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FTSE 250 movers: Investors find ConvaTec to their liking; Invidior kicked
Investors were in a mood to go cruising for positives on Thursday as the FTSE 250 offered up what they were looking for.
ConvaTec led the way as the shares topped the risers list.
The medical equipment maker rallied as it reported better-than-forecast 2017 organic revenue growth of 2.3% to £1.76bn.
The share price jump came despite the company reporting that its 2018 first half would be hit by the problems that led to a profits warning last year, as supply issues continued to weigh on the catheter and colostomy bag maker.
Adjusted operating profits were down 3.3% to $456.8m due to increased investment in growth and inclusion of plc costs.
"Performance was affected by supply constraints in both advanced wound care and ostomy care, and the revenue contribution from new products was lower than anticipated," the company said.
Melrose shares rose as its takeover soap opera with GKN broadcast another episode.
GKN on Thursday said it continued to view the offer from Melrose as "entirely opportunistic", and believed that its terms fundamentally undervalued GKN and its prospects.
Melrose was quick to return fire, however, issuing a statement noting that its offer had already delivered £1.3bn of improved value to GKN shareholders, with another £1.4bn guaranteed on completion of their proposed offer, as opposed to the possibility of £2.5bn over five years should GKN's new strategy go to plan.
Shares in Indivior, the opioid addiction drug specialist, fell sharply as the firm increased its financial provisions over potential US litigation by $210m as it reported 3% revenue growth for last year and guided to further growth in 2018.
The FTSE 250 group generated £1.09bn of sales, mostly from its Suboxone film to treat opioid addiction, which saw its market share shrink to 56% by the end of 2017 from 61% a year before as generic rivals made slower incursions on its territory than expected.
Operating profits of $193m were up 30%, while on an adjusted basis, excluding $210m of legal provisions in the year versus $238m the year before, operating profit grew 4% to $403m due to increased sales and lower R&D expenses.
Insurer Lancashire Holdings shares fell as the company swung to a full-year loss as it took a hit from natural catastrophes.
In the year to the end of December 2017, the company made a pre-tax loss of $72.9m compared to a profit of £150.4m the year before. Gross premiums written dropped to $591.6m from $633.9m in 2016, with net premiums written of $398m versus $458.7m.
Market Movers
FTSE 100 (UKX) 7,244.43 0.42%
FTSE 250 (MCX) 19,601.66 0.79%
techMARK (TASX) 3,286.64 0.80%
FTSE 250 - Risers
Convatec Group (CTEC) 214.80p 8.68%
Galliford Try (GFRD) 845.50p 5.69%
Sophos Group (SOPH) 519.35p 5.26%
JD Sports Fashion (JD.) 386.30p 4.24%
Spectris (SXS) 2,643.00p 4.01%
Bodycote (BOY) 922.00p 3.89%
Melrose Industries (MRO) 229.20p 3.66%
Stobart Group Ltd. (STOB) 260.00p 3.59%
Kaz Minerals (KAZ) 851.60p 3.48%
Hill & Smith Holdings (HILS) 1,197.00p 3.37%
FTSE 250 - Fallers
Indivior (INDV) 375.00p -7.38%
Brown (N.) Group (BWNG) 197.00p -4.09%
Pennon Group (PNN) 602.40p -3.80%
Capita (CPI) 182.84p -3.52%
Barr (A.G.) (BAG) 623.00p -3.26%
Lancashire Holdings Limited (LRE) 634.00p -3.06%
Tate & Lyle (TATE) 556.40p -1.77%
Greencore Group (GNC) 184.90p -1.65%
RHI Magnesita N.V. (DI) (RHIM) 4,250.00p -1.62%
Daejan Holdings (DJAN) 5,630.00p -1.57%