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Market Update

CRH in 2.2 B Deal with Beacon Roofing, SimCorp Drops on Flat Profit


Author: Sarla Buch
ticker.com
Last Update: 10:40 AM ET August 24 2017

4:00 PM Frankfurt CRH profit surged and agreed to sell Americas Distribution business for 2.2 billion and acquired Germany-based Fels for 600 million. Dixons Carphone tumbled on profit and mobile sales warning. Francotyp-Postalia net declined. SimCorp plummeted on flat profit.

In London trading, FTSE 100 index fell 10.57 to 7,371.17 and in Frankfurt the DAX index slipped 44.39 or 0.4% to 12,185.14.

In Paris, CAC 40 index decreased 14.48 or 0.3% to 5,117.37.

CRH Plc advanced 3.6% to 2,786 pence after the Ireland-based building materials provider reported revenues in the first-half ending in June increased 2% from a year ago to 13 billion.

Net income in the period surged 30.1% to 363 million from 279 million in a year ago six-month period and diluted earnings per share dropped 4.33 from 3.36.

Separately, CRH agreed to sell its Americas Distribution business to Beacon Roofing Supply, Inc. for about 2.2 billion or $2.63 billion in cash.

CRH added its Europe heavy-side business agreed to buy Germany-based Fels-Werke GmbH, a lime producer that holds over 1 billion tons of high quality limestone, for about 600 million or 550 million.

Dixons Carphone Plc tumbled 19.3% to 183.60 pence after the U.K.-based electrical and communications retailer said that pretax profit in the first-quarter ending in July in the range of 360 million to 440 million.

However, revenues and comparable sales each jumped by 6% from a year ago period; despite weak demand in the U.K. mobile phone market in last few months and statement sales in the U.K. & Ireland, Nordics and Greece

Francotyp-Postalia Holding AG plunged 13.1% to 4.82 after Germany-based mail processing services provider said revenues in the first-half ending in June jumped 4.1% from a year ago to 104.4 million.

Net income in the period declined 47.5% to 2.1 million from 4 million in a year ago six-month period and diluted earnings per share dropped 0.13 from 0.24.

The FP Group forecasted higher profitability in fiscal 2017 while revenues slightly increase from a year ago period and adjusted free cash flow at the level of previous year.

John Laing Group Plc dropped 1.9% to 302.40 pence after the U.K.-based green-field infrastructure developer said net income in the first-half ending on June declined 64.9% to 37.4 million from 106.7 million in a year ago six-month period and earnings per share slumped to 10.1 pence from 28.9 pence.

Separately, John Laing said it has reached a deal with the Greater Manchester Waste Disposal Authority over the termination of 25-year recycling and waste management private finance initiative contract with estimated investment valued 25.5 million.

SimCorp A/S plummeted 9.1% to 367.10 Danish kronor after Denmark-based financial software provider said revenues in the first-half ending in June surged 12.9% from a year ago to 148.2 million.

Net income in the period was flat at 16.9 million from a year ago six-month period and diluted earnings per share increased 0.42 from 0.36.

SimCorp said fees revenues in the period soared 21.7% to 56 million and revenues in the maintenance and new client installations segment jumped 8.3% to 68.5 million.

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