FTSE 250 movers: Convatec flatlines, Lancashire averts disaster

London’s FTSE 250 dropped by 0.57% to 18,864.20 on Thursday afternoon, with Convatec dragging the index lower as it plummeted on the back of poor results.

The medical device maker posted a 6% drop in adjusted earnings before interest and tax for 2018, with a statement from the company acknowledging that it fell short of targets due to "poor execution".

Restaurant Group slid on the shock departure of chief executive officer Andy McCue for personal reasons. Analysts at Liberum said the news adds "further instability and risk" given the company's recent £559m acquisition of Wagamama.

"We expect that the acquisition and deeply discounted rights issue process has taken its toll and contributed to his decision. The timing of this announcement may also lead to speculation that a turnaround in the core business is still a long way off," they said.

Galliford Try dropped after a sharp rise on Wednesday, when the housebuilder had reported a 4% increase in first-half pre-exceptional pre-tax profit and said full-year turnout is expected at the upper end of analysts' current range.

In a note, Canaccord analysts professed themselves "unconvinced" by the results and reiterated a 'hold' rating with a target price of 860p for the stock.

Emerging markets asset manager Ashmore fell even as it reported a rise in first-half assets under management and revenue, with a fall in profit dampening investor spirits.

Shipping services company Clarkson dipped after naming technology industry veteran William Thomas, chairman of Spirent Communications and Node4, as its next chairman.

Lancashire Holdings headed up the risers as it reported a swing to profit in 2018 despite higher levels of loss activity related to natural catastrophes.

Numis said that the income growth evident in the fourth quarter was "an encouraging sign of better times ahead for Lancashire and is supportive of our positive thesis, giving us increased confidence in our forecasts for FY19".

Moneysupermarket gained after posting a jump in full-year revenue and operating profit, with the price comparison website also announcing that chairman Bruce Carnegie-Brown is stepping down.

Finally, industrial software group Aveva climbed after it said trends seen in the first half continued into the third quarter as it delivered low double-digit revenue growth in the first nine months of the financial year.

Market Movers

FTSE 250 (MCX) 18,864.20 -0.57%

FTSE 250 - Risers

Lancashire Holdings Limited (LRE) 631.50p 6.13%
Moneysupermarket.com Group (MONY) 325.30p 4.06%
Intu Properties (INTU) 118.62p 3.24%
Dechra Pharmaceuticals (DPH) 2,450.00p 2.85%
Hill & Smith Holdings (HILS) 1,153.00p 2.76%
Premier Oil (PMO) 75.90p 2.64%
Aveva Group (AVV) 3,014.00p 2.59%
Mediclinic International (MDC) 316.30p 1.97%
Just Group (JUST) 97.63p 1.64%
Pershing Square Holdings Ltd NPV (PSH) 1,268.00p 1.60%