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FTSE 100 movers: Convatec surges; Hikma in the red
(Sharecast News) - London's FTSE 100 was up 0.6% at 8,720.80 in afternoon trade on Wednesday. Medical products company Convatec was the standout gainer on the index as it posted a jump in full-year profit and revenue and said it expects FY25 "to be another year of strong strategic progress".
Hikma Pharmaceuticals tumbled despite a jump in annual revenues, after core operating profits and a weaker margin disappointed.
The blue chip generics specialist said statutory revenues in the year to December end rose 9% to $3.2bn, while operating profits soared 67% to $612m, boosted by an impairment reversal.
However, while core revenues jumped 10%, underlying operating profits increased by just 2%, or 4% on a constant currency basis, to $719m. The margin also softened, to 22.8% from 24.6% in 2023.
BP was also weaker as it announced plans to slash its investments into low-carbon and alternative fuels and raise its spending in oil and gas as part of fundamental "reset" to its strategy.
The moves are part of a plan to significantly reallocate capital to grow free cash flow, returns and long-term shareholder value, BP said, with structural cost reductions of $4-5bn expected to be made by the end of 2027.
Capital expenditure is expected to total $13-15bn each year until 2027, some $1-3bn lower than the amount spent in 2024.
FTSE 100 - Risers
Convatec Group (CTEC) 265.80p 7.61% Hiscox Limited (DI) (HSX) 1,120.00p 5.07% Lloyds Banking Group (LLOY) 71.48p 4.17% Smith & Nephew (SN.) 1,151.00p 3.93% Entain (ENT) 739.40p 3.85% Beazley (BEZ) 857.50p 3.63% CRH (CDI) (CRH) 8,140.00p 3.48% Barclays (BARC) 306.80p 3.35% Standard Chartered (STAN) 1,240.00p 3.25% Flutter Entertainment (DI) (FLTR) 21,410.00p 3.18%
FTSE 100 - Fallers
Hikma Pharmaceuticals (HIK) 2,150.00p -6.36% BP (BP.) 428.40p -1.95% Relx plc (REL) 3,836.00p -1.77% Unite Group (UTG) 840.00p -1.58% Pearson (PSON) 1,312.50p -1.50% Persimmon (PSN) 1,189.50p -1.33% BAE Systems (BA.) 1,348.00p -1.32% Schroders (SDR) 375.40p -1.26% GSK (GSK) 1,468.00p -1.04% Intertek Group (ITRK) 5,190.00p -0.76%
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