FTSE 250 movers: Playtech wins big, Just Eat stumbles

London's FTSE 250 was up 0.21% in afternoon trading on Thursday, with Playtech topping the risers after it reported a 54% improvement revenue to €1.24bn, or 55% when measured at constant currency, as gaming revenue had a strong showing.

A note from Shore Capital said: "The performance during the year reflected the first part year acquisition of the Italian gaming business Snaitech and a solid performance from the regulated B2B markets materially offset by the previously flagged competitive backdrop in Asia. Relative to our estimates, both B2B and Snaitech were nicely ahead of forecast, partly offset by a difficult second half in its Financial division."

Georgia-based TBC Bank Group also made gains after reporting that full year profits rose 21.5% to GEL 437.4 m (£126m) driven by strong income generation and improved cost efficiency.

Outsourcing firm Serco was on the rise after it upped its 2019 profit and revenue forecasts following a recent series of contract wins despite the "fog of uncertainty" surrounding Brexit, while public transport provider Go-Ahead followed suit as interim operating profits exceed expectations, leading the group to up its full-year guidance.

Just Eat fell after 2% owners Cat Rock Capital continued to lambast the company's management and it emerged that major competitor Uber is making efforts to undercut its delivery fees.

Neil Wilson, chief market analyst at Markets.com, said: "Just Eat shares have slipped lower after it emerged that Uber will cut delivery fees and will let restaurants piggy back its app but continue to do their own deliveries. This marks another ratcheting up of competition in what is a bitter street fight for the takeaway spoils. For Just Eat it marks another increase in competitive levels that may eat into margin growth further."

Meanwhile, Hays shares fell amid investor fears of a slowdown in growth of the recruitment firm's German business due to the country's economic stumbling.

Indivior edged lower after confirming that it will release an authorised generic version of its Suboxone opiod addiction treatment in the US after losing a court bid to stop a copycat version made by India-based rival Dr. Reddy’s Laboratories.

Power supply company Drax's shares also dropped after announcing a board reshuffle that will see senior independent director David Lindsell, non-executive director Tony Thorne and non-executive director Tim Cobbold leave the senior team.

Market Movers

FTSE 250 (MCX) 19,243.17 0.21%

FTSE 250 - Risers

Playtech (PTEC) 404.00p 9.75%
Stobart Group Ltd. (STOB) 154.20p 6.64%
TBC Bank Group (TBCG) 1,364.00p 5.74%
CLS Holdings (CLI) 248.25p 5.64%
Dairy Crest Group (DCG) 552.50p 5.44%
Serco Group (SRP) 121.00p 5.22%
Bakkavor Group (BAKK) 172.20p 5.00%
Go-Ahead Group (GOG) 2,006.00p 4.75%
CYBG (CYBG) 196.90p 4.68%
IP Group (IPO) 107.80p 4.66%

FTSE 250 - Fallers

Just Eat (JE.) 693.40p -5.56%
Superdry (SDRY) 522.50p -4.48%
Hays (HAS) 151.40p -4.42%
BCA Marketplace (BCA) 207.50p -3.71%
Indivior (INDV) 101.60p -3.56%
Drax Group (DRX) 369.00p -3.10%
Tullow Oil (TLW) 224.70p -2.94%
Pagegroup (PAGE) 448.00p -2.44%
Wizz Air Holdings (WIZZ) 3,222.00p -2.39%
Woodford Patient Capital Trust (WPCT) 83.70p -2.33%