FTSE 250 EARNINGS & UPDATES: TBC Bank profits from Georgian economy
The following is a round-up of earnings and trading updates by FTSE 250-listed London-listed companies, issued on Thursday and not separately reported by Alliance News:
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Ceres Power Holdings PLC - Horsham, England-based clean energy technology developer - Notes contract between Doosan Fuel Cell and Reversion GmbH for the supply of solid oxide fuel cell [SOFC] stacks under license from Ceres, worth around KRW108.7 billion, or £60 million. The contract will be supplied to overseas power facilities in Germany and Europe, and is Doosan's first contract to export SOFC technologies overseas.
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Derwent London PLC - owns real estate portfolio in central London worth £5 billion - Announces interim dividend rise of 2.0% to 26.0 pence from 25.5p, as swings to a pretax loss of £17.9 million in the first half of 2026, from a profit of £94.0 million, as the firm notes a one-off cost of £45.8 million resulting from a onerous contract provision during the first half of 2026. Further, Derwent London notes a revaluation deficit of £19.0 million in the first half of 2026, compared to a gain of £38.2 million a year ago. Gross property and other income climbs 3.9% to £146.5 million from £141.0 million, whiel net rental income falls 1.2% to £92.9 million from £94.0 million. Chief Executive Paul Williams says: "Operationally, the business is performing well and we upgrade our EPRA earnings growth guidance for 2026. Leasing activity, rental growth and progress on capital allocation give us confidence in delivering our medium-term earnings growth and total accounting return objectives. I look forward to watching the business thrive over the coming years under my successor, Jonathan Murphy, and the rest of the leadership team."
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Morgan Advanced Materials PLC - Berkshire, England-based manufacturer of specialist thermal, ceramic and carbon products - Announces unchanged interim dividend of 5.4 pence per share, as revenue rises 3.1% to £518.1 million in the first half of 2026, from £502.5 million a year prior. Pretax profit falls 11% to £27.5 million from £30.8 million; however, adjusted operating profit climbs 5.5% to £57.8 million from £54.8 million, with adjusted earnings per share up 8.1% at 10.7p from 9.9p, while basic statutory earnings per share decline 20% to 4.5p from 5.6p. CEO Damien Caby says the half-year performance was in line with the firm's own expectations, reflecting stabilisation across "many" of its end-markets, alongside strength in Aerospace and strategic growth in Energy. Looking ahead, Morgan Advanced says: "Mindful of the current geopolitical and macroeconomic environment, particularly within European Industrial markets, we expect organic constant-currency revenue growth of around 2% for the full-year. Noting a foreign exchange headwind, we expect an adjusted operating profit margin for the second half broadly in-line with that of the first, excluding the phasing benefit from the take-or-pay agreement. We remain confident in our roadmap to deliver a 12% margin in 2028 and achieve our medium-term financial framework." Further, from 2027 onwards, the firm expects to deliver sustainable margin improvement for Thermal Products in North America.
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Syncona Ltd - London-based investor in life science companies - Net asset value per share is 170.6 pence as at June 30, the end of its first financial quarter, unchanged from March 31, with the NAV per share total return being 0%. Chris Hollowood, chief executive of Syncona Investment Management, says: "It has been a quarter of meaningful progress across the portfolio, including the first patient dosed in Spur's phase III pivotal trial. We have been pleased to see continued merger & acquisition activity and improving financing conditions across the public biotech markets and later-stage private markets, creating a favourable backdrop for our portfolio. With four key value inflection points expected by the end of calendar year 2026, the portfolio is well positioned to deliver significant upside, which could enable the return of £250 million of proceeds to shareholders in due course. We remain focused on unlocking value by guiding our companies to late-stage development." The company says around 86% of the Life Science portfolio is in commercial, late-stage and clinical-stage companies.
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TBC Bank Group PLC - Tbilisi-based lender - Announces second quarter dividend per share of GEL1.75, around 50 pence, as net pretax profit rises 8.9% on-year to GEL438.1 million, around £125.8 million, in the second quarter from GEL402.3 million. Net interest income jumps 13% to GEL656.2 million from GEL581.8 million, while total operating income climbs 9.9% to GEL917.3 million from GEL834.6 million. The company says: "While the Middle East conflict negatively affected tourism revenues in the first half of 2026, especially in March and April, global upturn in commodity prices resulted in a surge in exports from Georgia, compensating the loss in inflows." TBC Bank notes that consumer price index inflation in Georgia sped up to 6.4% on-year in June, above the target of 3% set by the National Bank of Georgia. TBC Bank expects Georgia's gross domestic product to climb 7.4% in 2026. Meanwhile, the economy of Uzbekistan, the second country of the company's operations, showed "solid" economic growth of 8.5% in the first half of 2026, the firm says, adding that it expects the Uzbek economy to rise by another 8.2% in all of 2026.
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Wizz Air Holdings PLC - Budapest-based budget airline - Swings to a first-quarter net loss of EUR198.2 million from a EUR38.4 million profit a year earlier despite revenue rising 5.5% to EUR1.51 billion from EUR1.43 billion. Earnings before interest, tax, depreciation and amortisation fall 51% to EUR147.4 million from EUR300.2 million as revenue per available seat kilometre declines 8.1%, though the airline says forward bookings continue to build, expects first-half load factor to be flat on-year and remains focused on improving unit costs. CEO Jozsef Varadi says: "We are seeing continued momentum in the business as we recover aircraft from geared turbofan-related groundings and reallocate capacity to our most attractive European markets. The number of grounded aircraft is reducing and our plan to return the affected fleet to service by the end of calendar 2027 remains on track."
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