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Market Update

AB Food Reaffirms Outlook, PostNL Tumbles on Weak Forecast

Author: Sarla Buch
Last Update: 10:46 AM EST February 26 2018

4:00 PM Frankfurt AB Food reaffirmed full-year outlook despite reduction in sugar segment revenues. Bunzl net jumped on the improved market conditions in North America and in Europe. GKN said Melrose received clearance from the U.S. and Canadian regulators. PostNL profit plunged 47%.

In London trading, FTSE 100 index advanced 42.07 or 0.6% to 7,287 and in Frankfurt the DAX index gained 36.77 or 0.3% to 12,520.85.

In Paris, CAC 40 index increased 20.80 or 0.4% to 5,338.21.

Associated British Foods Plc jumped 2.4% to 2,708 pence after the U.K.-based food, ingredients retailer estimated sales in Primark segment in the first-half to jump 7% but revenue and profit in AB Sugar business are expected to decline.

The retailer said full-year group outlook is unchanged but progress is expected in both operating profit and earnings per share but margin may be higher from a year ago period.

Bunzl Plc slipped 1% to 1,990.50 pence after the U.K.-based distribution and outsourcing service provider reported revenues in the year ending in December soared 16% from a year ago to 8.6 billion.

Net income in the year surged 17% to 310.5 million from 265.9 million in a year ago and diluted earnings per share advanced to 93.5 pence from 79.7 pence.

Bunzl said revenues in North America soared 10% to 5.1 billion and revenues in Europe jumped 12% to 1.6 billion and revenues in the UK & Ireland advanced 9% to 1.2 billion.

GKN Plc gained 1.1% to 431.10 pence after the U.K.-based engineering equipment maker said that Melrose Industries Plc received clearance from competition regulators in the United States and Canada for its 7.4 billion or $10.4 billion deal.

PostNL NV tumbled 17.5% to 3.24 after the Netherlands-based mail and parcel carrier services provider reported revenues in the year ending in December jumped 2.9% from a year ago to 3.5 billion.

Net profit in the year plunged 46.9% to 148 million from 279 million in a year ago period and diluted earnings per share declined to 33 from 62.9.

The parcel services provider forecasted fiscal 2018 operating income between 160 million and 200 million and estimated fiscal 2020 operating income in the range of 230 million to 300 million.

Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc