in the nine months to the end of December 2017 was "well ahead" of the previous year thanks to a strong performance from its key brands. The company, whose outlook for the full year remains in line with its expectations, said Cathedral City, Clover, Country Life and Frylight delivered revenue growth of 7% during the period.
Auto Trader was trading up amid an ongoing share buyback.
Risers
Euromoney Institutional Investor (ERM) 1,190.00p 6.25%
Dairy Crest Group (DCG) 591.50p 5.63%
Dechra Pharmaceuticals (DPH) 2,438.00p 4.73%
Auto Trader Group (AUTO) 365.00p 3.99%
FDM Group (Holdings) (FDM) 955.00p 3.92%
Ocado Group (OCDO) 508.80p 3.60%
Senior (SNR) 278.80p 3.49%
UDG Healthcare Public Limited Company (UDG) 821.50p 3.46%
Howden Joinery Group (HWDN) 468.50p 2.97%
Rank Group (RNK) 229.95p 2.89%
Fallers
Capita (CPI) 199.54p -42.63%
TalkTalk Telecom Group (TALK) 117.55p -10.06%
Britvic (BVIC) 730.72p -6.80%
Domino's Pizza Group (DOM) 335.50p -5.57%
Dignity (DTY) 831.60p -3.53%
Serco Group (SRP) 91.75p -3.06%
Vectura Group (VEC) 99.00p -2.65%
Babcock International Group (BAB) 685.00p -2.62%
Mitie Group (MTO) 175.70p -2.50%
Hikma Pharmaceuticals (HIK) 978.80p -2.32%