FTSE 250 movers: Bodycote gains on results; no Friday Currys for JD.com

FTSE 250 (MCX) 19,514.94 0.15%

Bodycote gained as the heat treatment and thermal processing services specialist delivered a rise in annual profits, driven by a strong performance at its aerospace and defence division.

The company on Thursday posted an operating profit of £127m, up 14%, with revenues increasing 8% to £802m and said it was on track to deliver medium-term margin growth of more than 20%.

On a pre-tax basis, profits were up to £111.7m from £95.3m.

“Despite macroeconomic uncertainty we expect to deliver further progress in 2024. We anticipate a reduction in the level of energy surcharges, reflecting further normalisation of energy prices,” the company said on Friday.

Currys slumped on Friday as it said Chinese ecommerce giant JD.com does not plan to make an offer for the London-listed electricals retailer.

In a brief statement, the company said: "Further to the announcement on 19 February 2024 that JD.com was in the very preliminary stages of evaluating a possible transaction that may include a cash offer for the entire issued share capital of Currys, JD.com today confirms that, following careful consideration, it does not intend to make an offer for Currys."

At 1405 GMT, Currys shares were down 10.4% at 52.75p.

The news comes just days after US private equity firm Elliott Advisors said it was abandoning its pursuit of Currys after "multiple attempts" to discuss an offer were rebuffed.

"Following multiple attempts to engage with Currys' board, all of which were rejected, it is not in an informed position to make an improved offer for Currys on the basis of the public information available to it," Elliott said on Monday.

"Elliott therefore confirms it does not intend to make an offer for Currys."

Bank of Georgia Group posted a jump in full-year income on Friday, boosted by strong lending and favourable macroeconomic conditions.

Operating income rose 26.4% in the year to 31 December, to 2.53bn Georgian Lari (£750m). Within that, net foreign currency gain fell 21.5%, but net fee and commission income rose 36.8% and net interest income jumped 36.6%.

Pre-tax profits before one-off items were up 31.4%, at GEL1.63bn. Once adjusted for exceptional items, it eased 3.2% to GEL1.40bn.

Archil Gachechiladze, chief executive, said: "2023 was another successful year, during which we continued to deliver on our strategic priorities."

He added that the company’s ongoing focus on customer needs and product quality, coupled with the favourable macroeconomic conditions, had boosted profits.

Looking to the current year, Gachechiladze said: "The group remains well-positioned to capture the benefits of strong economic activity in the region.

"Georgia’s European Union candidacy status, a significant milestone achieved in December, which has defined the country’s geopolitical vector, is expect to support ongoing investments in the Georgian economy.

"We expect both Georgian and Armenia real GDPs to growth by more than 5% in 2024 and we remain focused on our strategic priorities."

In February, the FTSE 250 lender announced plans to enter the Armenian market through the acquisition of Ameriabank, the country’s largest lender and second largest deposit taker, in a $306.6m deal.

Gachechiladze said he expected the deal, which was approved by shareholders earlier in the week, to be "immediately" earnings enhancing.

"I believe this acquisition is a great opportunity for the group to increase scale and unlock further growth," he added.

FTSE 250 - Risers

FirstGroup (FGP) 179.50p 8.46%
PPHE Hotel Group Ltd (PPH) 1,335.00p 5.12%
Bodycote (BOY) 657.50p 4.12%
Hochschild Mining (HOC) 112.50p 3.59%
Volution Group (FAN) 440.20p 3.58%
Morgan Advanced Materials (MGAM) 276.50p 3.17%
OSB Group (OSB) 398.80p 3.00%
Elementis (ELM) 136.80p 2.86%
Rotork (ROR) 333.20p 2.71%
Sirius Real Estate Ltd. (SRE) 93.10p 2.70%

FTSE 250 - Fallers

Currys (CURY) 55.30p -6.11%
Renishaw (RSW) 3,978.00p -5.06%
Aston Martin Lagonda Global Holdings (AML) 158.90p -4.33%
Bank of Georgia Group (BGEO) 4,975.00p -3.96%
Barr (A.G.) (BAG) 522.00p -3.15%
Kainos Group (KNOS) 1,038.00p -3.08%
Darktrace (DARK) 476.30p -2.88%
Helios Towers (HTWS) 82.90p -2.76%
Ninety One (N91) 169.00p -2.37%
Hargreaves Lansdown (HL.) 702.20p -2.01%