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Market Update

Europe Earnings: Admiral Group, Sodexo, Turbo Power Systems, UK Mail

Author: Nigel Thomas
Last Update: 11:33 AM ET July 09 2014

4:00 PM Frankfurt – Admiral Group first-half revenues declined to £1 billion. Sodexo third-quarter revenue slumped 3% to €14 billion. UK Mail Group first-quarter revenue jumped 3%.

In London trading, FTSE 100 index slid 0.4% or 24.67 to 6,713.78 and in Frankfurt the DAX index gained 0.3% or 24.51 to 9,797.18.

In Paris, CAC 40 index rose 0.2% or 10 to 4,352.53.

Admiral Group Plc plunged 5% to 1,495 pence after the U.K.-based motor insurance provider reported group revenue in the first-half ending in June declined to £1 billion from £1.1 billion a year ago.

The company said number of customers increased to 3.9 million from 3.6 million but insurance sales slid to £0.8 billion compared to £0.9 billion a year ago period.

The insurer plans to offer up to £200 million of ten-year, tier-two, subordinated notes.

Sodexo SA dropped 2.1% to €77.31 after the France-based food services provider reported revenue in the third-quarter ending in May slumped 2.8% to €13.8 billion from €14.2 billion a year ago period.

Revenue from on-site services declined 2.7% to €13.27 billion from €13.64 billion a year earlier.

Revenues from continental Europe edged up 0.1% and from UK and Ireland climbed 4% while revenues from North American fell 1.4% to €5.32 billion from €5.40 billion. Revenues from the rest-of-the-world plunged 12.2% to €2.46 billion from €2.80 billion a year ago period.

Sodexo’s chief executive officer Michel Landel confirmed full-year 2014 operating profit growth of11% at constant exchange rates.

Turbo Power Systems Inc surged 10% to 0.385 pence after the U.K.-based electric motor and generator maker received additional purchase orders from Bombardier Transportation worth $3.4 million.

UK Mail Group Plc gained 1.2% to 598.99 pence after the U.K.-based parcel and mail services provider reported total revenues for the first-quarter ending in June jumped 2.5% from a year ago period.

The daily parcel volumes in the quarter climbed 10%.

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