FTSE 250 shares round-up: Dr Martens and Senior slump
There’s plenty of good news around for a change, but not for this pair which are deep in the red. Graeme Evans explains why.
20th November 2025 15:51
by Graeme Evans from interactive investor
A pair of Dr. Martens blue boots. Photo: Michal Fludra/NurPhoto via Getty Images.
Signs of progress at bootmaker Dr. Martens Ordinary Shares (LSE:DOCS) and the stronger aerospace revenues of engineer Senior (LSE:SNR) today failed to prevent their shares slumping towards the bottom of the FTSE 250 index.
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The fall of 6.25p to 75.3p for Dr Martens wiped out most of this year’s gains as the group disclosed the high single-digit million-pound headwind of US tariffs on its full-year performance.
It expects to fully mitigate the impact in the following year and beyond through tight cost control, flexibility in its product sourcing and adjustments to US pricing
The Americas has been the best-performing region for the group as it implements the consumer-focused strategy set out in June following a run of profit disappointment.
Half-year results today showed revenues slightly higher on a constant currency basis at £327.3 million, with the Americas up 6%. The figure for Europe, Middle East and Africa fell 3%.
Chief executive Ije Nwokorie said: “While the marketplace remains uncertain and consumers are cautious, and our biggest trading weeks are ahead, we are confident in our plans for the year.
“I am laser-focused on execution and setting the business up for growth in the coming years.”
Analysts at Berenberg said there were some pleasing signs of sales recovery in the results, including the retail division’s 9% constant currency revenues growth in the second quarter.
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The pre-tax loss of £9.4 million was also slightly less than the consensus and down from £16.6 million a year earlier.
The company said it was on track for full-year adjusted profits within the City’s range of £53 million and £60 million but that this excluded any impact from tariffs. Footwear is made at its original Northamptonshire factory, with global demand met from several sites across Asia.
It said: “We can now give guidance on the impact of tariffs on 2025-26, and they represent a high single-digit million-pound headwind. Given the timing of our mitigation actions, we expect to offset roughly half of this impact.”
The update prompted Berenberg to cut its estimate for full-year adjusted profits from £56.9 million to £52.6 million.
Berenberg added: “We maintain our Buy rating and 114p price target, as we believe that the company’s broad, global appeal underpins the future growth opportunity.”
Peel Hunt has a price target of 112p: “Recovery is under way, with clear momentum against last year’s profit low point. We see recovered profits coming in at 2.5 to three times 2026 forecast levels and view recent weakness as a buying opportunity.”
A senior moment
A strong performance in its Aerospace division failed to prevent Senior shares falling 15p to 168.8p, a decline driven by the outlook in the company’s other division of Flexonics.
The unit provides high technology products and systems for demanding applications in land vehicles, power and energy and adjacent markets.
Senior said demand for its products in nuclear and downstream oil and gas remains robust but that land vehicle markets have softened in the second half of the year and are predicted to stay that way in 2026.
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In contrast, aerospace growth is being driven by increasing production rates of commercial aircraft, higher defence spending and improved pricing, which the company expects will continue for the full year and beyond.
The aerospace division serves both the commercial and defence sectors with components for fluid conveyance and thermal management.
Group revenue increased by 5.9% year-on-year on a constant currency basis in the first 10 months of the year, with aerospace sales increasing 9.4% and flexonics up by 1.5%. This means the full-year performance is set to be comfortably above the board’s previous expectations.
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