FTSE 250 movers: Wood Group tanks as Sidara walks away; Clarksons down on results
London’s FTSE 250 was 2.3% lower at 20,248.72 in afternoon trade on Monday.
Wood Group tumbled after Dubai-based engineering and consultancy firm Sidara said it won’t be making a firm takeover offer for the company due to "geopolitical risks and financial market uncertainty".
Wood Group said at the end of May that it was evaluating a fourth and final "unsolicited, preliminary and conditional" takeover proposal from Sidara at 230p a share.
Sidara originally had until 5 June to either announce a firm intention to make an offer or walk away, but the ‘put up or shut up’ deadline was pushed back to 9 August.
Wood Group said in a brief statement: "The board remains confident in Wood's strategic direction and fundamental prospects. As set out in the HY24 trading update on 11 July, the growth strategy continues to deliver, with further growth in EBITDA, margins and order book in the first half. As we look ahead, we remain focused on delivering our potential, including generating significant free cash flow next year. We are pleased to reconfirm our outlooks for both this year and 2025.
"The board is grateful for the substantial engagement of its shareholders and the support of its clients and employees throughout this process. The management team looks forward to continuing to deliver against the strategy set out in November 2022."
Shipping services firm Clarksons fell as it reiterated its expectations for the full year but posted a drop in interim profit and revenue.
In the six months to 30 June, underlying pre-tax profit fell to £51.5m from £53.1m in the same period a year earlier, with revenue down to £310.1m from £321.1m.
Senior was also weaker as it reported a "robust" set of interim results, despite mixed performances across some metrics.
FTSE 250 - Risers
Ruffer Investment Company Ltd Red PTG Pref Shares (RICA) 287.00p 3.61%
Wizz Air Holdings (WIZZ) 1,450.00p 0.14%
Tami Senior Securitisation 2 Ltd Cls A-2 Mb Fxd Rte Nts 31/12/23 (Reg S) (BP00) 0.00p 0.00%
Virgin Money UK (VMUK) 214.60p -0.19%
Network International Holdings (NETW) 390.40p -0.26%
Britvic (BVIC) 1,264.00p -0.32%
ICG Enterprise Trust (ICGT) 1,246.00p -0.32%
Ascential (ASCL) 567.00p -0.61%
Foresight Solar Fund Limited (FSFL) 86.20p -0.69%
Personal Assets Trust (PNL) 484.50p -0.72%
FTSE 250 - Fallers
Wood Group (John) (WG.) 124.50p -36.80%
Clarkson (CKN) 3,850.00p -11.90%
Allianz Technology Trust (ATT) 311.50p -10.49%
Aston Martin Lagonda Global Holdings (AML) 131.00p -10.21%
IP Group (IPO) 35.95p -9.67%
Senior (SNR) 142.80p -9.39%
Polar Capital Technology Trust (PCT) 2,680.00p -8.22%
TI Fluid Systems (TIFS) 110.40p -8.00%
CMC Markets (CMCX) 282.50p -7.83%
HGCapital Trust (HGT) 471.00p -7.83%