FTSE 250 movers: TI Fluid surges; Helios Towers slides

(Sharecast News) - FTSE 250 (MCX) 20,366.09 -1.02% Automotive components manufacturer TI Fluid Systems posted interim profits that came in ahead of expectations on Thursday and said it was confident that adjusted underlying earnings margins would continue to expand throughout FY24.

TI Fluid said adjusted pre-tax earnings were up 2.7% year-on-year at €135.5m, beating market expectations for a print of €131.0m, while EBIT margins expanded from 7.5% to 7.9%, above the 7.4% targeted by the group.

Revenues dropped 1.4% on a constant currency basis to €1.7bn but bookings increased 11% to €1.5bn, including €600.0m worth of electric vehicle wins.

Construction company Morgan Sindall said on Thursday that its full-year performance was set to be "slightly ahead" of its previous expectations after a record first-half performance.

In the half-year to 30 June, adjusted pre-tax profit rose 17% to £70.1m, with revenue up 14% to £2.2bn.

The company hailed a "significant" contribution from the fit out division, which saw operating profit rise 36% to £41.3m. Meanwhile, operating profit in the construction arm was 18% higher at £14.1m.

The order book dipped to £8.7bn from £8.9bn in the same period a year earlier, while the interim dividend was lifted 15% to 41.5p per share.

Helios Towers announced a strong set of first-half results on Thursday, with upgraded full-year guidance, but its share price was well below the waterline as investors reacted to a fall in quarterly profit.

The FTSE 250 mobile network infrastructure owner said its operating profit for the second quarter was $65m, down from $67.3m in the first.

Looking at the first half, however, operating profit surged 91% year-on-year to $132.3m, driven by adjusted EBITDA growth and a favourable update to the depreciation policy for its tower assets.

That contributed to a substantial reduction in its loss before tax, which narrowed to just $0.4m from $39.4m in the first half of 2023.

The company reported a 19% year-on-year increase in first-half adjusted EBITDA to $206.2m, with revenue rising 11% to $389.9m.

Shares in Hill & Smith dropped on Thursday despite the company reaffirming recently upgraded full-year guidance after a solid first-half performance.

"Hill & Smith has delivered another good first half performance, underpinned by continuing strong demand for our products and services in the US and the strong performance from our most recent acquisitions," said executive chair Alan Giddins.

"We expect this momentum to continue into the second half in line with our recently upgraded expectations."

The infrastructure products and services provider said in May that full-year operating profits would be "slightly ahead" of the top end of market forecasts, which at the time were around £130.8m.

Hill & Smith reported revenues of £422.7m for the six months to 30 June, up 0.4% on last year but 2% higher at constant currency, which it said was driven by strong performance in Engineered Solutions and Galvanizing Services.

The following were all lower as they traded without rights to a dividend:

Aberforth Smaller Companies, Man Group, Games Workshop, GCP Infrastructure Investments, Inchcape, Jupiter Fund Management, Monks Investment Trust, Scottish American Investment and Vesuvius.

Market Movers

FTSE 250 - Risers

TI Fluid Systems (TIFS) 124.60p 11.25% Morgan Sindall Group (MGNS) 2,930.00p 5.59% Quilter (QLT) 135.70p 1.72% Foresight Solar Fund Limited (FSFL) 86.10p 1.65% Drax Group (DRX) 656.00p 1.63% Clarkson (CKN) 3,800.00p 1.33% Senior (SNR) 157.00p 1.29% Hiscox Limited (DI) (HSX) 1,159.00p 0.96% Balfour Beatty (BBY) 399.40p 0.91% Keller Group (KLR) 1,598.00p 0.88%

FTSE 250 - Fallers

Wood Group (John) (WG.) 126.10p -5.33% Bloomsbury Publishing (BMY) 656.00p -4.93% Helios Towers (HTWS) 116.80p -4.42% Patria Private Equity Trust (PPET) 520.00p -4.41% Jupiter Fund Management (JUP) 75.60p -4.30% Hill and Smith (HILS) 2,070.00p -4.17% Bytes Technology Group (BYIT) 464.00p -4.05% Apax Global Alpha Limited (APAX) 140.20p -3.97% Dr. Martens (DOCS) 66.25p -3.71% RS Group (RS1) 745.50p -3.68%