FTSE 250 movers: Man Group rallies, Travis Perkins falls on results

Travis PerkinsSharecast graphic / Josh White

London’s FTSE 250 was down 0.3% at 19,830.24 in afternoon trade on Tuesday.

Travis Perkins was under the cosh as the builders’ merchant reported a fall in annual profit due to a tougher housing market and restructuring costs, which offset a rise in sales.

Man Group surged to the top of the index as it reported a rise in full-year pre-tax profit and assets under management amid industry-beating net inflows.

In the year to the end of December 2022, core pre-tax profit was up 18% on the prior year at $779m - a 14-year high. This was driven by growth in management fee earnings and a strong performance fee outcome for a second consecutive year, the company said.

Assets under management grew to $143.3bn from $138.4bn at the end of September 2022 and net inflows for the year were $3.1bn, 5.3% ahead of the industry. The company said this was "despite clear headwinds elsewhere in the asset management industry".

Serco also rallied as the outsourcer reported a rise in full-year profit and revenue despite a decline in Covid-related work.

In the year to the end of December 2022, underlying trading profit was up 4% at £237m. Revenues were ahead 2% at £4.5bn. Serco noted that this was despite Covid-related revenues reducing by £480m. Excluding Covid and currency, revenue grew 11%.

Serco hailed a strong performance from its international portfolio and pointed out that three quarters of ground underlying trading profit were derived from outside the UK.

FTSE 250 - Risers

Man Group (EMG) 265.00p 8.47%
Serco Group (SRP) 157.40p 5.64%
Jupiter Fund Management (JUP) 145.30p 3.34%
Wetherspoon (J.D.) (JDW) 559.00p 3.04%
888 Holdings (DI) (888) 69.50p 2.73%
Digital 9 Infrastructure NPV (DGI9) 82.90p 2.60%
TP Icap Group (TCAP) 189.60p 1.94%
TUI AG Reg Shs (DI) (TUI) 1,623.40p 1.93%
HarbourVest Global Private Equity Limited A Shs (HVPE) 2,130.00p 1.91%
ICG Enterprise Trust (ICGT) 1,148.00p 1.77%