FTSE 250 movers: IWG slumps, oil stocks in favour

(Sharecast News) - The FTSE 250 was down 0.70% at 19,977.78 at 1310 BST. Workspace provider IWG slumped after reporting a narrowing of its first-half losses on Tuesday amid strong demand for hybrid working.

In the six months to 30 June, adjusted pre-tax losses narrowed to £70.2m from £163.3m in the same period a year earlier, with system-wide revenues up 22.3% at £1.4bn. IWG said this was driven by strong demand for hybrid working.

Meanwhile, earnings before interest, tax, depreciation and amortisation rose to £122.9m from £5.4m.

Chief executive Mark Dixon said: "With hybrid working becoming the preferred operational model for a rapidly growing number of companies, we remain confident about the continuing structural growth drivers at play in our industry.

"We have delivered strong revenue performance with record visibility of the forward order book with occupancy and pricing improvements. We continue to build resilience and cost efficiency into our business, and we have repeatedly demonstrated our ability to address new challenges. These attributes will be important as we continue to navigate the headwinds created by increased geopolitical tensions in Europe, general inflationary pressures, and the ebb and flow of Covid-related restrictions in some markets.

"Overall therefore, we look forward with cautious optimism to the remainder of 2022."

Shares in house builder Bellway fell despite the company reporting a 13% rise in annual housing revenue rose, driven by strong home prices which offset pressure from higher costs.

Housing revenue for the year to July 31 rose to more than £3.5bn. Completions rose 10.5% to a record 11,198 homes at an average selling price of £314,400, compared with £306,479 last year.

"Upward pressure on build costs has persisted across the sector throughout the year, with rising energy prices, global supply chain constraints and increasing wage costs all contributing to the rise. Strong commercial disciplines, forward buying and value engineering initiatives have helped to mitigate these upward cost pressures which overall have been offset by house price inflation," the company said.

"The availability of materials has gradually improved through the second half of the financial year and, although we continue to experience ad hoc shortages at a regional level, these are being well-managed."

On the risers, oil miners made gains as the price of Brent crude steadied. Energean, Capricorn and Tullow Oil all rose.

Just Group stock rose after pensions outfit reported a 15% improvement in first-half underlying operating profits on Tuesday, to £74m, driven by higher in-force operating profit and lower finance costs.

The FTSE 250 company said in the six months ended 30 June, retirement Income sales were down 3% to £879m, as defined benefit de-risking sales increased 3% and retail sales fell 14%.

It signed its largest defined benefit de-risking transaction to date in July, consisting of a £0.5bn buy-in insuring 4,800 members, with 50% of the liabilities reinsured, adding £24m of new business profit post-30 June.

FTSE 250 - Risers

Polymetal International (POLY) 209.90p 4.43% Energean (ENOG) 1,247.00p 4.18% Man Group (EMG) 254.70p 3.16% Capricorn Energy (CNE) 225.80p 2.64% Pagegroup (PAGE) 429.80p 2.58% Tullow Oil (TLW) 53.00p 2.32% Hiscox Limited (DI) (HSX) 919.80p 2.20% Beazley (BEZ) 567.50p 2.16% Telecom Plus (TEP) 2,140.00p 1.90% Centamin (DI) (CEY) 93.18p 1.84%

FTSE 250 - Fallers

IWG (IWG) 177.15p -8.21% Carnival (CCL) 715.60p -5.09% Weir Group (WEIR) 1,614.50p -3.87% Sirius Real Estate Ltd. (SRE) 91.70p -3.68% Auction Technology Group (ATG) 916.00p -3.58% IntegraFin Holding (IHP) 264.40p -3.57% Genus (GNS) 2,692.00p -3.51% Future (FUTR) 1,707.00p -3.50% XP Power Ltd. (DI) (XPP) 2,090.00p -3.46% ASOS (ASC) 1,008.00p -3.45%