FTSE 250 movers: TP Icap surges; Hiscox slides despite profit rise

FTSE 250 (MCX) 20,536.66 0.83%

TP ICAP reported steady growth across key metrics in its first-half results on Wednesday, as it launched its third share buyback programme valued at £30m.

The FTSE 250 company reported a 1% increase in revenue to £1.14bn, with adjusted EBIT rising 4% to £170m, reflecting an improved EBIT margin of 14.9%.

Statutory EBIT saw a significant 20% jump to £131m, translating to an 11.5% margin.

The company said its diversification strategy continued to pay off, with significant contributions from non-broking businesses.

Wealth management firm Quilter posted record interim adjusted profits on Wednesday as net inflows bounced back amid a recovery in global equity markets throughout the half.

Quilter said adjusted pre-tax profits had surged 28% to £97.0m in the six months ended 30 June, while operating margins rose five points to 29%. Assets under management increased 7% to £113.8bn.

Brick maker and building supplies company Ibstock reported a slump in first-half profits and sales as Britain’s soggy summer hit the construction industry but sounded a note of cautious optimism around medium-term prospects under the new Labour government's plans to accelerate house building, sending shares in the company higher.

Pre-tax profit more than halved to £12m for the first six months of the year compared to £30m last year. Revenue was down 20% to £178m. Ibstock cited down to lower market demand, exacerbated by the wet weather. The FTSE 250 firm also announced a 56% cut in the interim dividend to 1.5p a share in order to save cash.

Core earnings fell to £38m from £63m the previous year.

“Market conditions remained challenging in the first half, as expected, with sales volumes below those reported in the comparative period,” said chief executive Joe Hudson.

“Lead indicators point to an improving sector picture, and although we are taking a cautious view of the extent to which this will translate into a demand improvement in the balance of the year, we expect adjusted EBITDA for the second half of the 2024 year to be broadly in line with the comparative period in 2023.”

Lloyd’s of London insurer Hiscox posted a rise in first-half pre-tax profit on Wednesday despite a "more active loss environment".

In the six months to 30 June, pre-tax profit grew 7.1% from the same period a year earlier to $283.5m. This was underpinned by an insurance service result of $240.7m, up from $221.4m and an investment result of $152.4m, up from $121.8m.

Insurance contract written premiums rose 3.3% to $2.8bn, with sustained retail growth and additional capital deployed in big-ticket property, it said.

Market Movers

FTSE 250 - Risers

TP Icap Group (TCAP) 223.50p 5.92%
Quilter (QLT) 133.20p 4.47%
CMC Markets (CMCX) 302.50p 3.95%
Keller Group (KLR) 1,598.00p 3.90%
Ibstock (IBST) 178.80p 3.83%
Wood Group (John) (WG.) 133.40p 3.57%
Ocado Group (OCDO) 394.60p 3.46%
Baillie Gifford Japan Trust (BGFD) 696.00p 3.26%
Plus500 Ltd (DI) (PLUS) 2,372.00p 3.13%
Johnson Matthey (JMAT) 1,602.00p 2.96%

FTSE 250 - Fallers

Hiscox Limited (DI) (HSX) 1,109.00p -5.13%
4Imprint Group (FOUR) 5,400.00p -3.91%
Abrdn (ABDN) 152.50p -3.91%
Auction Technology Group (ATG) 448.00p -3.24%
NB Private Equity Partners Ltd. (NBPE) 1,582.00p -2.22%
Genus (GNS) 1,712.00p -2.06%
C&C Group (CDI) (CCR) 151.60p -1.69%
FirstGroup (FGP) 158.20p -1.62%
WH Smith (SMWH) 1,229.00p -1.60%
AO World (AO.) 110.40p -1.43%