FTSE 250 movers: Tullow Oil tanks but Indivior surges on results

London’s FTSE 250 index was up 0.3% to 16,198.52 at 1515 GMT, faring a little better than its big brother.

Shares in Tullow Oil tanked after the oil and gas exploration company said it had identified a potential issue with the turret bearing on the vessel serving its Jubilee field offshore Ghana.

Tullow said that as a precautionary measure, additional operating procedures to monitor the turret bearing and reduce the degree of rotation of the vessel are being put in place.

The company said that following a recent inspection of the turret area of the vessel by SOFEC, which is the original turret manufacturer, a potential issue was identified.

“SOFEC will now undertake further offshore examinations and Tullow will work with SOFEC to determine what further measures will be required,” the company said, adding that oil production and gas export is continuing as normal.

On the upside, Indivior surged after it said profits and sales fell by less than expected as the speciality pharmaceuticals business completed an encouraging first year as a public company since being demerged from Reckitt Benckiser.

Net revenue fell 9% to $1.01bn, at the upper range of its increased guidance from November, while net income declined 43% to $228m, exceeding guidance for at least $210m.

Earnings per share of 32 cents were also down 43%.

Transport operator Go-Ahead Group was also in the black after reporting good numbers across most of its operations in the six months to 26 December, although excess delays on its London bus network marred the results.

The company saw revenue rise 6.8% over the first half of last year, to £1.67bn from £1.56bn.

Adjusted operating profit rose 19.7% to £80.7m, with profit before tax rising 26.1% to £71.9m.

FTSE 250 - Risers

Indivior (INDV) 172.60p 16.86%
Allied Minds (ALM) 315.50p 9.32%
Nostrum Oil & Gas (NOG) 274.90p 7.13%
Go-Ahead Group (GOG) 2,387.00p 6.14%
Poundland Group (PLND) 173.60p 5.98%
Henderson Group (HGG) 231.30p 5.47%
Enterprise Inns (ETI) 84.45p 4.91%
Polymetal International (POLY) 649.00p 4.85%
Interserve (IRV) 415.40p 4.79%
Aveva Group (AVV) 1,403.00p 4.55%

FTSE 250 - Fallers

Tullow Oil (TLW) 173.80p -9.20%
Jimmy Choo (CHOO) 118.70p -4.04%
Circassia Pharmaceuticals (CIR) 265.50p -3.87%
Mediclinic International (MDC) 870.00p -3.65%
Acacia Mining (ACA) 223.10p -3.42%
Just Eat (JE.) 360.00p -3.02%
Millennium & Copthorne Hotels (MLC) 392.00p -2.87%
Synthomer (SYNT) 290.70p -2.58%
Barr (A.G.) (BAG) 494.50p -2.56%
Petrofac Ltd. (PFC) 764.50p -2.55%