FTSE 250 movers: UBM gains on results but Serco tanks

London’s FTSE 250 was down 0.5% to 18,672.02 in afternoon trade as investors sifted through a raft of corporate news and digested a better-than-expected reading on UK economic growth in the fourth quarter.

Events company UBM was the standout gainer after it said full year pre-tax profits rose slightly to £120.1m from £119.6m.

Capital & Counties Properties was higher after it said net asset value fell in 2016 due to changes in stamp duty and political uncertainty, but the property firm remained upbeat over its key London assets in Earls Court and Covent Garden.

Unite Group was in the black as the student accommodation manager posted a 24% rise in adjusted earnings for 2016 to £61.3m.

On the downside, outsourcer Serco tanked as it reported a drop in trading profit for the year to the end of December as revenue declined, but said it swung to a pre-tax profit and reiterated its guidance for 2017.

Underlying trading profit fell to £82.1m from £95.9m, with discontinued operations – the exit of its private sector business process outsourcing operations – reducing profits by £19m.

Drug maker Indivior was under the cosh after it reported a drop in full-year pre-tax profit as it took a hit from a one-off litigation charge.

For the year to the end of December, pre-tax profit fell to $98m from $285m the year before as it booked a $220m charge in the third quarter due to investigative and litigation matters related to Suboxone Film in the US.

Recruiter Hays fell after it posted a rise in group net fees and profit for the first half of the year thanks to solid performances in Germany and Australia but reported a less-than-inspiring showing in the UK and Ireland.

In the six months to the end of December, net fees were up 3% on a like-for-like basis to £465.5m, while pre-tax profit rose 17% to £96.2m. However, in the UK and Ireland, net fees were down 10% and operating profit was 29% lower.

Weir Group declined after it said pre-tax profit in the year to the end of December fell 22% to £170m.

Risers

UBM (UBM) 761.50p 4.82%
Capital & Counties Properties (CAPC) 309.10p 4.00%
Aldermore Group (ALD) 238.60p 3.97%
Spire Healthcare Group (SPI) 338.60p 3.80%
Unite Group (UTG) 632.00p 3.44%
ZPG Plc (ZPG) 394.20p 2.71%
Petrofac Ltd. (PFC) 895.00p 2.34%
Supergroup (SGP) 1,511.00p 2.09%
Galliford Try (GFRD) 1,530.00p 1.86%
CLS Holdings (CLI) 1,730.00p 1.76%

Fallers

Serco Group (SRP) 122.00p -17.40%
Indivior (INDV) 346.80p -6.17%
Hays (HAS) 148.70p -5.53%
Vedanta Resources (VED) 969.50p -4.39%
Weir Group (WEIR) 1,935.00p -4.30%
IP Group (IPO) 168.00p -3.17%
OneSavings Bank (OSB) 363.90p -2.75%
Wood Group (John) (WG.) 732.50p -2.72%
Hunting (HTG) 559.50p -2.61%
AO World (AO.) 148.60p -2.56%