FTSE 250 movers: Cussons slumps on downbeat results; Wizz Air up again
18th Sep 2024 14:13
(Sharecast News) - FTSE 250 (MCX) 20,871.59 -0.35%
Consumer goods company PZ Cussons reported a 10.6% drop in full-year revenue to £527.9m on Wednesday, primarily due to the significant devaluation of the Nigerian naira against sterling.
The FTSE 250 company said profit before tax fell 39.7% to £44.7m for the 12 months ended 31 May, reflecting reduced operating profit and increased interest charges.
Profit before tax slid 29.7% year-on-year on an adjusted basis, to £44.7m.
It said the naira's average value was 57% lower against sterling during the year, substantially impacting earnings and cash flow.
Despite those challenges, the company still achieved like-for-like revenue growth of 4.4%, driven mainly by price adjustments in Nigeria to offset inflation.
Excluding the African market, however, like-for-like revenue declined 2.6%.
Wizz Air continued to rally after on a report that the budget carrier expects 15-20% growth in passenger volume next year. Chief executive Jozsef Varadi said new low-cost routes to the Middle East, such as from Europe to the United Arab Emirates, would add an extra boost.
Market Movers
FTSE 250 - Risers
North Atlantic Smaller Companies Inv Trust (NAS) 3,950.00p 2.86%
Wizz Air Holdings (WIZZ) 1,308.00p 2.35%
Auction Technology Group (ATG) 405.00p 1.76%
Just Group (JUST) 139.80p 1.75%
Hammerson (HMSO) 30.28p 1.68%
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Playtech (PTEC) 724.00p 1.40%
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FTSE 250 - Fallers
PZ Cussons (PZC) 92.00p -10.85%
Spectris (SXS) 2,698.00p -3.85%
TI Fluid Systems (TIFS) 162.00p -3.57%
Genus (GNS) 1,840.00p -3.16%
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Bloomsbury Publishing (BMY) 646.00p -2.12%
International Workplace Group (IWG) 170.30p -1.96%
NCC Group (NCC) 171.60p -1.94%
Hochschild Mining (HOC) 179.20p -1.86%