FTSE 250 movers: Ultra Electronics dives on revenue warning

15th Nov 2013 15:18

Ultra Electronics shares plunged into the bottom spot after the defence group warned that revenue for 2013 would be slightly below the previous year's, hit by 'a number of headwinds', in particular the US government-funded market. In the US government-funded market, the unexpected shut-down in October further affected the federal procurement process, delaying expected orders, approvals and payments, Ultra said. British manufacturing company Rotork was also lower despite reporting a decent third quarter performance. With a good performance in all divisions it seems likely today's losses were related to profit taking, given the strong rise seen in the share price since the start of the year. Meanwhile, animal genetics firm Genus reiterated its guidance for mid to high single-digit profit growth this year despite a flat performance in its first quarter. The company said that it has seen an improvement in market conditions since July 1st but adjusted profit before tax for the four-month period has been flat on last year as growth has been held back by costs and investment relating to its expansion in China. African Barrick Gold (ABG) rose on the news it has reached an agreement with the Tanzanian State Mining Corporation, Stamico, for the acquisition of the Tulawaka Gold Mine and certain exploration licences in the region. In return, Stamico will pay a consideration of $4.5m and pay a 2% net smelter royalty on future production in excess of 500,000 ounces, capped at $0.5m.FTSE 250 - RisersGenus (GNS) 1,290.00p +3.37%African Barrick Gold (ABG) 199.90p +3.15%Telecity Group (TCY) 661.50p +3.04%Pace (PIC) 303.90p +3.02%Atkins (WS) (ATK) 1,315.00p +2.73%Capital & Counties Properties (CAPC) 332.80p +2.68%Imagination Technologies Group (IMG) 245.00p +2.60%Serco Group (SRP) 429.40p +2.46%NMC Health (NMC) 371.00p +2.15%Oxford Instruments (OXIG) 1,491.00p +2.05%FTSE 250 - FallersUltra Electronics Holdings (ULE) 1,809.00p -4.59%Xaar (XAR) 970.50p -4.38%BTG (BTG) 435.10p -3.89%Perform Group (PER) 442.50p -3.80%Rotork (ROR) 2,797.00p -3.35%Essar Energy (ESSR) 105.00p -3.05%Daejan Holdings (DJAN) 3,970.00p -2.74%Rank Group (RNK) 142.10p -2.60%Dignity (DTY) 1,334.00p -2.27%Debenhams (DEB) 98.30p -2.19%NR