FTSE 250 movers: TI Fluid pushes on; Aston Martin in reverse

(Sharecast News) - FTSE 250: 19,390.70 +0.40% TI Fluid Systems posted a jump in first-quarter revenues on Wednesday as it said it was outperforming markets in all regions.

In the three months to the end of March, revenues increased 15.2% from the same period a year earlier to €869.8m. TI, which manufactures and supplies automotive fluid storage, carrying and delivery systems, said growth was delivered by both of its segments and in each of the regions in which it operates.

"With light vehicle production (LVP) volumes increasing by 5.7% in the quarter, revenue outperformance, at constant currency, was 920 basis points (bps)," it said. "This outperformance was supported by product launches, favourable regional mix as well as our inflationary recoveries which delivered the expected benefits in the first quarter."

In the Fluid Carrying Systems segment, revenues rose 16.6% to €502.3m, while the Fuel Tanks & Delivery Systems (FTDS) business saw revenues grow 12.7% to €367.5m.

Revenue in Europe and Africa rose 20.5%, while Asia Pacific saw 5.8% growth and North American revenues were 17.1% higher.

Chief executive and president Hans Dieltjens said: "2023 has got off to a promising start with strong revenue growth, revenue outperformance across the business, good progress on inflationary recoveries and positive performance on BEV (battery electric vehicles) bookings, particularly with local Chinese OEMs, a specific area of focus for the group."

Aston Martin maintained its full-year guidance on Wednesday as it reported a narrowing of its first-quarter losses, with strong growth in deliveries of its sport utility vehicle DBX.

In the three months to the end of March, losses before tax narrowed to £74.2m from £111.6m in the same period a year earlier. Meanwhile, revenue rose 27% to £295.9m and wholesale volumes were 9% higher at 1,269, driven by 59% year-on-year DBX volume growth.

Aston Martin said the total average selling price was up 18% on Q1 2022 at £213,000, while the core ASP was 19% higher at £180,000.

The company also said that it sold out of all 499 examples of the DBS 770 Ultimate - the most powerful production Aston Martin ever that was unveiled in January - with deliveries scheduled to begin in the third quarter.

Executive chairman Lawrence Stroll said: "Since the start of the year, we have continued to see strong demand across our product range, with our current range of sports cars essentially sold out for the year.

"The DBX707, the first car developed under my leadership, continues to receive broad media acclaim and, with a growing number incredibly satisfied customers, is strengthening the DBX orderbook in our all major markets, as well as our overall financial performance."

The company reiterated its guidance for 2023. It still expects to deliver "significant" growth in profitability compared to the prior year, driven mainly by an increase in volumes and higher gross margin in both core and special vehicles.

"We expect significant year-on-year growth and positive free cash flow in the second half of the year," it said.

Watches of Switzerland said on Wednesday that chief financial officer Bill Floydd will be standing down from 12 May by mutual agreement.

He will be succeeded by Anders Romberg, who served as the group's CFO from 2014 to 2021. Floydd will remain available to support the transition and a handover of responsibilities until the end of October.

Chief executive Brian Duffy said: "On behalf of the board, I would like to thank Bill for his valuable contribution to the group and we wish him well for the future. I am delighted that Anders is re-joining the business.

"He has a strong track record of financial leadership and thorough knowledge of our group, as well as the specialist luxury watch and jewellery categories, and I look forward to working with him again."

FTSE 250 - Risers

TI Fluid Systems (TIFS) 123.20p +14.07%

W.A.G Payment Solutions (WPS) 105.50p +8.54%

Bridgepoint Group (Reg S) (BPT) 245.20p +4.97%

Centamin (DI) (CEY) 107.80p +4.56%

IntegraFin Holding (IHP) 285.60p +3.85%

ICG Enterprise Trust (ICGT) 1,076.00p +3.07%

Auction Technology Group (ATG) 700.00p +2.19%

Apax Global Alpha Limited (APAX) 172.60p +2.13%

Caledonia Investments (CLDN) 3,630.00p +2.11%

The Renewables Infrastructure Group Limited (TRIG) 128.40p +2.07%

FTSE 250 - Fallers

Aston Martin Lagonda Global Holdings (AML) 213.00p -4.57%

CMC Markets (CMCX) 180.00p -3.43%

International Distributions Services (IDS) 245.70p -2.38%

Redrow (RDW) 517.00p -1.80%

Clarkson (CKN) 3,080.00p -1.75%

Crest Nicholson Holdings (CRST) 260.60p -1.73%

Softcat (SCT) 1,323.00p -1.71%

Essentra (ESNT) 198.60p -1.68%

Watches of Switzerland Group (WOSG) 799.00p -1.60%

Ithaca Energy (ITH) 154.40p -1.53%