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FTSE 250 movers: Future CEO news sends shares plunging

By Frank Prenesti
Sunrise, Looking Up, Hyatt Centre, Chicago, Illinois, America

The FTSE 250 was down 1.34% to 18,545.25 at 13.46 BST.

Media group Future said on Tuesday that chief executive Zillah Byng-Thorne has “informally indicated” that she would like to step down by the end of next year.

Responding to press speculation, the company said: “Future made it clear in last year’s annual report that CEO succession planning was an ongoing focus of the Board and Nomination Committee.

“Zillah Byng-Thorne, CEO, joined the business in November 2013 and is approaching 9 years at the group. Zillah remains committed to the business, and has not resigned, however she has informally indicated that she would like to step down by the end of 2023.”

Future shares tanked after Sky News reported over the weekend that Byng-Thorne had informed the company’s chairman that she planned to retire in the next 18 months.

Ukraine’s appeal court has found against Ferrexpo in a long-running dispute over a 2002 deal, sending shares in the Swiss miner lower.

The court said the sale was invalid, and that Ferrexpo’s 40.19% stake in Ferrexpo Poltava Mining (FPM) should be transferred to the former shareholders of FPM.

Under the 2002 deal, a 40.19% stake in the Ukrainian miner was sold to its former chief executive, Kostyantin Zhevago, and other parties. But four former shareholders launched legal action against the London-listed miner to invalidate the deal.

Online card and gift retailer Moonpig fell after reporting that overall trading has been in line with its expectations as it reiterated its full-year guidance and announced that it will focus on greeting cards.

In an update on the current financial year beginning 1 May to date ahead of its annual meeting, the company said that in the current economic environment, it has prioritised greeting card sales, which have a demonstrable track record of being resilient across the cycle. It intends to continue this focus for the remainder of FY23.

Moonpig said average order values have risen year-on-year, supported in particular by cards, and margin trends remain resilient in the absence of any significant pressure from input cost inflation.

FTSE 250 – Risers

Playtech (PTEC) 471.40p 4.52%
Network International Holdings (NETW) 305.20p 4.02%
BH Macro Ltd. GBP Shares (BHMG) 4,800.00p 2.89%
Wizz Air Holdings (WIZZ) 2,027.00p 2.19%
Synthomer (SYNT) 168.40p 1.75%
Serco Group (SRP) 164.40p 1.73%
HarbourVest Global Private Equity Limited A Shs (HVPE) 2,105.00p 1.69%
Petershill Partners (PHLL) 219.50p 1.62%
Schroder Asia Pacific Fund (SDP) 519.00p 1.57%
Plus500 Ltd (DI) (PLUS) 1,703.00p 1.43%

FTSE 250 – Fallers

Future (FUTR) 1,395.00p -15.81%
Ferrexpo (FXPO) 135.50p -10.62%
Moonpig Group (MOON) 179.90p -10.05%
Big Yellow Group (BYG) 1,108.00p -8.81%
Safestore Holdings (SAFE) 902.00p -8.43%
Sirius Real Estate Ltd. (SRE) 76.10p -7.31%
Countryside Partnerships (CSP) 238.00p -6.81%
IntegraFin Holding (IHP) 236.80p -6.77%
LondonMetric Property (LMP) 195.60p -6.14%
Wood Group (John) (WG.) 134.60p -5.94%

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