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Market Update

Dechra Lifts Dividend on Profit Surge, EU Approves Air Berlin Aid

Author: Sarla Buch
Last Update: 3:37 PM UTC September 04 2017

4:00 PM Frankfurt – C&C agreed to acquire 47% stake in pub operator Admiral Taverns. Dechra profit more than doubled and the drug maker lifted annual dividend. Johnson Service net soared and the work-wear provider estimated yearly results may slightly ahead of market expectations.

In London trading, FTSE 100 index increased 17.80 or 0.2% to 7,448.42 and in Frankfurt the DAX index jumped 104.91 or 0.8% to 12,160.52.

In Paris, CAC 40 index advanced 40.86 or 0.8% to 5,126.44.

Air Berlin Plc increased 0.4% to €0.27 after the European Union competition watchdog approved €150 million of state aid to Germany-based troubled low-cost airline.

C&C Group Plc gained 0.9% to 3.06 pence after the Ireland-based beverage maker, Proprium Capital Partners and Admiral Management agreed to acquire pub operator Admiral Taverns for about £37 million, representing 47% of the issued share capital of Admiral.

The transaction is estimated to close by the end of November 2017.

Dechra Pharmaceuticals Plc edged up 0.1% to 1,960 pence after the U.K.-based veterinary pharmaceutical products maker reported revenues in the year ending in June jumped 45.1% from a year ago to £359.3 million.

Net profit in the year more than doubled to £26.1 million from £12.5 million in a year ago period and diluted earnings per share increased to 27.93 pence from 13.90 pence.

The drug maker proposed final dividend of 15.33 pence per share adding to the total dividend in the year of 21.44 pence, up 16% from 18.46 pence in a year ago.

Johnson Service Group Plc slipped 0.8% to 139.85 pence after the U.K.-based work-wear and protective wear provider said revenues in the first-half ending in June soared 19.3% from a year ago to £138 million.

Net profit in the period surged 28.4% to £10.4 million from £8.1 million in a year ago six-month period and diluted earnings per share rose to 2.8 pence from 2.4 pence.

The textile wear provider forecasted full-year results may be slightly above the market expectations after acquisition of Scotland-based Professional Laundry Services.

STADA Arzneimittel AG increased 1.4% to €80.59 after buyout groups Bain Capital and Cinven plans to offer Stada shareholders up to €74.40 per share to get full control of Germany-based generic drug maker.

On August 18, Bain Capital and Cinven tendered renewed voluntary public takeover offer which expired on September 1.

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