FTSE 250 movers: Micro Focus rises as profit surges

8th Dec 2010 15:35

Business software maker Micro Focus bucked the downward trend to lead the risers after reporting a sharp increase in half year profit saying expectations for the full year remain unchanged. The group, which provides software solutions to manage and update existing applications for clients such as supermarket chain Tesco, said pre-tax profit jumped to $63.2m in the half year to 31 October 2010 from $38.8m the year before. Total Group revenue was up 8.7% to $215.6m while net debt fell to $40.4m during the period from $104.1m in 2009.Additionally, broker Panmure Gordon increased the target price for the stock to 467p from 460p on the news. Contractor and support services specialist Carillion is also doing well after announcing that it expects good growth in underlying profits this year despite tough market conditions in the UK. The group said that profit growth should more than offset the effects of selling non-core businesses and stakes in Public Private Partnership (PPP) projects in 2009, which chipped in £17m last time.FTSE 250 - RisersMicro Focus International Plc (MCRO) 382.00p +6.67%Victrex (VCT) 1,417.00p +5.12%Carillion (CLLN) 370.60p +4.45%DS Smith (SMDS) 195.20p +3.94%Keller Group (KLR) 574.00p +2.96%Hansen Transmissions International NV (DI) (HSN) 59.70p +2.93%Domino Printing Sciences (DNO) 544.50p +2.64%ITV (ITV) 72.70p +2.61%Telecity Group (TCY) 490.50p +2.49%Booker Group (BOK) 61.10p +1.83%FTSE 250 - FallersLancashire Holdings (LRE) 530.00p -12.90%Punch Taverns (PUB) 65.15p -6.86%PartyGaming (PRTY) 238.30p -5.77%ITE Group (ITE) 222.80p -4.21%Ashtead Group (AHT) 143.70p -4.20%EnQuest (ENQ) 140.30p -4.17%Cookson Group (CKSN) 597.50p -3.94%Big Yellow Group (BYG) 320.00p -3.47%Xchanging (XCH) 101.60p -3.24%Hochschild Mining (HOC) 637.00p -3.19%