FTSE 250 movers: Victrex jumps; Foresight Group slides
By Frank Prenesti
Date: Tuesday 02 Dec 2025
(Sharecast News) - FTSE 250 (MCX) 21,990.76 -0.14%
Polymers group Victrex has launched a "profit improvement plan" targeting £10m of savings, after underlying earnings dropped 21% over the 12 months to 30 September.
Underlying pre-tax profit totalled £46.4m, down from £59.1m the year before, due to currency movements, the cost of setting up a new plant in China and an adverse sales mix.
If FX was constant, underlying pre-tax profit would have fallen 10% over last year. Meanwhile, startup costs in China reduced profits by £8m, compared to £4m the year before.
The company, which makes components for industries such as aerospace, automotive, electronics, energy and medical, said group revenues rose just 1% to £292.7m despite volumes rising 12% to 4,164 tonnes.
Victrex declared a final dividend of 46.14p per share, in line with last year, keeping the full-year payout flat at 59.56p.
A profit improvement plan is now underway, the full-year benefits of which should be seen by FY2027, building on existing self-help and go-to-market improvements.
Meanwhile, Victrex said it undertaking a broader review of operations this year, "targeting further commercial, cost and operating efficiencies, driving business simplification".
"Although FY 2026 will be a transitional year, our foundations are strong, with a differentiated product portfolio across key end markets, well-invested assets and an addressable market approximately five times current levels, offering significant long-term opportunities for VICTREX PEEK," said chief executive Jakob Sigurdsson.
"We will create a simpler and even more focused growth business, improving cost to serve and driving significant value creation for all stakeholders."
Foresight Group shares were in the red on Tuesday morning even after it reported higher assets and earnings in its first half, supported by strong fundraising into retail vehicles and continued appetite for specialist real asset strategies.
The FTSE 250 investment manager's assets under management rose 4% to £13.7bn in the six months to 30 September, while funds under management edged up 1% to £9.6bn.
Total revenue increased 11% to £81.5m and core EBITDA before share-based payments grew 6% to £30.6m, although the core margin slipped two percentage points to 37.6% due to outflows in its capital management arm.
The group raised £223m into higher-margin retail products and secured €505m of commitments for its Foresight Energy Infrastructure Partners II fund, completing the first phase of fundraising.
The vehicle subsequently invested £210m alongside another Foresight-managed fund to acquire Harmony Energy Income Trust, marking further expansion into UK battery storage.
However, the Foresight Capital Management division posted net outflows of £155m, partially offsetting positive investment performance of £56m.
Recurring revenue remained high at 87%, in line with the firm's target range, while real asset exits continued to contribute to fee income.
In Australia, the disposal of Zenith Energy generated £3.4m of performance fees after achieving a valuation materially above the fund's prior holding value.
Post period end, additional exits included a partial sale of global transport business Kinetic at a premium to carrying value and the first afforestation exit for Foresight Natural Capital, which realised a 1.8x multiple on invested capital.
Executive chairman Bernard Fairman said the firm had "benefitted from sustained investor appetite for our specialist retail and institutional products," noting that £566m had been raised over the past 12 months into higher-margin retail strategies, a 31% increase on the prior period.
He added that the first phase of institutional fundraising for FEIP II had been completed at €505m, while the group's regional private equity strategy had launched its 16th fund with a £90m first close.
Fairman said fundraising momentum was supported by investment performance and successful real-asset disposals.
"With our focus on long duration capital, we are confident that the group's diversified strategies can deliver further growth as we remain on track to achieve our guidance to double core EBITDA pre-SBP in the five years to 2029," he added.
The board declared an interim dividend of 8.1p per share, up 9% on the previous year, payable on 30 January.
Oxford Nanopore also fell sharply after an issue of news shares in the company on Monday.
FTSE 250 - Risers
Victrex plc (VCT) 668.00p 7.05%
British Land Company (BLND) 416.80p 2.41%
International Workplace Group (IWG) 232.20p 1.84%
IG Group Holdings (IGG) 1,142.00p 1.69%
Abrdn (ABDN) 205.40p 1.68%
Foresight Solar Fund Limited (FSFL) 65.70p 1.55%
Partners Group Private Equity Limited. (EUR) (PEY) 10.20p 1.49%
Taylor Wimpey (TW.) 102.65p 1.43%
Playtech (PTEC) 283.50p 1.43%
Carnival (CCL) 1,826.50p 1.19%
FTSE 250 - Fallers
Foresight Group Holdings Limited NPV (FSG) 427.50p -7.37%
Oxford Nanopore Technologies (ONT) 130.00p -6.54%
XPS Pensions Group (XPS) 341.00p -4.08%
Ceres Power Holdings (CWR) 341.20p -3.89%
Ithaca Energy (ITH) 169.80p -3.74%
IP Group (IPO) 60.80p -3.03%
SSP Group (SSPG) 148.10p -2.82%
Telecom Plus (TEP) 1,474.00p -2.77%
Johnson Service Group (JSG) 136.80p -2.70%
Harbour Energy (HBR) 204.80p -2.57%
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