FTSE 250 movers: JTC jumps while Ferrexpo loses lustre

(Sharecast News) - The FTSE 250 was down 1.29% at 19,262.97 at 1540 BST.

Shares in fund manager JTC jumped 8% after the company revealed that both revenues and profits had grown in the six months ended 30 June, with the group's ICS division being the "star performer" throughout the period.

JTC said first-half revenues had risen 38.8% to £93.0m, leading to a 46.7% increase in underlying operating profits to £20.2m and a 49% improvement in underlying pre-tax profits to £16.9m.

Underlying earnings were up 40.1% at £30.7m, with EBITDA margins rising 0.3 percentage points to 33% on an underlying basis, while earnings per share were green 35.3% on an underlying basis to 16.23p.

However, on a reported basis, EBITDA margins contracted 2.5 percentage points to 27.2%, pre-tax profits slumped 42.9% to £21.0m and earnings per share tumbled 52.2% to £14.21m.

The FTSE 250-listed firm highlighted that it had delivered an "outstanding performance" and improved margins in its ICS division, with good growth and new business wins, while high performances were said to have continued in its PCS division, with solid margins and good new business wins.

JTC added that momentum seen in 2021 had continued into 2022, with the board now confident that it will deliver revenues and underlying EBITDA ahead of market expectations, as well as net organic growth above guidance range, more than offsetting higher interest costs and cost inflation.

Media company Future gained after reporting that the "encouraging performance" detailed by the group in its June trading update had continued despite operating within a "challenging macro" environment.

Future stated that full-year adjusted operating profits were projected to be at the "top end" of market expectations of £266.4m to £270.7m after it witnessed a return to organic audience growth in the second half, with Covid comparators fully lapped.

The FTSE 250-listed group also said it had delivered continued digital advertising growth and witnessed an improved trend in affiliates.

Operating leverage and cash conversion remained strong, with Future pointing to continued deleveraging following its acquisition of Who What Wear.

Chief executive Zillah Byng-Thorne said: "We are pleased to be reporting another period of good progress. Against the backdrop of a challenging macro environment, our continued strong performance is a testament to the diversified nature of valuable audiences, specialist content verticals, and monetisation routes coupled with a relentless focus on execution."

Iron ore pellet maker Ferrexpo gave up gains from Monday and slumped almost 12%

FTSE 250 - Risers

JTC (JTC) 831.00p 8.06% Future (FUTR) 1,842.00p 6.97% Polymetal International (POLY) 231.00p 4.05% Lancashire Holdings Limited (LRE) 546.00p 3.51% Serco Group (SRP) 172.40p 2.62% Beazley (BEZ) 630.50p 2.02% Kainos Group (KNOS) 1,485.00p 1.99% Vesuvius (VSVS) 367.60p 1.77% Plus500 Ltd (DI) (PLUS) 1,669.00p 1.40% National Express Group (NEX) 192.90p 1.37%

FTSE 250 - Fallers

Ferrexpo (FXPO) 153.00p -11.92% Bridgepoint Group (Reg S) (BPT) 258.20p -8.24% Aston Martin Lagonda Global Holdings (AML) 158.75p -8.10% IWG (IWG) 143.00p -6.08% IntegraFin Holding (IHP) 260.20p -5.11% TUI AG Reg Shs (DI) (TUI) 135.40p -4.82% Marshalls (MSLH) 325.00p -4.41% Synthomer (SYNT) 184.20p -4.41% Primary Health Properties (PHP) 132.30p -4.27% Dunelm Group (DNLM) 730.50p -4.26%