Investors hoisted Babcock up to a five-year high after the defence and civil engineering contractor reported strong trading. The FTSE 250-listed firm now expects both full-year revenue and underlying profit to top analyst expectations. The company highlighted strong growth in its Marine business, with progress in the refit of the HMS Victorious submarine and construction of three warships for the Navy.
Babcock noted double-digit organic growth from its nuclear business in the three months to the end of December as well – news that propelled it 6,5pc, or 35.5p, higher to 578p. As the Bank of England resumed its rate-cutting programme, the FTSE 100 passed the 8700 level for the first time. At the bell, it was ahead 1.2pc, or 103.99 points, at 8727.28, a fresh closing peak. Meanwhile, the FTSE 250 ended 1pc, or 210.25 points, higher at 20,973.13. Miners provided the backbone of the advance as worries over the US/China trade war eased slightly, with Antofagasta gaining 5.2pc, or 88.5p, to 1783.5p, and Rio Tinto ahead 2.6pc, or 126p, to 5026p.
On the downside, Compass shed 2pc, or 56p, to 2734p after the catering giant warned of substantial impact if foreign exchange rates persist for the remainder of the year – even as it reported a 9.2pc rise in first-quarter organic revenues. Babcock shares hit a five-year high after the group reported srong growth in its Marine business, with progress in the refit of the HMS Victorious submarine and construction of three warships for the Navy.
IMI lost 1.2pc, or 24p, to 1939p, after the engineer suffered a cyber security incident that involved unauthorised access to its systems. Halma fell 1.5pc, or 44p, to 2896p as analysts at HSBC downgraded their rating for the safety equipment firm to ‘reduce’. But on the second line, Greencore jumped 13.4pc, or 24.5p, to 207.5p as analysts at Deutsche Bank upgraded the convenience foods firm to ‘buy’ from ‘hold’.
Watches of Switzerland fell 1.6pc, or 9p, to 564p as the retailer only said that it remains on track to deliver prior guidance for 2025, after strong third quarter demand in the UK and the US. Among the small caps, Creo Medical rose 3.4pc, or 0.6p, to 18.5p on news another UK hospital is using its Speedboat surgical technology – the first in Wales where the firm is based. Spectra Systems added 3.9pc, or 8p, at 214p after it struck a five-year pact with Cartor Security Printers to produce postage stamps for an EU postal stamp supplier.
And Global Data gained 6.5pc, or 12p, to 197.5p after the analytics and consultancy firm announced a share buyback and said it plans to exit AIM, eyeing a move to the main market. But RA International dropped 88.5pc, or 5.75p, to 0.75p after the provider of services to remote locations in Africa and the Middle East said it believes an AIM de-listing is in its best interests. And TPX Impact was down by 15.6pc, or 5p, to 27p after the digital transformation consultant warned of delays in the procurement of large customer programmes, which will result in group revenues falling for the full year to March.
Cosmetics firm Warpaint London lost 19.2pc as it fell 102p to 430p after recent heady growth slowed down. The group still anticipates higher profit and revenue for 2024, and said the new year started strongly despite consumer spending headwinds. It expects full-year 2024 revenue to have risen by around 14pc, a slowing from the 25pc jump in revenue seen in the first half. Meanwhile, 202. Affiliate links: If you take out a product This is Money may earn a commission. These deals are chosen by our editorial team, as we think they are worth highlighting. This does not affect our editorial independence.
