FTSE 250 movers: IWG extends gains, TP ICAP impresses

by | Aug 9, 2023

(Sharecast News) – Workspace provider IWG was extending gains made on Tuesday after it reported a strong performance across key financial metrics in its first-half results. The company posted a record group revenue total of £1.68bn, up 14% in constant currency year-on-year.

TP ICAP impressed after beating expectations with its half-year report. The liquidity and data specialist reported an underlying operating profit of £163m, compared with consensus estimates of £158m.

Hill and Smith, the infrastructure and transport group, also surpassed analysts’ estimates with its interim results, and said it was likely to beat expectations for the full year after a record six months. The company reported a 9% increase in revenue and a 20% jump in operating profit on an organic constant currency basis.

Office space firm CLS Holdings disappointed after swinging to a big loss in the first half due to a decline in property valuations. The company cited challenging market conditions as it reported a pre-tax loss of £106.4m for the six months ended 30 June, compared to a profit of £21.3m the year before.

UK housebuilder Bellway was also trading lower as it delivered a pessimistic outlook on near-term trading, blaming current “challenging” market conditions on the recent surge in mortgage rates and the end of the Help-to-Buy scheme. The company also announced it was cutting jobs “across the group” following a review.

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