FTSE 250 movers: FDM gains on results, PageGroup hit by weak UK performance
London's FTSE 250 was up 0.1% to 19,717.44 in afternoon trade on Wednesday.
FDM Group was the standout gainer after it reported a 26% rise in full-year pre-tax profit, while Equiniti was on the front foot after better-than-expected full-year results.
Outsourcer Capita was firmer after a reluctant upgrade to 'hold' from 'sell' by Shore Capital.
"To be clear, we are fully behind CEO Jonathan Lewis’s strategy of restructuring the group, simplifying operations and refocusing upon a core of technology based service solutions. We simply fear that the group’s complexity and past growth by acquisition strategy hides a myriad of issues that may cost more and take longer to resolve than can yet be judged with any great visibility."
Card Factory advanced as Liberum lifted the stock to 'buy' from 'hold' following share price weakness. It noted the shares have fallen over 30% since the company's last update in January.
"Card Factory’s deep vertical integration, established over many years, has created sustainable, long-term competitive advantages. It supports a disruptive value proposition, best-in-class margins, high returns on investment and prolific cash generation, which allows for both disciplined reinvestment and a sector leading, sustainable dividend yield."
Going the other way, recruiter PageGroup was under the cosh as it posted an 18% jump in pre-tax profit in a year that saw record gross profit in 22 countries, but said the UK - which accounts for 20% of the group - was a weak spot.
Rank Group fell after announcing the resignation of its chief executive Henry Birch.
Risers
FDM Group (Holdings) (FDM) 946.00p 6.53%
Equiniti Group (EQN) 300.00p 4.71%
Capita (CPI) 158.90p 4.54%
Dignity (DTY) 895.50p 3.89%
IP Group (IPO) 109.40p 3.60%
Card Factory (CARD) 206.60p 3.35%
Synthomer (SYNT) 516.00p 3.20%
Sirius Minerals (SXX) 28.15p 3.11%
Royal Mail (RMG) 566.20p 2.65%
Aggreko (AGK) 712.60p 2.47%
Fallers
Acacia Mining (ACA) 135.90p -5.63%
Vectura Group (VEC) 75.75p -5.25%
Pagegroup (PAGE) 500.50p -4.39%
Inmarsat (ISAT) 464.00p -3.57%
Hochschild Mining (HOC) 204.20p -2.90%
Rank Group (RNK) 218.50p -2.67%
Bodycote (BOY) 939.00p -2.49%
JD Sports Fashion (JD.) 377.90p -2.12%
FirstGroup (FGP) 85.65p -2.00%
AA (AA.) 72.54p -1.97%