FTSE 250 movers: Perform retreats after recent gains

6th Mar 2014 13:47

Perform Group was retreating from recent gains which followed its full-year results, which saw the sports media group surge on turnaround hopes after a seven per cent fall in earnings per share in 2013. Imagination Technologies Group saw its share price plunge after admitting a slowdown in the rate of smartphone market growth, together with a lower market share in the smartphone entry level segment. This caused unit shipments to fall behind expectations, and is not expected to recover until the latter part of 2015, the communications technology company said. Pace was retreating from Wednesday's gains when it was driven higher by JP Morgan, which increased its target price from 380p to 437p and maintained an 'overweight' rating following Tuesday's results. Numis also raised its target price from 340p to 420p.Infrastructure services group Balfour Beatty declined on the back of a 32% slide in underlying pre-tax profit, which it blamed on the downturn in the Australian natural resources sector as well as challenging economic conditions and operational issues in UK construction. Chief Executive Andrew McNaughton, who was promoted to the role last March, said that major remedial action the board has taken "are delivering results and have positioned us better for the future", but that continuing to improve operational delivery and supply chain management will remain a particular area of focus in the current year. Student accommodation manager Unite Group was also firmly in the red after its pre-tax profit fell to £77.1m in the year ended December 31st from £126.2m the year before. Total revenue fell to £101.6m from £214.6m. The group also announced the placing and open offer of 24.5m shares to raise proceeds of around £100m. Meanwhile, Devro was rising as investors took advantage of the recent sell-off following Tuesday's annual results, which showed revenue was broadly flat, reflecting weak demand for its sausage skins. Vedanta Resources was also on the rise after it said Tom Albanese will take over as Chief Executive Officer (CEO) on April 1st following the departure of M.S. Mehta. Albanese, who was CEO of Rio Tito from May 2007 to January 2013, has been Chairman of Vedanta Resources Holdings since September. "My focus as CEO will be on operational excellence, efficient cost management and sustainability to drive long term value for all our stakeholders," he said in a statement.FTSE 250 - RisersEssar Energy (ESSR) 71.90p +7.07%Devro (DVO) 258.60p +4.48%Evraz (EVR) 66.00p +4.27%Inmarsat (ISAT) 700.00p +3.86%Centamin (DI) (CEY) 58.30p +3.74%African Barrick Gold (ABG) 312.60p +3.61%Alent (ALNT) 318.00p +3.41%RPS Group (RPS) 347.90p +3.23%Kentz Corporation Ltd. (KENZ) 774.00p +3.13%Vedanta Resources (VED) 883.00p +2.97%FTSE 250 - FallersPerform Group (PER) 272.20p -7.73%Imagination Technologies Group (IMG) 175.00p -7.21%Balfour Beatty (BBY) 298.80p -7.03%Pace (PIC) 456.00p -3.90%Unite Group (UTG) 439.70p -2.72%CSR (CSR) 767.50p -2.60%Daejan Holdings (DJAN) 4,835.00p -2.50%Ocado Group (OCDO) 560.00p -2.01%Riverstone Energy Limited (RSE) 902.00p -1.96%Euromoney Institutional Investor (ERM) 1,270.00p -1.93%NR