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FTSE 250 movers: RHI Magnesita surges; JTC slumps
(Sharecast News) - FTSE 250: 22,005.75 +232.36 (1.07%) RHI Magnesita reported a marked improvement in profitability over the four months to 31 October on Monday, in line with full-year guidance, as cost-cutting measures and integration benefits from recent acquisitions offset continued weakness in steel demand.
The FTSE 250 global refractory producer reported adjusted EBITA of €136m for the July-to-October period, equivalent to a 12.7% margin, up from €141m and an 8.4% margin in the first half.
It said the improvement came despite the third quarter's typical seasonal slowdown.
Steel volumes remained subdued but stable, with only modest improvement from the first half.
On the downside, global fund administration platform JTC slumped after saying it had agreed a £2.3bn takeover by private equity firm Permira, beating interest from rival Warburg Pincus. JTC shareholders would receive £13.40p a share, below Friday's closing price of £13.58. Shares in the company have surged from 897p on August 13 when Permira made its first offer.
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