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Market Update

Asos Reaffirms Outlook, Hammerson Received Revised Merger Proposal

Author: Sarla Buch
Last Update: 11:26 AM EDT April 11 2018

4:00 PM Frankfurt Asos.com plans to increase capital spending in fiscal 2018. Barry Callebaut reported increase in profit after sales volume jumped 8%. Hammerson received revised proposal from France-based rival Klepierre. PageGroup profit soared 10%.

In London trading, FTSE 100 index decreased 6.75 to 7,259.83 and in Frankfurt the DAX index slipped 91.27 or 0.7% to 12,306.05.

In Paris, CAC 40 index fell 27.06 or 0.5% to 5,279.42.

Asos.com Plc dropped 2.3% to 6,866 pence after the U.K.-based online fashion and beauty retailer reported revenues in the first-half ending in February soared 27% from a year ago to 1.2 billion.

Net profit in the period jumped 11.9% to 24.5 million from 21.9 million in a year ago period and diluted loss per share advanced to 29.2 pence from 26.3 pence.

The online fashion retailer reaffirmed fiscal 2018 sales to increase between 25% and 30% but capital expenditure to jump to between 230 million and 250 million.

Barry Callebaut AG plunged 6.5% to 1,786 Swiss francs after Switzerland-based chocolate and cocoa products maker reported revenues in the first-quarter ending in February rose 0.3% from a year ago to 3.5 billion francs.

Net profit in the period surged 21.7% to 173 million francs from 142.1 million francs a year ago period and operating profit 16% to 359.4 million francs.

The chocolate maker said as of February 28 net debt declined 16.9% to 1.2 billion francs from 1.4 billion francs in the same period a year ago.

Hammerson Plc slipped 0.8% to 521 pence after the U.K.-based real estate developer said it had received a revised takeover proposal from France-based rival Klepierre SA for about 635 pence per share comprising 50% in Klepierre new shares and 50% in cash.

On March 8, Klepierre SA made an unsolicited offer of 615 pence per share which was rejected by the company.

PageGroup Plc decreased 1.6% to 541.50 pence after the U.K.-based recruitment services provider said group profit in the first-quarter ending in March surged 10.3% from a year ago to 187.7 million.

Gross profit in France advanced 18%, in Germany surged 28% and in Greater China, jumped 17% and South East Asia soared 19%.

In the U.S. sales increased 17% and Latin America surged 26% but in the U.K. declined 7.1%.

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