FTSE 250 movers: Spectris soars; CMC Mkts, Inchcape plummet
By Frank Prenesti
Date: Thursday 23 Jan 2025
(Sharecast News) - FTSE 250 (MCX) 20,466.73 -0.55%
Precision instruments supplier Spectris said it expects to beat market expectations with its 2024 results.
In a brief trading update on Thursday, the company said its fourth-quarter performance was in line with expectations, but strong "operational execution" meant that adjusted operating profit for the year will be above the upper end of analysts' forecasts, which range from £183.3m to £201m. Spectris had said in October that it was targeting an adjusted operating profit or around £200m.
However, that's still significantly down from the £262.5m earned in 2023, as the company had to contend with tough comparatives and softer end markets last year.
Like-for-like sales fell during the first three quarters of 2024, dropping 8%, 12% and 10% on the previous year respectively, prompting the company to accelerate a cost-reduction programme to improvement productivity and help the bottom line.
During 2024, Spectris's share price tumbled by over a third to reach levels not seen since 2020, but have since bounced back by 10% so far in 2025 to sit at a three-month high of 2,718 by Wednesday's close.
Full-year results from the company will be announced on 28 February.
Shares in CMC Markets tumbled on Thursday after the trading platform issued a very brief trading update, saying it remains on track to deliver annual net operating income in line with previous guidance.
In an update for the period from 1 October to the end of December 2024, the company also said it was still set to meet its costs guidance of about £225m, excluding variable remuneration and non-recurring charges.
At 1100 GMT, the shares were down 14% at 227.50p.
Shore Capital analyst Vivek Raja said: "The share price has been strong over the past couple of weeks, so to the extent the market was expecting a more positive trading update today (perhaps more news on how the Revolut partnership has progressed), we could imagine weakness today."
Inchcape plunged on Thursday as JPMorgan Cazenove downgrades shares of the car dealership to 'neutral' from 'overweight' and slashed the price target to 800p from 1,050p.
The bank also placed the shares on "negative catalyst watch" and said investors should "prepare for increased volatility ahead".
Market Movers
FTSE 250 - Risers
Spectris (SXS) 2,948.00p 9.19%
Morgan Advanced Materials (MGAM) 262.50p 2.34%
Oxford Instruments (OXIG) 2,165.00p 2.12%
Safestore Holdings (SAFE) 602.50p 2.12%
PPHE Hotel Group Ltd (PPH) 1,270.00p 2.01%
Vistry Group (VTY) 598.00p 1.96%
Burberry Group (BRBY) 1,055.00p 1.93%
Mitie Group (MTO) 116.20p 1.93%
Rotork (ROR) 340.80p 1.85%
Greencoat UK Wind (UKW) 120.90p 1.68%
FTSE 250 - Fallers
CMC Markets (CMCX) 216.00p -18.49%
Inchcape (INCH) 629.50p -16.29%
IG Group Holdings (IGG) 1,000.00p -6.80%
Victrex plc (VCT) 1,008.00p -5.26%
Hochschild Mining (HOC) 184.00p -4.86%
Harbour Energy (HBR) 275.50p -4.77%
Plus500 Ltd (DI) (PLUS) 2,714.00p -4.64%
Ocado Group (OCDO) 313.60p -4.56%
Genus (GNS) 1,698.00p -4.07%
Dr. Martens (DOCS) 69.60p -3.93%
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