FTSE 250 movers: Greggs falls on H1 loss; Greencore gains on results

By Michele Maatouk

Date: Tuesday 28 Jul 2020

FTSE 250 movers: Greggs falls on H1 loss; Greencore gains on results

(Sharecast News) - London's FTSE 250 was up 0.6% at 17,251.92 in afternoon trade on Tuesday.

Irish convenience food group Greencore was the standout gainer as it posted a drop in third-quarter sales as it took a hit from the Covid-19 pandemic but said trends were improving and announced the sale of its molasses businesses.

In the 13 weeks to 26 June, group revenue fell 34% on a reported basis to £240.6m. Greencore said this was mainly a reflection of the impact of the coronavirus crisis on its food to go categories.

Games Workshop was a high riser after the miniature wargames manufacturer reported a rise in annual pre-tax profit and revenue, hailing an "amazing" set of results.

Bellway advanced, along with the broader housebuilding sector, following a Financial Times report suggesting UK ministers are drawing up plans to extend the Help to Buy scheme beyond its December deadline.

Elsewhere, Sabre Insurance also gained after well-received half-year results.

British Gas owner Centrica was boosted by an upgrade to 'buy' from 'hold' at Jefferies. It said the disposal of the US business for £2.85bn is "transformational and shows management taking back control after an uncontrollable period".

On the downside, bakery chain Greggs declined as it said it swung to a loss in the first half as sales fell after its shops were forced to close for three months due to the pandemic.

For the 26 weeks to 27 June, the company swung to a pre-tax loss of £65.2m from a £36.7m profit in the same period a year ago, with total sales down to £300.6m from £546.3m in the first half of last year.

FTSE 250 - Risers

Greencore Group (GNC) 124.60p 11.65%
Games Workshop Group (GAW) 9,300.00p 9.99%
Provident Financial (PFG) 177.20p 7.26%
TUI AG Reg Shs (DI) (TUI) 317.90p 5.61%
Go-Ahead Group (GOG) 710.50p 5.42%
Bellway (BWY) 2,770.00p 5.04%
Sabre Insurance Group (SBRE) 273.50p 4.99%
Centrica (CNA) 50.46p 4.88%
Coats Group (COA) 55.90p 4.49%
Avon Rubber (AVON) 3,465.00p 4.37%

FTSE 250 - Fallers

Greggs (GRG) 1,379.00p -5.48%
Plus500 Ltd (DI) (PLUS) 1,184.50p -3.19%
Aggreko (AGK) 416.20p -3.16%
Hochschild Mining (HOC) 273.40p -2.84%
Just Group (JUST) 45.98p -2.50%
Airtel Africa (AAF) 55.60p -2.46%
IG Group Holdings (IGG) 735.50p -2.45%
Wetherspoon (J.D.) (JDW) 831.00p -2.29%
Weir Group (WEIR) 1,203.50p -2.07%
Kaz Minerals (KAZ) 550.00p -2.00%


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