FTSE 250 movers: TP Icap up on results; Dominos off the menu

(Sharecast News) - FTSE 250 (MCX) 19,603.65 0.38%

Interdealer broker TP ICAP posted better-than-expected full-year profit on Tuesday, announced a £30m share buyback and confirmed it was exploring options for its data business, Parameta Solutions, which could include a potential IPO of a minority stake.

Shares in cybersecurity group Darktrace gained again after a sharp jump on Monday as Deutsche Numis reiterated the stock as a 'buy' and kept its 520p target price. The company last week reported a jump in first-half revenues and upgraded full year forecasts.

Domino's Pizza Group, the UK-based master franchise of the global takeaway chain, reported increased profit, cashflow and shareholder returns in 2023 on the back of solid organic growth, but shares fell sharply on Tuesday after the company revealed a sharp slowdown in the fourth quarter.

The UK's Competition and Markets Authority said on Tuesday that it has provisionally decided to launch a formal market investigation after a review into the veterinary industry found that pet owners could be paying too much for medicines or prescriptions.

The watchdog highlighted "multiple concerns" in the market.

Consumers may not be given enough information to enable them to choose the best veterinary practice or the right treatment for their needs, it said. In addition, concentrated local markets, in part driven by sector consolidation, may be leading to weak competition in some areas.

The CMA found that large corporate groups may have incentives to act in ways which reduce choice and weaken competition.

The review also found that the regulatory framework is outdated and may no longer be fit for purpose.

The watchdog noted that since 2013, 1,500 of the 5,000 vet practices in the UK have been bought by the six large corporate groups: CVS, IVC, Linnaeus, Medivet, Pets at Home and VetPartners.

Shares of AIM-listed veterinary services provider CVS Group tumbled on the news and by 0915 GMT, they were down 18% at 1,196.45p. Meanwhile, Pets at Home shares were 2.8% lower at 267.40p.

CVS said it has engaged "constructively and proactively" with the CMA throughout the review.

"As the announcement today cites, CVS along with certain other corporate groups who together own around 50% of First Opinion Practices in the UK, has already engaged constructively with the CMA and put forward a package of possible remedies to address its concerns," it said.

"CVS continues to believe this package could be adopted across the market and could address the CMA's concerns more quickly than an 18-month investigation."

Pets at Home said: "While we are disappointed that the CMA fails to fully acknowledge the differences our differentiated model brings to our practice owners and consumers, we will continue to cooperate as they conduct their consultation up until 11 April 2024."

Market Movers FTSE 250 - Risers

TP Icap Group (TCAP) 220.80p 11.08% Ferrexpo (FXPO) 54.70p 6.42% Future (FUTR) 614.50p 5.15% Quilter (QLT) 102.00p 4.13% Lancashire Holdings Limited (LRE) 654.00p 3.31% Hammerson (HMSO) 26.16p 2.99% Darktrace (DARK) 448.40p 2.82% Indivior (INDV) 1,699.00p 2.73% Bridgepoint Group (Reg S) (BPT) 269.20p 2.67% Aston Martin Lagonda Global Holdings (AML) 167.30p 2.58%

FTSE 250 - Fallers

International Distributions Services (IDS) 229.80p -3.93% Pets at Home Group (PETS) 266.00p -3.34% PZ Cussons (PZC) 92.00p -3.16% Pennon Group (PNN) 681.00p -2.85% Domino's Pizza Group (DOM) 355.40p -2.77% Wizz Air Holdings (WIZZ) 2,278.00p -2.65% Drax Group (DRX) 480.90p -2.61% LondonMetric Property (LMP) 191.90p -2.09% easyJet (EZJ) 539.80p -2.04% Mobico Group (MCG) 73.65p -1.80%