FTSE 250 movers: Telecom Plus, Rotork in favour; Oil stocks slip
30th Apr 2024 14:17
(Sharecast News) - FTSE 250 (MCX) 20,034.34 -0.25%
Rotork said in a trading update on Tuesday that first-quarter order intake showed positive growth, up in the low single digits compared to the previous year, on an organic constant currency (OCC) basis.
That growth came even amid a strong comparative period, which benefited from higher levels of project activity.
All divisions experienced higher orders year-on-year, contributing to a solid book-to-bill ratio that exceeded one.
The board said the return to typical levels of performance in the first quarter indicated improved supply chain conditions compared to previous periods affected by Covid-related disruptions.
Revenues for the quarter grew in the mid-teens year-on-year, on an OCC basis, driven by a robust opening order book and improved supply chain performance.
Sales in the Oil & Gas and Water & Power sectors saw significant increases, while Chemical, Process & Industrial sales were slightly lower.
Revenue growth was particularly strong in the Europe, Middle East & Africa, and Asia Pacific regions.
During the period, Rotork managed a solid cash performance and initiated a £50m share buyback programme, announced in March.
As of 29 March, net cash stood at £148.6m, indicating healthy financial liquidity compared to December.
"The outlook for our end markets remains positive and our order book gives us good visibility into the second half of the year," the company's board said in its statement.
"Our full year expectations are unchanged and we continue to anticipate 2024 to be another year of progress on an OCC basis."
Rotork said it would publish 2024 half-year results on 6 August.
Telecom Plus said on Tuesday that full-year adjusted pre-tax profit was set to be towards the upper end of market expectations after a record year.
In an update for the year to the end of March, the company - which trades as Utility Warehouse - said adjusted pre-tax profit will be at the top end of the range of £110.1m to £116.3m.
The group, which passed the 1 million customer milestone in the fourth quarter, declared a total dividend of 83p a share for the year, up from 80p a year earlier.
Customer numbers grew by just over 14% during the year to 1,011,489, with the number of services provided increasing by around 12% to just over 3.12 million.
Co-chief executive Stuart Burnett said: "Our innovative multiservice customer proposition, together with our unique word of mouth route to market, has put us firmly on track to deliver another set of record results. We are delighted to have passed the 1 million customer milestone, and that our recent customer growth rate has continued into the start of the new financial year.
"By helping households to stop wasting time and money on their essential bills, whilst supporting tens of thousands of Partners to earn an additional income, we expect to continue delivering record customer numbers, profits and returns to shareholders over the years ahead."
Gambling software maker Playtech was on the rise again, following gains on Monday, as was financial investment platform Hargreaves Lansdown.
Weaker crude oil prices hit mining stocks, with Harbour Energy and Energean both lower.
Market Movers
FTSE 250 - Risers
Playtech (PTEC) 536.00p 4.28%
Hargreaves Lansdown (HL.) 814.00p 3.62%
Rotork (ROR) 327.20p 3.54%
Tate & Lyle (TATE) 660.50p 2.80%
TBC Bank Group (TBCG) 3,550.00p 2.60%
Mobico Group (MCG) 55.85p 1.82%
Telecom Plus (TEP) 1,744.00p 1.75%
Britvic (BVIC) 887.50p 1.49%
Moonpig Group (MOON) 153.20p 1.46%
Cranswick (CWK) 4,310.00p 1.29%
FTSE 250 - Fallers
Discoverie Group (DSCV) 713.00p -4.68%
Hochschild Mining (HOC) 154.00p -4.58%
Close Brothers Group (CBG) 456.40p -4.48%
TI Fluid Systems (TIFS) 137.40p -3.92%
Aston Martin Lagonda Global Holdings (AML) 150.10p -3.78%
CMC Markets (CMCX) 264.50p -3.29%
Centamin (DI) (CEY) 122.60p -2.93%
SDCL Energy Efficiency Income Trust (SEIT) 59.30p -2.79%
Endeavour Mining (EDV) 1,697.00p -2.75%
BlackRock World Mining Trust (BRWM) 588.00p -2.49%