FTSE 250 movers: Rightmove up on strong annual results, IMI struggles with demand and currency
Rightmove was top of the risers as Cannacord Genuity upgraded its rating on the stock from ‘hold’ to ‘buy’ on better-than-expected annual results. The broker also hiked its target price for the shares from 2,600p to 3,034p and said it still sees 13% potential upside to this new forecast.
Berendsen
1,268.00p
17:09 11/09/17
FTSE 250
19,391.30
17:09 19/04/24
FTSE 350
4,341.08
17:09 19/04/24
FTSE All-Share
4,296.41
17:08 19/04/24
Media
11,718.72
17:10 19/04/24
RDI Reit
121.20p
16:40 30/04/21
Real Estate Investment & Services
2,135.62
17:09 19/04/24
Rightmove
508.80p
16:35 19/04/24
Support Services
10,465.25
17:10 19/04/24
Travel & Leisure
7,521.61
17:10 19/04/24
William Hill
271.80p
09:58 22/04/21
Laundry services group Berendsen was trading lower after its full year results were ill-received by the market. Sales were hit by the strength of sterling, an issue management expect to continue despite earnings delivering growth.
William Hill was also among the fallers after reporting a 9% drop in annual pre-tax profit to £233.9m on higher expenses. Numis analyst Ivor Jones warned: “Excellent strategic preparation cannot fully offset the impact of additional taxes, fees and regulation in FY15 and we expect profits to fall."
Engineer IMI was weaker as a strategic review and challenging market conditions weighed on its full year pre-tax profit. Weaker demand from Europe in the second half of the year and currency headwinds weighed on results, with revenue and operating profit taking a £96m and £18m hit respectively as a result of the strong pound.
Shares in Redefine International were lower as the property investor revealed it will issue up to 131.4m new shares, representing approximately 9.9% of its issued share capital.