FTSE 250 movers: Polymetal loses lustre, Cussons in favour

Thu 22 Sep 2022

LONDON (SHARECAST) - (Sharecast News) - The FTSE 250 was down 1.06% to 18,515.55 at 1410 BST.

Polymetal International shares slumped as the Russian miner swung to a half-year loss after gold sales lagged production.

Revenues at the miner, which has extensive operations in Russia, fell 18% to $1.05bn in the six months to 30 June. Within that, gold sales were down 23% while silver sales increased 9%.

Averaged realised gold prices rose 4% while silver fell 14%, in line with the wider market; group adjusted earnings before interest, tax, depreciation and amortisation fell 35% to $426m. The net loss was $321m, against a net profit of $419m a year previously.

Polymetal said: "Gold sales lagged production due to the bullion inventory accumulated across the group's mines located in the Russian Federation.

"The gap between sales and production is expected to start closing during the third quarter, as the company ramps up exports sales to various Asian markets."

Gambling software development company Playtech fell, despite hailing an "excellent" first-half performance on Thursday, with a rise in revenues and earnings driven by regulated B2B markets and the Snaitech business.

In the six months to 30 June, adjusted earnings before interest, taxes, depreciation and amortisation increased 64% to €203.8m, with revenues up 73% at €792.3m. Playtech said its performance in the half was ahead of the group's expectations.

Playtech highlighted a particularly solid performance from Italian gaming and betting business Snaitech, which saw gambling revenue growth of 182% to €446m, and adjusted EBITDA growth of 154% to €131.7m. The strong performance was driven mainly by the reopening of retail sites in Italy, which occurred at the end of June 2021 and have since remained open, it said.

The company also announced a new medium-term adjusted EBITDA target for Snaitech of between €300m and €350m.

Shares in consumer goods giant PZ Cussons rose as the company said said first quarter like-for-like sales rose 6.7% on the back of higher prices as it also reported a fall in annual profits due to lower revenues and brand impairment.

The maker of Imperial Leather soap said pre-tax profit fell 8.7% to 65.3m as revenue fell 1.7% to 592.8m.

Cussons said revenues in the three months to September 3 had rise to 162.7m with performance driven by Africa and APAC, with particularly strong growth in Morning Fresh in Australia and Premier in Nigeria.

FTSE 250 - Risers

Ferrexpo (FXPO) 137.40p 3.70%
QinetiQ Group (QQ.) 344.20p 2.87%
Investec (INVP) 406.20p 2.73%
Plus500 Ltd (DI) (PLUS) 1,716.00p 2.14%
BH Macro Ltd. GBP Shares (BHMG) 4,905.00p 1.76%
Baltic Classifieds Group (BCG) 142.20p 1.72%
PZ Cussons (PZC) 198.40p 1.64%
Games Workshop Group (GAW) 6,500.00p 1.56%
Baillie Gifford Japan Trust (BGFD) 753.00p 1.48%
Beazley (BEZ) 624.00p 1.38%

FTSE 250 - Fallers

Polymetal International (POLY) 200.00p -11.50%
Aston Martin Lagonda Global Holdings (AML) 146.25p -11.42%
Playtech (PTEC) 445.00p -6.12%
Darktrace (DARK) 333.70p -5.65%
Redrow (RDW) 474.40p -4.97%
Supermarket Income Reit (SUPR) 110.00p -4.76%
Balanced Commercial Property Trust Limited (BCPT) 88.40p -4.74%
Great Portland Estates (GPE) 474.20p -4.43%
Tritax Big Box Reit (BBOX) 151.10p -4.31%
Tritax Eurobox (GBP) (EBOX) 74.80p -4.23%
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