FTSE 250 movers: Babcock soars, Petrofac slumps

(Sharecast News) - FTSE 250: 19,419.19, up 0.03% at 1514 GMT. Shares in UK defence engineer Babcock rose as the company reported higher interim profits and held full-year expectations as it focused on countering rising material costs.

The company on Tuesday posted underlying operating profit of £121.7m for the six-months ended to September 30, compared to £115.3m a year earlier.

"We are operating in a macroeconomic and geopolitical environment that remains volatile. We are focused on effectively addressing the challenges our business faces, most notably inflationary pressures, whilst also ensuring we maximise the increased opportunity set we are seeing in a market backdrop that is supportive for defence," said chief executive David Lockwood.

UK food producer Cranswick said half-year profits fell, but posted a rise in sales as it worked to keep cost inflation under control, with the shares up on the news.

Total revenue for the six months to September 24 rose 12.4% to £1.1bn. Adjusted pre-tax profits were £66m, down 3.4%.

"We have made further commercial and strategic progress in what continues to be a relentlessly challenging operating environment," the company said on Tuesday.

"We continue to invest to meet the needs of our customers, building our capacity and capability whilst driving efficiency across new and existing facilities."

"Our outlook for the current financial year is unchanged. Notwithstanding the many challenges that we, our industry and the wider economy face."

Energy services company Petrofac shares slumped after chief executive Sami Iskander said he will leave the business at the end of March 2023 in order to pursue other interests.

Petrofac stated Tareq Kawash will be appointed as CEO from 1 April, following an orderly handover, and will also be appointed as an executive director to the FTSE 250-listed group's board of directors.

Kawash joins Petrofac from McDermott, where he worked for 21 years, most recently as senior vice president of its onshore and offshore business lines.

Chairman René Médori said: "Sami's contribution to the company over the last two years has been invaluable. Having overseen the resolution of the SFO's historic investigation and led a comprehensive refinancing programme, Sami has reshaped the business and put it firmly on a path to growth.

"With 30 years' international EPC leadership experience, and an impressive business development track record, Tareq is exceptionally well placed to build on the foundations laid by Sami."

Investment firm Petershill Partners said on Tuesday that it had seen "strong" fundraising activity amid a "challenging environment" during the third quarter.

Petershill raised $55.0bn in gross fee-eligible assets under management year-to-date, ahead of updated guidance of $50.0bn, demonstrating its partner firms' "robust fundraising ability" and development in its future fee base.

Aggregate partner-firm assets under management rose 6% in the quarter to $282.0bn, up 39% in the last twelve months, while aggregate fee-paying partner-firm AuM increased 3% quarter-on-quarter to $189.0bn, up 30% year-on-year. For the last twelve months, partner fee-related earnings were flat at $208.0m.

Petershill also highlighted that it had successfully completed three acquisitions during the quarter but noted that it remains "highly selective and focussed" on the risk-adjusted outlook for new investments.

"Our diversified business model, healthy cash generation, and strong balance sheet, means that Petershill Partners is well positioned to continue to navigate the uncertain market backdrop," said the co-heads of the GSAM Petershill Business.

FTSE 250 - Risers

Babcock International Group (BAB) 309.00p 6.55% Tullow Oil (TLW) 45.46p 4.03% Oxford Instruments (OXIG) 2,160.00p 3.85% Cranswick (CWK) 3,204.00p 3.82% Essentra (ESNT) 243.00p 3.62% Wood Group (John) (WG.) 161.15p 3.50% Energean (ENOG) 1,412.00p 3.29% Future (FUTR) 1,536.00p 3.23% Currys (CURY) 84.20p 2.68% Sequoia Economic Infrastructure Income Fund Limited (SEQI) 90.60p 2.60%

FTSE 250 - Fallers

Petrofac Ltd. (PFC) 107.00p -9.86% TBC Bank Group (TBCG) 2,065.00p -9.03% Wizz Air Holdings (WIZZ) 2,051.00p -7.82% Petershill Partners (PHLL) 182.00p -7.24% Aston Martin Lagonda Global Holdings (AML) 121.70p -5.33% easyJet (EZJ) 371.40p -4.30% Virgin Money UK (VMUK) 162.10p -3.14% Jupiter Fund Management (JUP) 120.60p -2.90% Molten Ventures (GROW) 425.20p -2.74% Darktrace (DARK) 369.40p -2.66%