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Market Update

Europe Earnings: Bellway, Hornby, Kcom, Severn Trent


Author: Nigel Thomas
ticker.com
Last Update: 10:28 AM ET June 07 2013

3:20 PM Frankfurt Bellway reservations in the last four months soared 31%. Hornby revenues dropped and net swung to a loss. Kcom revenue slid to 372.9 million and increased dividend by 11%. Severn Trent soared after consortium is said to have raised its takeover bid.

In London trading, FTSE 100 index rose 0.6% or 35.59 to 6,372 and in Frankfurt the DAX index gained 0.6% or 52.77 to 8,151.

In Paris, CAC 40 index increased 0.5% or 17.98 to 3,832.

Bellway Plc climbed 2.7% to 1,351 pence after the UK based homebuilder reported reservations in the last four months soared 31% to 160 per week.

The group continued to invest in new land with minimum gross margin of 20% and spent 270 million on land and land creditors. The group had net bank debt of 95 million at the end of May.

Hornby Plc jumped 3.6% to 82.90 pence after the UK based entertainment products maker said revenues in the year ending in March dropped 10.9% to 57.39 million from 64.45 million in the year ago period. Loss for the year after taxation swung to 2.50 million or 6.39 pence per share compared to profit of 3.16 million or 8.12 pence per share same period last year.

Kcom Group Plc surged 8.5% to 83.35 pence after the UK based communications solution provider reported revenues in the year ending in March slid 3.7% to 372.9 million from 387.3 million in the year ago period. Profit for the year edged up 37.9 million or 7.39 pence per share compared to 37.73 million or 7.13 pence per share same period last year.

The Kcom declared full year dividend of 4.44 pence per share, an increase of 11% as pre-tax profit and earnings per share increased and the company reaffirmed commitment to grow dividend at 10% a year to 2016, although revenues declined for a fifth straight year.

Severn Trent Plc soared 4.5% to 2,110 pence on media reports that a consortium of investors increased the offer for water utility to 22 a share from 21.25 or 5.3 billion.

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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