FTSE 250 movers: Hochschild higher while BGEO gets buried

Building on strong silver and gold production and buoyant precious metals markets, Hochschild Mining was flying high after announcing it enjoyed a profitable half year and reinstated its interim dividend.

A 31% rise in silver production to 8,210koz and 188% increase gold production to 118koz in the six months to 30 June led to revenue rising 78% on last year to $339.3m.

Last year's interim loss was reversed to a $60.3m profit before tax, better than forecast, with adjusted earnings per share of $0.05.

Cairn Energy was also positive after it posted its half-year results to 30 June on Tuesday, reporting $414m group net cash at period end, and Norwegian tax receivable of $45m.

Its total loss after tax for the period was $38m, narrowing significantly from $230m in the first half of last year.

The firm’s reserves-based lending bank facility remains undrawn, and its debt availability to fund UK development assets was said to be increasing with project progress.

International infrastructure group Balfour Beatty was also firmer after it announced it has been awarded a $697m contract to undertake electrification of the 52-mile Caltrain rail corridor between San Francisco and San Jose, in preparation for the future operation of high speed trains.

The firm said it is the largest contract secured by Balfour Beatty in the United States.

BGEO was among the biggest losers in afternoon trading, even after reporting a surge profits and allowed it to further benefit from the Georgian government’s generous new tax policy.

Total revenue during the first six months of the year of 439.8m Georgian lari (GEL) (£146m) was up 10.4% on the same period last year.

Despite operating costs rising 12.5%, post-tax profits of GEL 198.3m were up 47.6% compared to the first half of 2015, while earnings per share increased by 31.7% to GEL 4.57.

Plastic piping and ventilation systems manufacturer Polypipe Group was also declining after it announced its half year unaudited results for the six months to 30 June on Tuesday, with revenue 31% higher at £223.3m.

The firm said its UK revenue for the period was 8.1% ahead, excluding acquisitions, while its underlying operating profit was 47% higher at £37.7m.

It made a 180 basis point improvement in underlying operating margin to a record 16.9%, while underlying earnings per share were 48% higher at 13.6p.

FTSE 250 - Risers

Hochschild Mining (HOC) 314.00p 6.77%
Euromoney Institutional Investor (ERM) 1,136.00p 4.80%
Cairn Energy (CNE) 204.00p 4.62%
Countrywide (CWD) 246.40p 3.23%
NMC Health (NMC) 1,327.00p 3.03%
Vedanta Resources (VED) 547.00p 3.01%
Ashmore Group (ASHM) 368.60p 2.96%
Amec Foster Wheeler (AMFW) 532.00p 2.80%
Tullow Oil (TLW) 234.20p 2.45%
Close Brothers Group (CBG) 1,362.00p 1.87%

FTSE 250 - Fallers

BGEO Group (BGEO) 2,813.00p -5.00%
Spectris (SXS) 1,935.00p -3.25%
OneSavings Bank (OSB) 224.90p -3.14%
DFS Furniture (DFS) 252.70p -2.85%
Polypipe Group (PLP) 281.00p -2.73%
Sophos Group (SOPH) 241.10p -2.70%
Millennium & Copthorne Hotels (MLC) 428.00p -2.59%
CYBG (CYBG) 263.70p -2.33%
John Laing Group (JLG) 233.00p -2.31%
Rotork (ROR) 200.40p -2.29%