FTSE 250 movers: Rightmove up on strong annual results, IMI struggles with demand and currency

27th Feb 2015 15:14

Rightmove was top of the risers as Cannacord Genuity upgraded its rating on the stock from 'hold' to 'buy' on better-than-expected annual results. The broker also hiked its target price for the shares from 2,600p to 3,034p and said it still sees 13% potential upside to this new forecast.Laundry services group Berendsen was trading lower after its full year results were ill-received by the market. Sales were hit by the strength of sterling, an issue management expect to continue despite earnings delivering growth.William Hill was also among the fallers after reporting a 9% drop in annual pre-tax profit to £233.9m on higher expenses. Numis analyst Ivor Jones warned: "Excellent strategic preparation cannot fully offset the impact of additional taxes, fees and regulation in FY15 and we expect profits to fall."Engineer IMI was weaker as a strategic review and challenging market conditions weighed on its full year pre-tax profit. Weaker demand from Europe in the second half of the year and currency headwinds weighed on results, with revenue and operating profit taking a £96m and £18m hit respectively as a result of the strong pound.Shares in Redefine International were lower as the property investor revealed it will issue up to 131.4m new shares, representing approximately 9.9% of its issued share capital.