FTSE 250 movers: GKN driven higher

4th Aug 2009 12:37

GKN is to axe a further 1,200 jobs, but the engineer is higher despite a slump in automotive-related business, as losses were smaller than expected.Some 2,500 people left GKN in the first half, but 'as markets have weakened, restructuring has been extended and accelerated,' it said.'3,600 employees will leave the group during this year and next, an increase of 1,200 over previously announced plans. Additional costs of approximately £17m are expected to be incurred and annualised benefits increased by a similar amount,' GKN added. The group went from profits of £118m to a £16m loss in the half year to June on sales of £2.06bn, down 9% on last time's £2.4bn. Underlying sales fell by 31% and trading profit fell to £23m, down £138m. The interim dividend has been scrapped. Bookmakers are out of favour after William Hill warned it has had a tough July and its core retail betting arm won't meet forecasts this year. Profit for the six months ended June fell 18% to £91.5m on revenues up 5.6% at £516m. The bookie also confirmed it is to shift its online betting and gaming business, William Hill Online, from the UK to Gibraltar. Ladbrokes fell in sympathy.Data management specialist SDL is also lower despite boosting half-year profit by 29% to £11.8m. The shares hit a 10-month high before profit-takers moved in.Military gadgets firm Qinetiq joined the losers after warning that first half revenues will be similar to last year due to the previously flagged slowdown at its technical solutions arm.FTSE 250 - RisersMouchel Group (MCHL) 175.80p +7.52%BSS Group (BTSM) 290.60p +6.84%Computacenter (CCC) 238.40p +5.96%Weir Group (WEIR) 611.00p +5.07%GKN (GKN) 109.90p +4.47%SEGRO (SGRO) 281.50p +4.18%Daily Mail and General Trust (DMGT) 313.00p +3.95%Daejan Holdings (DJAN) 2,200.00p +3.82%Robert Wiseman (RWD) 420.20p +3.50%Micro Focus International Plc (MCRO) 423.20p +3.40%FTSE 250 - FallersWilliam Hill (WMH) 170.10p -8.70%Ladbrokes (LAD) 166.90p -7.07%Fidessa (FDSA) 1,078.00p -6.67%SDL International (SDL) 346.50p -5.48%SIG (SHI) 123.30p -4.93%Yell Group (YELL) 29.48p -3.88%Investec (INVP) 403.60p -3.77%QinetiQ Group (QQ.) 136.50p -3.60%Ferrexpo (FXPO) 154.30p -3.56%Aveva Group (AVV) 839.00p -3.23%