FTSE 250 up 1.3% to 18,345.82 at 1445 GMT
Morgan Advanced Materials shares surged as the company on Friday lifted profit and revenue guidance as sales for the first nine months of the year rose 10.5%.
The company said it now expected full year organic constant-currency growth to be in the range 7-9%, above previous guidance, and adjusted operating profit to be marginally above the top end of current analysts’ forecasts.
“We are delivering robust revenue growth, despite the challenging environment, and improving profitability, with inflation continuing to be more than offset by pricing and continuous improvement activity,” said chief executive Peter Raby.
4imprint also racked up impressive gains after upgrading its revenue guidance for 2022 to around $1.1bn from $1bn and saying that profit was set to be at the top end of market expectations.
4imprint said that recent positive trading momentum had continued, with October year-to-date order counts in its primary North American business up 32% over 2021, while average order values remained “buoyant” at 6% above the prior year. Overall year-to-date demand revenue was 40% higher than in 2021.
The FTSE 250-listed group also noted that both new customer acquisition rates and existing customer retention statistics also remained at or above the company’s expectations.
“With consistent productivity from our marketing activities, relative stability in gross margins and operational leverage over the fixed and semi-fixed elements of the cost base, we now expect 2022 group profit before tax to be towards the top end of the current range of analysts’ forecasts, and not less than $90.0m,” said the firm.
4imprint also said it remains in “a strong financial position”, with a cash balance of $79.0m at the end of October, following payment of $10.6m in interim dividends.
FTSE 250 – Risers
Morgan Advanced Materials (MGAM) 278.50p 14.61%
Synthomer (SYNT) 124.90p 10.04%
Aston Martin Lagonda Global Holdings (AML) 113.55p 8.14%
Mitchells & Butlers (MAB) 136.50p 7.23%
Hochschild Mining (HOC) 54.90p 6.60%
BlackRock World Mining Trust (BRWM) 647.00p 6.59%
Watches of Switzerland Group (WOSG) 882.50p 6.33%
Fidelity China Special Situations (FCSS) 204.00p 6.03%
Elementis (ELM) 95.50p 5.35%
Tullow Oil (TLW) 48.16p 5.29%
FTSE 250 – Fallers
Jlen Environmental Assets Group Limited NPV (JLEN) 120.20p -2.28%
Bluefield Solar Income Fund Limited (BSIF) 129.50p -2.26%
CLS Holdings (CLI) 140.60p -2.23%
Foresight Solar Fund Limited (FSFL) 106.80p -2.20%
Hikma Pharmaceuticals (HIK) 1,271.00p -1.97%
Bellevue Healthcare Trust (Red) (BBH) 160.00p -1.96%
Chemring Group (CHG) 305.00p -1.93%
HarbourVest Global Private Equity Limited A Shs (HVPE) 2,225.00p -1.77%
NextEnergy Solar Fund Limited Red (NESF) 104.00p -1.70%
Bytes Technology Group (BYIT) 370.80p -1.70%
