Gem Diamonds delivered half-year results showing a more than doubling in underlying profits, as increases in production, as well as the number of larger gemstones recovered, offset a dip in the average price per carat. The company, which operates the Letšeng mine in Lesotho - one of the largest open pit diamond mines in the world - reported underlying EBITDA of $19.1m for the six months to 30 June 2024, up from $8.4m in the same period of 2023. Gem said improvements in operational outputs mean full-year guidance on output and sales have both been upgraded. In early trading, shares in Gem Diamonds jumped 8.3% higher.
Grafton Group reported weak first-half results, with a 23% drop in pretax profit to £71.7m, down from £93.6m a year earlier, as revenue fell by 4.4% to £1.14bn. The FTSE 250-listed building materials group saw its half-year operating profit fall by 24% to £71.3m. Nevertheless, the Irish firm upped its interim dividend by 5.0% to 10.5p from 10.0p. Grafton chief executive officer Eric Born said that whilst uncertainties remain in the short term, the medium-term outlook remains positive, supported by strong demand fundamentals, not least the demand for new housing. By around 9.30am, Grafton shares were down 1.9%.
PPHE posted first-half results which saw a jump in profits, while the hotels group maintained its full-year guidance. That was in of spite supply chain issues which held up full openings of new art'hotel properties in London and Rome, delaying meaningful earnings contributions. The FTSE 250-listed firm saw EBITDA for the six months to end June 2024 rise by 6.7% to £48.3m as revenue hit a record £191m, up 6.1%. However revenue per available room - a key industry metric - fell 2.2% to £107.8 as prices normalised after the Covid pandemic. PPHE shares were 1.1% lower around 9.30am.
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