MARKET REPORT: National Express crashes 25% after results delay

The company behind National Express lost as much as a quarter of its value after it delayed its annual results.

The bus, coach and rail operator, which has changed its name to Mobico Group, had planned to publish its figures for 2023 on Thursday next week.

But the company will now do so ‘before the end of March’, it says, after its auditor Deloitte warned that it needed more time to complete its work on the German arm of the business.

Shares crashed 25 per cent to a low of 63p in early trading before closing down 9.6 per cent, or 8.1p, to 76.25p.

The FTSE 250 group’s German rail business has been affected by industry-wide driver shortages and volatile energy prices.

Shares crash: National Express lost as much as a quarter of its value after it delayed its annual results

Mobico is one of the top five operators in Germany.

Elsewhere, business at Mobico’s Spanish arm was strong, while the UK and North American divisions performed well.

Group profits for 2023 are still expected to come in somewhere between £175million and £185million. The FTSE 100 dropped 0.12 per cent, or 9.29 points, to 7719.21 and the FTSE 250 slipped 0.56 per cent, or 107.27 points, to 19,109.63.

Mining giant Antofagasta said copper prices stabilised in the second half of 2023 and sales rose as it ramped up production in Chile.

Revenues rose 8 per cent to £5billion in 2023 and profits climbed 11 per cent to £1.4billion. Shares gained 0.6 per cent, or 11p, to 1776p.

Rival miner Anglo American headed the other way after production at its iron ore business fell in the final quarter of last year following logistical challenges.

Shares dropped 3.3 per cent, or 58.4p, to 1719.6p.

Investors in Ferrexpo were dealt a blow after the iron ore miner axed its interim dividend only a month after it outlined plans to bring it back.

Stock Watch – Petra Diamonds 

Shares in Petra Diamonds touched a record low after it warned that prices will recover slower than hoped.

The group, which mines for diamonds in South Africa and Tanzania, said average carat prices plunged 29 per cent in the six months to the end of December.

It swung to a £13million loss, having made a £32million profit during the same period the year before.

Petra also lowered its production forecast for the financial year. Shares slid 4.7 per cent, or 2p, to 41p.

The firm was set to make the payment on Friday but changed its mind as one of its businesses in Ukraine is fighting a £100million legal claim. Shares sank 6.3 per cent, or 5.1p, to 75.8p.

Currys extended its gains a day after shares surged by more than a third as a takeover bidding war erupted for the electricals retailer.

The firm late last week snubbed a £700million takeover offer from US hedge fund Elliott Advisors, while Chinese online retail giant JD.com is ‘in the very preliminary stages’ of weighing up a bid.

Shares, which jumped 36 per cent on Monday, rose 2.6 per cent, or 1.65p, to 65.85p.

Despite a slowdown in business, Plus 500 was upbeat over its ‘robust’ results for 2023.

The online trading platform smashed market forecasts and reported that revenues decreased 13 per cent to £574million in 2023 while profits plunged by more than a quarter to £266million.

The group expanded its reach in the US and Japan and outlined plans to return £175million to investors through a share buyback programme and dividends.

Shares dropped 4.4 per cent, or 81p, to 1750p.

Pod Point has poached the boss of Shell’s (down 0.8 per cent, or 20p, to 2488p) electric vehicle charging business for the job of chief executive.

Melanie Lane, who has led Recharge since 2020, will take over at the start of May.

Former Aston Martin (flat at 165.7p) chief executive Andy Palmer will become chairman following Pod Point’s annual general meeting in June.

The boardroom reshuffle came as the company, which has installed devices for housebuilders and in car parks at Tesco (up 1.2 per cent, or 3.4p, to 284.5p) and Lidl stores, expects results for 2023 to meet its previous forecasts.

Pod Point shares surged 7.1 per cent, or 1.53p, to 23p.

This post first appeared on Dailymail.co.uk