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London’s FTSE 250 was up 0.7% at 21,459.06 in afternoon trade on Tuesday.
Irn-Bru maker AG Barr was the standout perform as it said full-year adjusted profit before tax was expected to be at the top end of current market expectations, “just ahead” of £37m. Revenue for the period was expected to be around £255m, down from £279m a year earlier.
Crest Nicholson was in the green even as the housebuilder said that pre-tax profits slumped last year, with the group missing even its own revised forecasts. In the year to 31 October, pre-tax profits tumbled 39% to £102.7m, falling short of the guidance of £120-130m it issued following last October’s profit warning.
Virgin Money was also higher after it said that first-quarter deposits and business lending grew, while its mortgage book fell in a tough market.
On the downside, Avast was under the cosh after Peel Hunt initiated coverage at ‘sell’ with a 405p price target, arguing that despite the company’s strengths, the shares are “overvalued” at the current price.
The broker noted that Avast is a versatile cybersecurity company whose software is on about 35% of PCs worldwide, outside of China. “Its scale has given it a solid moat and exceptional margins. It also has steady and growing revenue streams,” it said.
However, it said that in the long run, Avast is existential threats. It pointed to Microsoft’s native cybersecurity, which is now proving to be a serious challenger and said there may not be room for Avast in a world moving towards cloud-based services.
Euromoney was weaker after a trading update.
FTSE 250 – Risers
Barr (A.G.) (BAG) 629.00p 15.62%
Crest Nicholson Holdings (CRST) 464.60p 5.54%
Just Group (JUST) 75.05p 4.24%
Finablr (FIN) 94.00p 4.10%
Galliford Try (GFRD) 135.80p 3.55%
Virgin Money UK (VMUK) 171.30p 3.54%
Hammerson (HMSO) 257.60p 3.00%
OneSavings Bank (OSB) 428.60p 2.88%
IntegraFin Holding (IHP) 491.50p 2.82%
Royal Mail (RMG) 203.40p 2.62%
FTSE 250 – Fallers
Avast (AVST) 499.40p -5.68%
PPHE Hotel Group Ltd (PPH) 1,960.00p -3.92%
Euromoney Institutional Investor (ERM) 1,294.00p -3.29%
IP Group (IPO) 70.80p -2.48%
Fresnillo (FRES) 624.20p -2.19%
GCP Infrastructure Investments Ltd (GCP) 129.00p -2.12%
Helios Towers (HTWS) 147.80p -2.12%
Bakkavor Group (BAKK) 134.00p -2.05%
FDM Group (Holdings) (FDM) 977.00p -1.91%
National Express Group (NEX) 453.20p -1.69%
