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FTSE 250 movers: Telecom Plus surges, but no party for Carnival

By Frank Prenesti

Date: Monday 03 Oct 2022

FTSE 250 movers: Telecom Plus surges, but no party for Carnival

(Sharecast News) - The FTSE 250 was up 0.36% to 17,230.63 at 1535 BST.

Telecom Plus shares topped the risers as it boosted full-year profit guidance on Monday after record" customer growth during the first half.

The company, which trades as Utility Warehouse and offers bundled services such as energy, broadband and insurance, said net customer additions were 86,004 in the first half, bringing the total customer base to 814,684 as at 30 September. Telecom Plus said the increase represented an annualised growth rate of almost 24%, fuelled by cash-strapped households seeking out cheaper bills.

In addition, the FTSE 250 said multi-service discount costs were likely to fall in the second half, and that there was an improved outlook for energy affordability following the implementation of the two-year average price cap of £2,5000 per year.

As a result, it now expects full-year profits to be "materially ahead" of current market expectations.

In June, Telecom Plus said it expected adjusted pre-tax profits to reach £75m in the 2023 full year, up around a fifth on 2022. Customer numbers were forecast to rise by 20%.

Shares in essential components business Essentra gained as the firm offloaded its filters business to a wholly-owned subsidiary of Centaury Management for an enterprise value of approximately £262.1m.

The FTSE 250-listed group said the consideration for the division was comprised of roughly £200m due on completion, on a cash-free, debt-free basis, as well as up to £20m on a deferred earn-out.

Carnival was under the cosh again, having tanked on Friday after the cruise operator said it was expecting to report a loss for the fourth quarter.

Budget airlines Wizz Air and eayJet both flew lower on reports that the Opec+ group of oil producing nations was gearing up to lower supply, increasing concerns over higher aviation fuel prices. EasyJet was knocked lower by a downgrade to 'hold' at HSBC.

FTSE 250 - Risers

Telecom Plus (TEP) 2,100.00p 21.67%
Essentra (ESNT) 209.50p 14.73%
Watches of Switzerland Group (WOSG) 716.50p 6.31%
CLS Holdings (CLI) 147.00p 5.45%
Royal Mail (RMG) 194.25p 5.31%
Bellway (BWY) 1,771.00p 3.99%
Clarkson (CKN) 2,735.00p 3.99%
ITV (ITV) 59.48p 3.84%
Energean (ENOG) 1,385.00p 3.82%
Mercantile Investment Trust (The) (MRC) 171.20p 3.76%

FTSE 250 - Fallers

Carnival (CCL) 533.40p -8.32%
Aston Martin Lagonda Global Holdings (AML) 110.20p -7.78%
Wizz Air Holdings (WIZZ) 1,489.00p -6.03%
Vietnam Enterprise Investments (DI) (VEIL) 604.00p -5.03%
VinaCapital Vietnam Opportunity Fund Ltd. (VOF) 452.50p -4.13%
easyJet (EZJ) 284.70p -3.95%
Bluefield Solar Income Fund Limited (BSIF) 134.00p -3.60%
Sirius Real Estate Ltd. (SRE) 68.20p -3.54%
Urban Logistics Reit (SHED) 125.00p -3.47%
TUI AG Reg Shs (DI) (TUI) 104.65p -3.24%


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