FTSE 250 movers: Serco surges on update; Sports Direct slips

By Michele Maatouk

Date: Wednesday 13 Dec 2017

FTSE 250 movers: Serco surges on update; Sports Direct slips

(ShareCast News) - London's FTSE 250 was up 0.1% to 20,090.36 in afternoon trade on Wednesday as investors mulled the latest UK jobs data and looked ahead to an expected rate hike from the Fed.
Serco surged after saying it expects underlying trading profit for 2017 to be at the top end of its previous guidance.

Dixons Carphone rallied as it pledged to simplify its mobile business as profits slumped in the first half, but the retailer clung onto its market share and said it intends to maintain its interim dividend.

On the downside, Wood Group was weaker after the energy services company said the integration of newly acquired Amec Foster Wheeler was progressing ahead of schedule and that total adjusted operating profits for the full year will be between $335m and $355m.

Sports Direct was hit by a downgrade to 'underperform' from 'hold' by Jefferies. "The operational delivery required in order to justify current, lofty valuations looks too much of a stretch to us," it said.

Also on Wednesday, Sport Direct shareholders rejected the company's proposed £11m payout to founder Mike Ashley's brother for his work as an IT expert. Results of a general meeting revealed that 70.7% of shareholders voted against the payout.

"The board trusts that shareholders will welcome the steps taken to reassure them that John Ashley did not benefit inappropriately from being the brother of majority shareholder Mike Ashley. In fact, John was actually disadvantaged by approximately £11m after he forewent bonuses that he would have received if he were treated equally to other executives who helped to build the company."


Serco Group (SRP) 104.60p 9.70%
Dixons Carphone (DC.) 178.65p 6.72%
Dignity (DTY) 1,678.00p 4.81%
Provident Financial (PFG) 835.12p 4.26%
Diploma (DPLM) 1,188.00p 3.39%
IP Group (IPO) 152.40p 3.25%
Restaurant Group (RTN) 285.74p 3.23%
Jupiter Fund Management (JUP) 615.15p 2.44%
Rathbone Brothers (RAT) 2,533.00p 2.10%
Mitchells & Butlers (MAB) 268.80p 2.01%


Wood Group (John) (WG.) 645.00p -5.01%
Woodford Patient Capital Trust (WPCT) 82.40p -2.43%
AA (AA.) 153.20p -2.42%
Workspace Group (WKP) 901.00p -2.38%
Homeserve (HSV) 790.50p -2.35%
Ibstock (IBST) 238.80p -2.33%
Sports Direct International (SPD) 380.10p -2.29%
Fisher (James) & Sons (FSJ) 1,545.00p -2.22%
Smith (DS) (SMDS) 512.00p -2.20%
Ferrexpo (FXPO) 256.20p -2.10%


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