FTSE 250 movers: Housebuilders slide; Asos in fashion

11th Nov 2026 13:04

(Sharecast News) - FTSE 250 (MCX) 24,900.77 0.62%

Shares in Taylor Wimpey fell on Wednesday after the housebuilder warned full-year adjusted operating profit would be at the bottom end of consensus due to weak demand as a softer autumn selling season and higher interest rates reduced mortgage affordability for buyers.

The company guided for around 10,500 UK completions this year, below its previous forecast of 10,600 to 10,800 homes and said year-end net cash is still expected to be about £250m. The news hit peers Vistry and Persimmon.

Investec noted that management has repaired the business economics and balance sheet.

"EBITDA is back in growth," it said. "Management's original medium-term profitability targets were largely delivered in FY26. The gross margin was above its 50% target and the EBITDA margin reached 7.6% versus its medium-term target of circa 8%."

Investec pointed out that the fourth quarter of 2026 marked a return to group gross merchandise value (GMV) growth for the first time since 2022. GMV trends improved sequentially throughout FY26, with the turnaround broadening out, it said.

In the second half, UK GMV was up 2% and Germany saw an 8% increase year-on-year, while USA GMV turned positive in Q4.

Investec said management guided to FY27 adjusted EBITDA of £180m to £200m versus consensus of £177m, or a range of £162m to £200m. "We still forecast a loss at the profit before tax level in FY27E, moving into profit in FY28E," Investec said.

It said the price target increase reflects more positive free cashflow expectations going forward due to top-line and EBITDA progression.

"Management is looking to refinance again in FY27 now that leverage is down at 0.6x. This would support further upside to DCF valuation," it said. "We expect proof points to build through FY27, helping confidence in the sustainability of growth, margin and free cash flow over the longer term.

"This will be helped by a CMD planned later in FY27 to give insight into the next chapter of Asos's growth strategy and update its medium-term financial framework."

Investec noted that management has repaired the business economics and balance sheet.

"EBITDA is back in growth," it said. "Management's original medium-term profitability targets were largely delivered in FY26. The gross margin was above its 50% target and the EBITDA margin reached 7.6% versus its medium-term target of circa 8%."

Investec pointed out that the fourth quarter of 2026 marked a return to group gross merchandise value (GMV) growth for the first time since 2022. GMV trends improved sequentially throughout FY26, with the turnaround broadening out, it said.

In the second half, UK GMV was up 2% and Germany saw an 8% increase year-on-year, while USA GMV turned positive in Q4.

Investec said management guided to FY27 adjusted EBITDA of £180m to £200m versus consensus of £177m, or a range of £162m to £200m. "We still forecast a loss at the profit before tax level in FY27E, moving into profit in FY28E," Investec said.

It said the price target increase reflects more positive free cashflow expectations going forward due to top-line and EBITDA progression.

"Management is looking to refinance again in FY27 now that leverage is down at 0.6x. This would support further upside to DCF valuation," it said. "We expect proof points to build through FY27, helping confidence in the sustainability of growth, margin and free cash flow over the longer term.

"This will be helped by a CMD planned later in FY27 to give insight into the next chapter of Asos's growth strategy and update its medium-term financial framework."

and Persimmon.

Analysts are forecasting earnings of £262m-£299m, according to a company compiled consensus.

"The autumn selling season has been more subdued, as higher mortgage rates and living costs continue to reduce customer affordability," said chief executive Jennie Daly.

Higher borrowing costs continued to weigh on the UK housing market after the Bank of England raised its base rate to 4% from 3.75%, with governor Andrew Bailey warning that further tightening may be required depending on the impact of Middle East tensions and energy prices on inflation.

Against that backdrop, Taylor Wimpey said it had increased buyer incentives, including deposit top-ups and one-off mortgage contributions, while average selling prices fell 2.5% year-on-year as the housebuilder sought to support demand.

The company also reiterated its readiness to participate in the government's forthcoming Your First Home scheme for first-time buyers. However, with the initiative not due to launch until April, analysts cautioned that housing market activity could remain subdued in the coming months.

ITV said on Wednesday that it has identified another £30m of additional temporary savings in the media and entertainment division as it cautioned that advertising revenue would fall up to 10% in the fourth quarter.

The broadcaster said group revenue dipped 1% in the nine months to September end, with advertising revenue down 1%, outperforming the company's competitors but slightly below previous guidance due to macroeconomic uncertainty.

For the third quarter, total advertising revenue fell 8%.

ITV also warned that total advertising revenue for its media & entertainment business would fall between 5% and 10% in the fourth quarter and be down around 2% to 3% for the full year.

Chief executive Carolyn McCall said: "Demand for advertising in H2 has weakened. This is due to continuing broader macroeconomic uncertainty, increased digital advertising on global streaming platforms and the impact of Less Healthy Food regulations which came into effect on 1 October 2025. We are taking decisive action, aligning our investment with advertiser demand to deliver additional temporary content and discretionary non-content cost savings in Q4."

ITV said on Wednesday that it has identified £30m of additional temporary savings in the media and entertainment segment in the fourth quarter. This comprises £25m of content savings and £5m of discretionary non-content savings.

"While the outlook for advertising remains muted, we are firmly focused on self-help and mitigating actions, while continuing to execute our strategic priorities to drive performance across both businesses," said McCall.

The broadcaster added that the agreed £1.6bn sale of its M&E business to Sky was progressing as planned.

Investec upgraded Asos on Wednesday to 'buy' from 'hold' and hiked the price target to 560p from 500p, as it said the online fashion retailer is now "a more investable story".

Investec noted that management has repaired the business economics and balance sheet.

"EBITDA is back in growth," it said. "Management's original medium-term profitability targets were largely delivered in FY26. The gross margin was above its 50% target and the EBITDA margin reached 7.6% versus its medium-term target of circa 8%."

Investec pointed out that the fourth quarter of 2026 marked a return to group gross merchandise value (GMV) growth for the first time since 2022. GMV trends improved sequentially throughout FY26, with the turnaround broadening out, it said.

In the second half, UK GMV was up 2% and Germany saw an 8% increase year-on-year, while USA GMV turned positive in Q4.

Investec said management guided to FY27 adjusted EBITDA of £180m to £200m versus consensus of £177m, or a range of £162m to £200m. "We still forecast a loss at the profit before tax level in FY27E, moving into profit in FY28E," Investec said.

It said the price target increase reflects more positive free cashflow expectations going forward due to top-line and EBITDA progression.

"Management is looking to refinance again in FY27 now that leverage is down at 0.6x. This would support further upside to DCF valuation," it said. "We expect proof points to build through FY27, helping confidence in the sustainability of growth, margin and free cash flow over the longer term.

"This will be helped by a CMD planned later in FY27 to give insight into the next chapter of Asos's growth strategy and update its medium-term financial framework.

FTSE 250 - Risers

ASOS (ASC) 461.00p 5.05%

Watches of Switzerland Group (WOSG) 788.00p 4.86%

Fidelity Emerging Markets Limited Ptg NPV (FEML) 1,274.00p 4.60%

Volex (VLX) 562.00p 4.27%

Pacific Horizon Inv Trust (PHI) 989.00p 4.11%

Diversified Energy Company (DI) (DEC) 1,028.00p 3.94%

Schroder Asia Pacific Fund (SDP) 772.00p 3.35%

Allianz Technology Trust (ATT) 653.00p 3.33%

Henderson Far East Income Ltd. (HFEL) 250.00p 3.09%

EnQuest (ENQ) 26.60p 2.90%

FTSE 250 - Fallers

Taylor Wimpey (TW.) 79.14p -4.00%

ITV (ITV) 64.30p -3.67%

THG (THG) 38.00p -3.60%

Chemring Group (CHG) 536.00p -2.63%

QinetiQ Group (QQ.) 522.50p -2.24%

Neuberger Private Equity Partners Limited (NBPE) 1,494.00p -1.97%

Vistry Group (VTY) 249.20p -1.97%

Coats Group (COA) 77.65p -1.89%

Persimmon (PSN) 1,256.00p -1.87%

North Atlantic Smaller Companies Inv Trust (NAS) 422.65p -1.71%