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Market Update

Europe Earnings: Britvic, Dialight, Ocado, Prada, Remy Cointreau

Author: Nigel Thomas
Last Update: 10:32 AM ET June 11 2013

3:20 PM Frankfurt – Britvic wins merger approval with A.G. Barr. Dialight first-half revenue soared 50%. Ocado Group jumped on market rumors of a tie-up with Marks & Spencer. Prada first quarter revenue and profit climbed 14%. Remy profit for the year soared 18%.

In London trading, FTSE 100 index declined 1.6% or 100.84 to 6,300 and in Frankfurt the DAX index dropped 1.7% or 138.96 to 8,169.

In Paris, CAC 40 index plummeted 1.8% or 67.73 to 3,797.

Britvic Plc slipped 1.7% to 492 pence after the UK based soft drinks maker said competition commission has provisionally approved the merger proposal with A.G. Barr Plc.

Dialight Plc plunged 12.6% to 1,169.68 pence after the light emitting diodes solution provider reported lighting segment revenues in the first-half soared 50% and expects full year revenues again to exceed 50% growth.

The company said group profit in the first-half will be adversely affected by lower sales in signals unit.

Ocado Group Plc jumped 4.1% to 324.70 pence after the media report suggested a possible tie-up with Marks & Spencer for online food delivery business.

Prada SpA slumped 1.3% to HK$73.25 after the Italy based leather goods and clothing revenue in the first quarter ending in April jumped 13.9% to €782.3 million from €686.7 million a year earlier. Net income in the quarter climbed 13.5% to €138.2 million from €121.7 million.

Sales in Asia Pacific soared 24.8% and in the Americas surged 23%.Market condition for sales in Europe were unchanged but sales in Japan rose 12.2%.

Revenue from the Prada brand jumped 18% and revenue from Miu Miu rose 5%, Church’s increased 2.8%.

Remy Cointreau SA slid 0.9% to € 85.93 after the France based wines and spirits maker reported sales in the year ending in March surged 16.3% to €1.19 billion. Net profit soared 17.7% to €130.4 million compared to €110.8 million.

Rémy Martin brand sales advanced 21.5% to €719.8 million and liqueurs & spirits division sales increased 10.8% to €239.1 million. Partner brand sales grew 7.6% to €234.4 million.

Operating profit jumped 18.1% to €245.4 million and operating margin climbed 20.6%.

Separately, Rémy Cointreau signed an agreement with Nordic group, Altia, to buy Larsen Cognac.

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