FTSE 250 movers: Oil stocks in vogue; PZ Cussons slips

(Sharecast News) - FTSE 250: 20,457.50, +1.33% at 1447 GMT. PZ Cussons shares fell as it reiterated its full-year outlook on Wednesday, despite the "challenging" economic climate, following a jump in interim revenues.

The FTSE 250 consumer goods group saw revenues rise 19% in the six months to £336.9m, while like-for-like sales improved 6.1%. Operating profits nudged 1% higher to £33.2m, and pre-tax profits increased 8% to £34.5m.

PZ Cussons - which owns Imperial Leather, Original Source and Carex, among others - said trading had been in line with expectations, despite inflationary pressures, weaker consumer confidence and a "softening" macroeconomic climate.

The firm also reiterated its full-year outlook, noting that it expects a stronger operating margin performance in the second half driven by improved trends in its Europe and America businesses, falling cost inflation and the full impact of price increases that were introduced in the last quarter.

Jonathan Myers, chief executive, said: "Despite the continued challenging macro environment, we have delivered another quarter of like-for-like revenue growth. Our first-half performance has been in line with expectations and we are reiterating our full year outlook.

"This is thanks to work we have done to make PZ Cussons a more resilient business and our focus on building stronger brands."

As at 0830 GMT, shares in PZ Cussons were down nearly 7% at 200p, however.

Victoria Scholar, head of investment at Interactive Investor, said: "PZ Cussons has been struggling with cost inflation, a weakening consumer and higher debt. Although it has been raising prices, customers are increasingly price sensitive given the cost of living squeeze."

Shore Capital, which has a 'hold' rating on the stock, said: "PZ Cussons is a business we have long admired, with a strong portfolio of brands across its geographies that provide a robust platform from which the business can deliver sustained growth and cash generation over the medium-to-long term. However, short-term challenges and constraints remain."

Media firm operator Future expects to deliver full-year adjusted operating profits in line with expectations, thanks to the diversification of its revenue streams and content verticals so far this year.

Future stated its overall revenue performance in the four months ended 31 January was broadly in-line with expectations, with a market slowdown in audience numbers and consumer spending impacting growth of digital advertising and affiliate products revenue - most notably in the consumer technology vertical.

The FTSE 250-listed group's new strategic verticals of homes, fashion and beauty, and wealth and savings, were said to be gaining momentum, creating further medium-term opportunities.

Chief executive Zillah Byng-Thorne said: "The start to the year demonstrates the strength and diversity of the group, and we are pleased to reiterate our guidance for the full year.

"Whilst the macro environment remains uncertain, we look ahead with continued confidence in our plans to deliver on our strategy and outperform the industry."

Interdealer broker TP Icap has reportedly ditched talks about a sale of its data division, Parameta, despite coming under pressure to return more cash to investors.

According to Sky News, TP Icap held discussions with a number of potential buyers in recent months, including large buyout funds. The process, which was never publicly disclosed by the company, has now been called off, according to several people close to it.

Some City shareholders had been urging TP Icap to offload Parameta in order to return as much as £1.5bn through special dividends or share buybacks, Sky said.

However, TP Icap's board is said to have resisted those demands on the back of improved trading and a rebound in its share price, which has risen by nearly one-third over the past year.

Harbour Energy and Tullow oil gained on higher crude prices.

FTSE 250 - Risers

Harbour Energy (HBR) 319.80p 6.96% Molten Ventures (GROW) 390.60p 6.90% Currys (CURY) 76.90p 6.22% Helios Towers (HTWS) 111.10p 5.31% Tullow Oil (TLW) 36.12p 5.18% Just Group (JUST) 83.90p 4.35% Liontrust Asset Management (LIO) 1,274.00p 4.08% Hammerson (HMSO) 30.36p 3.97% FirstGroup (FGP) 113.20p 3.95% ITV (ITV) 89.90p 3.76%

FTSE 250 - Fallers

PZ Cussons (PZC) 196.80p -8.04% Future (FUTR) 1,519.00p -5.24% Syncona Limited NPV (SYNC) 167.00p -3.69% Mitchells & Butlers (MAB) 160.50p -3.49% National Express Group (NEX) 133.00p -2.28% Fidelity China Special Situations (FCSS) 281.00p -1.75% Auction Technology Group (ATG) 735.00p -1.74% Bodycote (BOY) 644.50p -1.53% BBGI Global Infrastructure S.A. NPV (DI) (BBGI) 154.40p -1.40% TP Icap Group (TCAP) 175.30p -1.07%