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FTSE 250 movers: Dr Martens, Auction Tech and M&B take a tumble
(Sharecast News) - The FTSE 250 was trading firmly in the red on Thursday afternoon, bucking the positive trend among other indices across Europe, as disappointing trading updates and results hammered a number of stocks on London's second-tier index. Iconic bootmaker Dr Martens tumbled 25% as it warned on full-year profits, saying the Autumn/Winter season has been hit by warm weather, weaker traffic and softer trading in the US. The company now expects FY24 revenue to decline by high single-digit percentage year-on-year, on a constant currency basis, while profits are expected to be "moderately" below market expectations.
Auction Technology Group wasn't far behind, dropping 23% after the online marketplace tech company reported a 23% slump in full-year profits amid increasing finance costs.
Mitchells & Butlers also tanked 10% as the restaurants, pubs and bars group reported a big decline in annual profits on the back of significant cost headwinds and property valuation movements, which outweighed strong sales growth over the year.
Vending machine operator Me Group International was 5% lower after reporting it expects to deliver annual revenues below guidance despite a record financial performance for the year.
Future Plc was also out of favour, dropping over 8% after Canaccord Genuity cut its recommendation for the stock from 'hold' to 'sell' ahead of the specialist media group's annual results next week, saying it sees downside risk to market forecasts.
One bright spot on the FTSE 250 was cybersecurity and software escrow company NCC Group which said in a trading update that its performance in the first half aligned with expectations, with its outlook for the full year unchanged, causing shares to rise 2%.
Harbour Energy, meanwhile, was extending gains made the previous session after it held on to full-year production targets and expressed interest in "a number of material M&A opportunities".
FTSE 250 - Risers
Harbour Energy (HBR) 234.00p 4.79% Bridgepoint Group (Reg S) (BPT) 236.60p 4.51% Crest Nicholson Holdings (CRST) 186.70p 3.72% Carnival (CCL) 1,061.00p 2.81% Pets at Home Group (PETS) 316.80p 2.59% Redde Northgate (REDD) 365.00p 2.10% NCC Group (NCC) 122.60p 2.00% IP Group (IPO) 52.10p 1.76% Howden Joinery Group (HWDN) 745.20p 1.72% Foresight Group Holdings Limited NPV (FSG) 422.00p 1.69%
FTSE 250 - Fallers
Dr. Martens (DOCS) 86.40p -24.74% Auction Technology Group (ATG) 487.00p -22.70% Mitchells & Butlers (MAB) 217.20p -10.40% Future (FUTR) 879.50p -8.39% 888 Holdings (DI) (888) 70.30p -7.86% Digital 9 Infrastructure NPV (DGI9) 31.60p -7.06% Bellway (BWY) 2,336.00p -5.50% Telecom Plus (TEP) 1,552.00p -5.37% Me Group International (MEGP) 127.00p -4.94% Vistry Group (VTY) 758.50p -4.41%
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