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Market Update

Europe Earnings: Betfair, Carillion, Debenhams, DS Smith, Sevan Drilling


Author: Nigel Thomas
ticker.com
Last Update: 10:57 AM ET June 27 2013

3:20 PM Frankfurt Betfair said sales for the year were flat and net swung to 49.4 million loss. Carillion secured 130 million hotel construction contract in Abu Dhabi. DS Smith sales climbed but profit for the year declined to 77.1 million. Seadrill increased its stake in Sevan Drilling.

In London trading, FTSE 100 index jumped 1.5% or 89.42 to 6,255 and in Frankfurt the DAX index increased 0.7% or 55.33 to 7,996.

In Paris, CAC 40 index advanced 1.1% or 41.91 to 3,768.

Betfair Group Plc gained 1.2% to 840 pence after the UK based betting and gaming operator reported total revenue in the year ending in April were flat at 387 million from 388.5 million.

Loss before tax for the year swung to 49.4 million compared to profit of 54.2 million and diluted loss per share swung to 65.1 pence from earnings of 33.1 pence a year earlier.

Gross profit for the year fell 337.2 million from 340.4 million and group operating loss swung to 69 million compared to profit of 46.3 million.

Carillion Plc climbed 4.4% to 273.50 pence after the UK based construction firm in a partnership with United Arab Emirates based Al Futtaim secured 130 million contract to build a five-star hotel in Abu Dhabi.

Debenhams Plc soared 4.4% to 94.80 pence after the UK based fashion retailer said revenue for the first 16 weeks in the second half rose 1% and like-for-like sales were flat. Online sales surged 40% which accounted 14% of the total sales.

Share of the online sale jumped 70 basis points to 3.7% and online market share in premium beauty climbed to 31.9%.

During the period, mobile visits through online channels soared 85% compared to last year.

DS Smith Plc surged 5.6% to 253 pence after the UK based packaging company reported revenue in the year ending in April climbed 86% to 3.67 billion from 1.97 billion. Profit for the year declined to 77.1 million compared to 75.3 million and diluted earnings per share dropped 8.3 pence from 10.9 pence a year earlier.

Profit before tax climbed 51% to 86.6 million and adjusted operating profit soared 77% to 250.9 million in the previous year.

Sevan Drilling AS climbed 16.7% to 3.98 kroner after the Norwegian ultra-deepwater driller Seadrill Ltd. successful in buy its stake to 50.1% of Sevan.

Seadrill has today purchased an additional 116.94 million shares in Sevan Drilling at a price of 3.95 kroner per share.

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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