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Market Update

Burberry Revenues Rise, Daimler Reports Improving Cash Flow

Author: Nigel Thomas
Last Update: 12:48 PM ET October 14 2014

4:00 PM Frankfurt Allocate Software agreed to be acquired by Acorn Bidco for 110 million. Burberry revenue soared 14% to 1.1 billion. Daimler said EBIT in Mercedes-Bens cars business surged 23% to 1.6 billion. Mulberry first-half revenue declined 17%. Michael Page profit 5% to 133 million.

In London trading, FTSE 100 index rose 0.1% or 10.29 to 6,376.53 and in Frankfurt the DAX index slid 0.01% or 0.45 to 8,811.98.

In Paris, CAC 40 index edged up 0.05% or 2.06 to 4,080.76.

Allocate Software Plc surged 33.9% to 152 pence after the U.K.-based information technology service provider agreed to be acquired by Acorn Bidco Limited with private equity HgCapital Funds for about 109.6 million in cash.

Under the terms, shareholders of Allocate will receive 153.55 pence in cash per share.

Burberry Group Plc declined 4.6% to 1,411 pence after the U.K.-based luxury apparel and accessories maker said total revenue in the first-half ending in September soared 14% to 1.10 billion from 1.03 billion from a year ago period. Comparable store sales in the period surged 10%.

Burberry said retail revenue in the period climbed 15% to 748 million and wholesale revenue jumped 13% to 317 million compared to the same period a year ago.

Daimler AG climbed 4.2% to 59.11 after the Germany-based luxury vehicles maker reported free cash flow in the third-quarter in its industrial business of about 5.4 billion, up from about 1.6 billion in the same quarter last year.

The company said earnings before-interest-and-taxes in the third-quarter from the Mercedes-Bens cars business surged 23.1% to 1.61 billion compared to 1.25 billion and EBIT from Daimler trucks segment climbed 16.6% to 618 million from 530 million a year ago period.

Mulberry Plc tumbled 10.7% to 675 pence after the U.K.-based luxury handbag maker reported revenues in the first-half ending in September declined 17% to 64.7 million from 78.1 million a year ago period and profit before tax for the full year to March 2015 is expected to be significantly below current expectations.

The company said retail business in the period declined 9% to 45.1 million and wholesale sales plunged 31% to 19.6 million.

Michael Page International Plc plunged 9.9% to 374.50 pence after the U.K.-based recruitment consultancy company said total gross profit for the third-quarter climbed 4.7% to 132.9 million from 126.9 million in the same quarter of a year ago.

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