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FTSE 250 movers: Man Group rallies, Travis Perkins falls on results
(Sharecast News) - London's FTSE 250 was down 0.3% at 19,830.24 in afternoon trade on Tuesday. Travis Perkins was under the cosh as the builders' merchant reported a fall in annual profit due to a tougher housing market and restructuring costs, which offset a rise in sales.
Man Group surged to the top of the index as it reported a rise in full-year pre-tax profit and assets under management amid industry-beating net inflows.
In the year to the end of December 2022, core pre-tax profit was up 18% on the prior year at $779m - a 14-year high. This was driven by growth in management fee earnings and a strong performance fee outcome for a second consecutive year, the company said.
Assets under management grew to $143.3bn from $138.4bn at the end of September 2022 and net inflows for the year were $3.1bn, 5.3% ahead of the industry. The company said this was "despite clear headwinds elsewhere in the asset management industry".
Serco also rallied as the outsourcer reported a rise in full-year profit and revenue despite a decline in Covid-related work.
In the year to the end of December 2022, underlying trading profit was up 4% at £237m. Revenues were ahead 2% at £4.5bn. Serco noted that this was despite Covid-related revenues reducing by £480m. Excluding Covid and currency, revenue grew 11%.
Serco hailed a strong performance from its international portfolio and pointed out that three quarters of ground underlying trading profit were derived from outside the UK.
FTSE 250 - Risers
Man Group (EMG) 265.00p 8.47% Serco Group (SRP) 157.40p 5.64% Jupiter Fund Management (JUP) 145.30p 3.34% Wetherspoon (J.D.) (JDW) 559.00p 3.04% 888 Holdings (DI) (888) 69.50p 2.73% Digital 9 Infrastructure NPV (DGI9) 82.90p 2.60% TP Icap Group (TCAP) 189.60p 1.94% TUI AG Reg Shs (DI) (TUI) 1,623.40p 1.93% HarbourVest Global Private Equity Limited A Shs (HVPE) 2,130.00p 1.91% ICG Enterprise Trust (ICGT) 1,148.00p 1.77%
FTSE 250 - Fallers
RHI Magnesita N.V. (DI) (RHIM) 2,488.00p -4.89% Travis Perkins (TPK) 1,002.00p -4.21% Dechra Pharmaceuticals (DPH) 2,710.00p -3.83% Mitie Group (MTO) 80.90p -3.58% Carnival (CCL) 786.40p -3.56% Wizz Air Holdings (WIZZ) 2,573.00p -3.31% Genuit Group (GEN) 315.50p -3.07% Senior (SNR) 168.40p -2.88% PZ Cussons (PZC) 183.00p -2.66% Coats Group (COA) 73.20p -2.66%
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