FTSE 250 movers: discoverIE finds favour on upbeat statement

(Sharecast News) - The FTSE 250 was up 0.56% to 16,704.29 at 1549 BST. Shares in customised electronics maker discoverIE surged after the company reported a rise in first-half sales and said it was on track to deliver annual underlying earnings in line with expectations, driven by a stronger-than-expected order book.

Sales were up 23% year on year on a constant exchange rates basis.

Orders reached a record £257m compared with £224m million a year earlier. DiscoverIE said it expected the order-book level to start normalising as it converted these into sales.

"Gross margins in the period continued to be resilient and the semiconductor sourcing issues flagged last year, impacting two of our 21 businesses, are gradually improving although supply still remains constrained", the company said in a trading update.

Organic sales were 14% ahead, with sales rising by 17% in the Magnetics & Controls division and by 11% in the Sensing & Connectivity division.

Oxford Instruments gained as the firm made good progress in the half year to 30 September, amid continued strong demand for its products and services.

On a constant currency basis, orders were ahead of revenue during the period and ahead of orders for the first half of last year. On a reported basis, the group said it expects "strong" revenue and adjusted operating profit growth for the first six months of the year, supported by a currency tailwind.

Constant currency growth has been tempered in the first half by global supply chain challenges, as well as price rises not yet offsetting inflationary pressures due to phasing of the order book.

"The business continues to see good order growth as we address cost inflation through active price management," it said. "We continue to invest in the business to drive future growth, including new product development, as well as enhancements to operational delivery and service to support our growing business."

Close Brothers stock fell as the stock traded without entitlement to the dividend.

FTSE 250 - Risers

TI Fluid Systems (TIFS) 119.00p 7.21% Paragon Banking Group (PAG) 391.20p 6.89% Virgin Money UK (VMUK) 126.50p 6.84% Discoverie Group (DSCV) 666.00p 6.39% Crest Nicholson Holdings (CRST) 182.70p 6.16% Quilter (QLT) 86.80p 5.85% Redrow (RDW) 393.20p 5.53% HGCapital Trust (HGT) 342.00p 5.23% Bellway (BWY) 1,704.00p 5.19% Oxford Instruments (OXIG) 1,808.00p 5.12%

FTSE 250 - Fallers

W.A.G Payment Solutions (WPS) 81.00p -5.81% Drax Group (DRX) 494.80p -3.26% Close Brothers Group (CBG) 892.50p -2.83% Kainos Group (KNOS) 1,170.00p -2.74% Marshalls (MSLH) 222.20p -2.71% Spirent Communications (SPT) 244.40p -2.71% Aston Martin Lagonda Global Holdings (AML) 88.02p -2.68% TP Icap Group (TCAP) 183.70p -2.65% Monks Inv Trust (MNKS) 917.50p -2.60% JPMorgan Japanese Inv Trust (JFJ) 421.00p -2.55%