WINNERS & LOSERS: Spirax rises on outlook, ITV falls on ad slump

(Alliance News) - The following are the leading risers and fallers among FTSE 100 and 250 index constituents on Wednesday.

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FTSE 100 WINNERS

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Spirax Group PLC, up 3.8% at 7,635.00p, posts sales and profit growth; reiterates full-year guidance

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ICG PLC, up 3.1% at 2,013.00p, boosts dividend as interim profit falls but beats expectations

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Antofagasta PLC, up 2.9% at 3,327.50p

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Computacenter PLC, up 2.8% at 4,839.00p

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BP PLC, up 2.6% at 566.65p

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FTSE 100 LOSERS

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JD Sports Fashion PLC, down 2.2% at 95.45p

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Coca-Cola HBC AG, down 1.8% at 4,172.00p

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Diageo PLC, down 1.4% at 1,869.50p

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3i Group PLC, down 1.1% at 2,536.00p

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Babcock International Group PLC, down 1.0% at 1,051.25p

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FTSE 250 WINNERS

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Meridian Mining PLC, up 7.7% at 96.10 pence

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Fidelity Emerging Markets Ltd, up 3.9% at 1,266.00p

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Ceres Power Holdings PLC, up 3.9% at 274.60p

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Volex PLC, up 3.7% at 560.00p

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Asos PLC, up 3.7% at 452.00p, Investec raises rating to 'buy'

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FTSE 250 LOSERS

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ITV PLC, down 4.5% at 63.80p, reports a decline in total revenue

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THG PLC, down 4.0% at 37.81p, Barclays reinitiates coverage with 'equal weight'

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Taylor Wimpey PLC, down 3.0% at 79.97p, lowers its full-year expectations as higher mortgage rates and living costs weigh on housing demand

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Chemring Group PLC, down 2.0% at 539.75p

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Wickes Group PLC, down 2.0% at 240.00p

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FTSE 100 & 250 movers in focus:

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Spirax Group PLC, up 3.8% at 7,635.00 pence, 12-month range 5,950.00p-8,050.00p. The company reiterates its full-year guidance after reporting an acceleration in organic sales growth and an improvement in margins during the four months to October 31 compared with the first half. Spirax says organic sales growth and adjusted operating profit margin for the first 10 months of 2026 remain in line with expectations, supported by continued momentum across all three divisions. Steam Thermal Solutions benefits from a larger order book and stabilising demand in China, while Electric Thermal Solutions maintains strong growth, driven by demand from the semiconductor industry. Watson-Marlow Fluid Technology Solutions also reports accelerating growth in its biopharmaceutical business. Spirax continues to expect mid-single-digit organic revenue growth for 2026, with an adjusted operating profit margin above the 20.0% achieved in 2025 and cash conversion of around 90%. Net borrowings decline to GBP541.6 million at October 31 from GBP618.2 million at June 30, while the net debt-to-Ebitda ratio improves to 1.3 times from 1.6 times.

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ICG PLC, up 3.1% at 2,013.00 pence, 12-month range 1,424.88p-2,148.00p. The asset manager raises its interim dividend despite reporting a decline in first-half profit, as results beat market expectations. Pretax profit falls 18% to GBP287.3 million in the six months to September 30 from GBP351.6 million a year earlier, but exceeds company-compiled consensus of GBP268 million. Revenue declines 7.4% to GBP532.1 million from GBP574.5 million, while management fees rise 12% to GBP373.7 million from GBP333.6 million, ahead of expectations of GBP361 million. Fee-related earnings increase 18% to GBP198.6 million from GBP168.0 million, also beating consensus of GBP184 million. Fee-earning assets under management grow 3.6% to USD89.67 billion at September 30 from USD86.52 billion at March 31, while fundraising totals USD7.6 billion, ahead of expectations of USD5.72 billion. ICG raises its interim dividend by 4.7% to 29.0p per share from 27.7p. Looking ahead, the company targets a capital structure around zero net debt over the medium term, with excess cash expected to be returned to shareholders. Net financial debt falls to GBP93 million from GBP113 million at the end of March.

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ITV PLC, down 4.5% at 63.80 pence, 12-month range 61.50p-87.35p. The broadcaster reports a 1.2% decline in revenue to GBP2.76 billion in the nine months to September 30 from GBP2.80 billion a year earlier, as weaker advertising demand offsets growth in digital revenue. ITV Studios revenue falls 1.3% to GBP1.33 billion from GBP1.35 billion, while Media & Entertainment revenue declines 1.0% to GBP1.43 billion from GBP1.45 billion. Digital revenue rises 7.0% to GBP461 million, supported by a 29% increase in streaming hours. Total advertising revenue falls 1.0% over the nine-month period, including an 8.0% decline in the third quarter. ITV now expects advertising revenue to decline between 5.0% and 10% in the fourth quarter and between 2.0% and 3.0% for 2026 as a whole, prompting an additional GBP30 million in temporary cost savings. The company maintains its expectation for good full-year revenue growth at ITV Studios, although its adjusted operating margin is expected to be at the lower end of the 13% to 15% range. ITV adds that the planned sale of its Media & Entertainment business to Sky remains on track for completion in the second half of 2027.

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Taylor Wimpey PLC, down 3.0% at 79.97 pence, 12-month range 72.16p-116.93p. The housebuilder lowers its full-year expectations as elevated mortgage rates and living costs weigh on buyer demand during a subdued autumn selling season. Taylor Wimpey now expects around 10,500 UK home completions in 2026, excluding joint ventures, with adjusted operating profit towards the bottom end of the company-compiled consensus range of GBP262 million to GBP299 million. Its net private sales rate declines to 0.60 homes per outlet per week from June 29 to November 8, down from 0.63 a year earlier, while the cancellation rate remains unchanged at 17%. The order book falls to 6,839 homes worth around GBP1.98 billion from 7,253 homes valued at GBP2.12 billion a year earlier. Taylor Wimpey continues to expect year-end net cash of approximately GBP250 million, after returning around GBP240 million to shareholders through dividends and share buybacks. The company also welcomes the UK government's Your First Home scheme, saying it is well positioned to participate as further details become available.

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By Eva Castanedo, Alliance News senior economics reporter

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