FTSE 250 movers: Playtech cashes in; Balfour Beatty slides

(Sharecast News) - FTSE 250 (MCX) 20,869.48 0.60%

Playtech surged on Wednesday after confirming it is in talks with Flutter Entertainment about the possible sale of its Italian business, Snaitech.

It said Flutter has been granted a period of exclusivity to complete due diligence and finalise the necessary transaction documentation.

Playtech said there can be no certainty that any transaction will ultimately be agreed, nor as to the terms.

Further announcements will be made as and when appropriate, it added.

The statement followed a Sky News report that Flutter was in talks with Playtech over a deal that could be worth about £2bn.

Snaitech, which trades under the brand Snai, saw revenues grow by 5% to €946.6m in the last financial year. A sale of the business to Flutter would leave Playtech as a pure-play B2B company.

Crest Nicholson rallied after tumbling on Tuesday as Bellway said it was not planning to make an offer for its housebuilding rival.

British infrastructure company Balfour Beatty on Wednesday lifted its dividend by 9% and said it expected annual earnings to grow after a jump in half-year profit.

The company said pre-tax profit for the six months to June rose to £112m from £82m a year earlier. It lifted the dividend to 3.8p a share from 3.5p.

"The outlook for the group's chosen growth markets, where we hold unique capabilities in delivering complex infrastructure projects, remains encouraging, including in the UK with the new government reinforcing commitments to critical national infrastructure," said chief executive Leo Quinn.

He added that the group's £16.6bn order book, which grew slightly in the first half, remained "significant" across the company's markets of the UK, US and Hong Kong and continued to give clear visibility in the short and medium term.

"The board continues to expect growth in underlying group earnings in 2024, with growth accelerating in 2025."

Average cash in 2024 is expected to be broadly in line with the £700m recorded in 2023, allowing for a working capital outflow and for full year capital expenditure to return closer to pre-2023 levels of around £35m, the company said.

Market Movers

FTSE 250 - Risers

Playtech (PTEC) 625.00p 16.17% Jupiter Fund Management (JUP) 81.70p 4.61% Crest Nicholson Holdings (CRST) 217.60p 4.21% Alpha Group International (ALPH) 2,480.00p 3.77% TBC Bank Group (TBCG) 2,875.00p 3.42% Close Brothers Group (CBG) 485.60p 3.10% Aston Martin Lagonda Global Holdings (AML) 142.70p 3.03% PureTech Health (PRTC) 174.80p 2.82% Genuit Group (GEN) 455.50p 2.71% IP Group (IPO) 40.30p 2.54%

FTSE 250 - Fallers

Balfour Beatty (BBY) 395.00p -3.56% Target Healthcare Reit Ltd (THRL) 80.00p -2.68% Ruffer Investment Company Ltd Red PTG Pref Shares (RICA) 280.00p -1.93% BH Macro Ltd. GBP Shares (BHMG) 391.00p -1.51% Genus (GNS) 1,726.00p -1.37% 4Imprint Group (FOUR) 5,300.00p -1.30% Fidelity China Special Situations (FCSS) 187.80p -1.16% Tate & Lyle (TATE) 640.50p -1.16% Patria Private Equity Trust (PPET) 542.00p -1.09% Diversified Energy Company (DEC) 1,058.00p -1.03%