FTSE 250 movers: Bakkavor, Raspberry Pi on the menu
By Frank Prenesti
Date: Wednesday 02 Apr 2025
(Sharecast News) - FTSE 250 (MCX) 19,438.54 -0.78%
Bakkavor surged as it reached an agreement in principle to ben take over by rival convenience food group Greencore in a deal worth £1.2bn after two previous approaches were rejected.
Bakkavor shareholders would be entitled to receive 85p in cash and 0.604 Greencore shares along with the Bakkavor 2024 final dividend of 4.8p a share. Greencore shareholders would own approximately 56% and Bakkavor investors 44% of the combined group.
Chemring rallied after saying that its Roke business has won a "strategically important" UK Ministry of Defence missile defence contract valued at £251m over six years.
Hochschild Mining led the fallers, down 4%.
Raspberry Pi Holdings posted a slide in annual profits on Wednesday, although the decline was not as steep as analysts had been expecting.
Posting its first full-year numbers as a listed company, the Cambridge-based firm - a specialist in high-performance, low-cost single board computing - said revenues eased 2% in the year to 31 December, to $259.5m.
Adjusted earnings before interest, tax, depreciation and amortisation fell 15% to $37.2m, while pre-tax profits tumbled 57% at $16.3m.
However, analysts had predicted a sharper fall for EBITDA, to $36.6m.
Raspberry Pi, which debuted on the London market last June, said inventory issues in the second and third quarters had weighed heavily on profits.
However, it noted that channel inventory had how normalised, leaving it well positioned for the current year.
It currently expects to see a "steady" build up in demand throughout the year, "positioning us strongly despite ongoing macroeconomic and geopolitical uncertainties.
"The projected pace of market recovery, coupled with the timing of embedded design wins, strengthens confidence in solid and sustainable sales growth in full-year 2025."
Eben Upton, chief executive, said: "The IPO has undoubtedly extended awareness of Raspberry Pi's value proposition from the engineering department to the C-suit at major OEMs.
"As our platforms and solutions evolve, we aspire to become the compute partner of choice for these companies.
"This has been a transformative year for Raspberry Pi."
Market Movers
FTSE 250 - Risers
Bakkavor Group (BAKK) 190.40p 7.09%
W.A.G Payment Solutions (WPS) 63.80p 5.63%
Raspberry PI Holdings (RPI) 493.60p 4.84%
Chemring Group (CHG) 391.00p 3.17%
Ocado Group (OCDO) 287.60p 2.86%
Deliveroo Class (ROO) 126.80p 2.76%
Pets at Home Group (PETS) 221.20p 2.50%
The Renewables Infrastructure Group Limited (TRIG) 76.50p 2.00%
PPHE Hotel Group Ltd (PPH) 1,324.00p 1.69%
Inchcape (INCH) 686.50p 1.40%
FTSE 250 - Fallers
Hochschild Mining (HOC) 262.80p -4.44%
Abrdn (ABDN) 149.10p -3.99%
Genuit Group (GEN) 348.00p -3.73%
Alpha Group International (ALPH) 2,482.50p -3.59%
QinetiQ Group (QQ.) 384.00p -3.32%
Vistry Group (VTY) 563.00p -3.26%
Volution Group (FAN) 513.00p -3.21%
Bellway (BWY) 2,296.00p -3.20%
Ashmore Group (ASHM) 145.10p -2.94%
Vesuvius (VSVS) 385.40p -2.92%
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