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Shares of a company that rents equipment such as excavators, trailers and leaf blowers plummeted as business dried up in North America.
Ashtead Group tools are often hired to clean up damage caused by floods and other natural disasters.
But rental revenue in the third quarter in North America – where the Sunbelt brand operates – was hit by fewer emergency response calls.
The impact of the Hollywood strikes also affected the US business, which accounts for 86 per cent of the group’s sales and includes the supply of equipment to film and television studios.
The FTSE 100 firm expects its group rental income in the year to April 30 to rise at the lower end of its target range of 11 to 13 per cent. The shares fell 9.4 per cent, or 536p, to 5,192p.
Moderate Demand: Ashtead Group tools are often hired to clean up damage caused by floods and other natural disasters.
Inchcape shares were also falling, falling to their lowest level in more than three years, as it warned of a slowdown this year.
The car dealer said revenue soared 41 per cent to £11.4 billion in 2023, while profits rose by almost a quarter to £413 million.
But while he expects 2024 “to be another year of growth,” he warned it won’t be as strong as last year amid “cautious expectations of recovery in certain markets.”
The shares plunged 8.2 per cent, or 56 pence, to 624.5 pence, a level not seen since December 2020, making it the biggest faller on the FTSE 250, which rose 0.1 per cent. , or 21.95 points, to 19271.03.
And when attention turned to today’s Budget, the FTSE 100 rose 0.08 per cent, or 5.83 points, to 7,646.16.
Lloyd’s of London insurer Hiscox posted record annual profits (up almost 130 percent to £492 million) and launched a share buyback. The shares gained 5.4 per cent, or 60 pence, to 1,181 pence.
Office-sharing giant IWG has given the clearest indication yet that it is preparing to abandon its UK listing and move its shares to New York.
Stock Monitoring – Argo Blockchain
A drop in bitcoin production sent Argo Blockchain shares tumbling despite the digital currency’s rising value.
The cryptocurrency miner’s output in February was 21 percent lower than the previous month due to a maintenance-related outage at a facility in Arizona.
Argo added that its mining revenue last month fell 15 percent to £3.5 million compared to January.
It also agreed to sell its data center in Canada for £4.8m.
The stock fell 12.8 per cent, or 2.24 pence, to 15.26 pence.
The company, which owns the Regus and Spaces brands, will this year switch to reporting in dollars instead of pounds.
The FTSE 250 group has also committed to simplifying its financial reporting and reducing its debt.
Chief executive Mark Dixon said: “The final step is to consider moving the listing to one of the US exchanges.” The shares lost 2.6 per cent, or 4.8 pence, to 180 pence.
Quality control company Intertek recorded the highest revenue growth in the last ten years.
The company, which tests products to make sure they meet safety standards, such as the fuel inside the US president’s Air Force One, said sales rose 6.2 per cent to £3.3bn million in 2023. The shares gained 6.2 per cent, or 284 pence, to 4,905 pence. .
Newspaper publisher Reach said its business is on a clearer path now that it has resolved two “long-term uncertainties” that had plagued the business.
The company, which owns publications including the Mirror, Express and Daily Star, expects its pension commitments from 2028 to be reduced by around £40m, while the cost of settling legal claims has been reduced by £20.2m. .
The shares rose 13.1 per cent, or 7.8 pence, to 67.25 pence.
Another riser was Trustpilot, gaining 8.4 per cent, or 15.3p, to 197.8p, after JP Morgan upgraded the review website’s rating.