FTSE 250 movers: Bank of Georgia surges on buyback; Empiric’s strong start pleases

by | Aug 17, 2023

(Sharecast News) – Bank of Georgia on Thursday reported a 33.5% jump in half year profits, driven by a sharp rise in net interest income and also unveiled a share buyback of 62m Georgian lari (GEL).
The bank posted a GEL 688.8m (£207m) profit, adjusted for one-off income compared with GEL 516m a year ago. First-half net interest income rose 39% to GEL 767.8mn. Shares in the company rose 14% on the London Stock Exchange.

Net interest margin, a key measure of profitability and the difference between the rates on savings and loans, rose to 6.5% from 5.3%.

Empiric Student Property boasted a “very strong start” to 2023 as it raised its full-year guidance and pumped up its interim dividend.

The company, which owns and operates studio-led student accommodation across the UK, reported a 16% year-on-year jump in first-half revenues to £41.3m, while earnings per share rose 18.5% to 2.3p

“Following our best ever re-booker campaign, the booking cycle for academic year 2023/24 has tracked significantly ahead of the prior year,” said chief executive Duncan Garrood. “Our accommodation is now effectively full for the forthcoming academic year with occupancy at 98 per cent, a level achieved earlier than ever before.”

The company said its strategy to actively shift its portfolio away from non-core locations to prime, undersupplied cities with top-tier universities has paid off.

Looking ahead, Garrood said he expects “another record year” for Empiric, and said that like-for-like rental growth would now be around 9%, up from previous guidance of 7% – which had already been upgraded in May from earlier forecasts.

The company declared a dividend for the first half of 1.625p per share, up 30% year-on-year.

Market Movers

FTSE 250 (MCX) 18,484.30 -0.52%
FTSE 250 – Risers

Bank of Georgia Group (BGEO) 3,645.00p 13.55%
Empiric Student Property (ESP) 88.40p 3.27%
Marshalls (MSLH) 264.00p 2.48%
Balfour Beatty (BBY) 315.60p 1.81%
Syncona Limited NPV (SYNC) 146.80p 1.66%
Lancashire Holdings Limited (LRE) 577.00p 1.41%
Direct Line Insurance Group (DLG) 164.05p 1.33%
Genuit Group (GEN) 310.00p 1.31%
Synthomer (SYNT) 73.90p 1.23%
Fidelity China Special Situations (FCSS) 209.00p 1.21%

FTSE 250 – Fallers

TI Fluid Systems (TIFS) 128.40p -4.18%
Investec (INVP) 447.00p -3.56%
Bridgepoint Group (Reg S) (BPT) 179.20p -3.14%
4Imprint Group (FOUR) 4,940.00p -2.76%
NextEnergy Solar Fund Limited Red (NESF) 89.20p -2.73%
Wetherspoon (J.D.) (JDW) 655.50p -2.60%
Future (FUTR) 765.00p -2.55%
Rotork (ROR) 285.80p -2.52%
Hipgnosis Songs Fund Limited NPV (SONG) 76.00p -2.44%
Dunelm Group (DNLM) 1,161.00p -2.11%

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