2 ASX 300 shares making big gains on results announcements

Two businessmen high five each other as the Optus plea to ACCC fails to impact the Telstra share price todayTwo businessmen high five each other as the Optus plea to ACCC fails to impact the Telstra share price today

The S&P/ASX 300 Index (ASX: XKO) might be down in the dumps today, but shares in these constituent companies are soaring higher after they posted first-half earnings.

Right now, the index is 0.46% lower at 7.317.6 points.

2 ASX 300 shares jumping on first-half earnings

First up, shares in Judo Capital Holdings Ltd (ASX: JDO) are leaping higher today after the ASX 300 bank revealed a 322% increase in pre-tax profits for the first half, coming in at $53.2 million compared to $12.6 million in the prior period.

The stock reached an intraday high of $1.60 on Tuesday – an 11.1% gain.

The small-to-medium businesses-focused lender also revealed a 3.56% underlying net interest margin – a 72 basis points improvement.

Meanwhile, its gross loans and advances lifted 23% to $7.5 billion and its net interest income soared 69% to $163 million.

Judo CEO and co-founder Joseph Healy dubbed the outcome “another black belt result”, continuing:

We remain on track to achieve our FY23 guidance and our key business metrics at scale.

With a low ratio of customers per banker, we understand our customers in a way that other banks simply can’t replicate. This provides our business with a strategic hedge that will enable our business to continue growing regardless of the operating environment.

Joining the bank share in the green is ASX 300 mining services group Perenti Ltd (ASX: PRN). Its share price peaked at $1.225 today – a 7.9% gain.

The company posted $1.4 billion of revenue for the first half of financial year 2023 – a 20.6% year-on-year increase.

Earnings before interest, tax, depreciation, and amortisation (EBITDA) also lifted 39% to $281.2 million and net profit after tax (NPAT) rose 75% to $61 million.

Perenti upgraded its full-year guidance on the back of the strong half. It now expects to post between $2.8 billion and$2.9 billion of revenue and between $250 million and $265 million of earnings before interest and tax for financial year 2023.

The post 2 ASX 300 shares making big gains on results announcements appeared first on The Motley Fool Australia.

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Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Judo Capital. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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