FTSE 250 movers: HL gains on agreed takeover

Hargreaves Lansdown has agreed a £5.4bn takeover by a private equity consortium involving CVC Capital Partners.

The board recommended the £11.40-a-share offer, which requires shareholder approval, and comes almost four months after Hargreaves was first approached with a £9.85-a-share offer.

UK house builder Bellway on Friday said it expected to return to growth in fiscal 2025 if market conditions remain stable, with signs of an upturn in the market after the recent cut in interest rates.

The company said total housing completions fell to 7,654 homes in the year to July 31 from 10,945 a year ago at an overall average selling price of around £308,000 compared with £310,306 in 2023 - both slightly ahead of previous guidance.

Housing revenue came in at £2.35bn, down from £3.4bn and the underlying operating margin is expected to be around 10% against 16.0% last year.

Reflecting the improvement in trading and growth in outlet numbers, the forward order book at July 31 increased to 5,144 homes from 4,411 homes, with a value of £1.41bn compared with £1.2bn a year earlier.

“While a lower starting forward order book drove a reduction in volume output, customer demand during the year has benefited from a moderation in mortgage interest rates which has helped to ease affordability constraints and supported an increase in reservations,” said chief executive Jason Honeyman.

“The improving trading backdrop, combined with the strength of our outlet opening programme, has generated healthy growth in the year-end order book. As a result, we are in a strong position to return to growth in financial year 2025, as previously guided.”

“We are encouraged by the new government's plans to increase the supply of new homes across the country and welcome its plans to reform the planning system.”

Bermuda-based Lancashire Holdings gained again after on Thursday reported profits rising by 26% in the first six months of 2024 as the non-life insurance group delivered its best-ever half-year performance.

Profit after tax totalled $200.8m, up from $159.2m the year before, helped by an 8.3% year-on-year increase in gross premiums written to $1.28bn.

Market Movers

FTSE 250 - Risers

Lancashire Holdings Limited (LRE) 618.00p 4.92%
Domino's Pizza Group (DOM) 294.60p 4.47%
Dr. Martens (DOCS) 70.25p 3.84%
Bellway (BWY) 2,736.00p 2.93%
Coats Group (COA) 97.50p 2.20%
Quilter (QLT) 140.60p 2.18%
Trustpilot Group (TRST) 194.80p 2.10%
Hargreaves Lansdown (HL.) 1,100.00p 2.09%
Crest Nicholson Holdings (CRST) 256.20p 2.07%
GCP Infrastructure Investments Ltd (GCP) 79.80p 2.05%

FTSE 250 - Fallers

Indivior (INDV) 984.00p -4.74%
Hill and Smith (HILS) 2,055.00p -3.52%
Ocado Group (OCDO) 385.90p -2.99%
Future (FUTR) 1,039.00p -2.62%
TP Icap Group (TCAP) 227.00p -1.73%
HarbourVest Global Private Equity Limited A Shs (HVPE) 2,440.00p -1.61%
Morgan Sindall Group (MGNS) 2,930.00p -1.35%
Discoverie Group (DSCV) 619.00p -1.28%
Fidelity China Special Situations (FCSS) 189.20p -1.15%
Apax Global Alpha Limited (APAX) 140.40p -1.13%