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Market Update

Europe Earnings: Burberry, Halfords, LSE, Petrofac, Suedzucker

Author: Nigel Thomas
Last Update: 11:44 AM ET July 10 2014

4:00 PM Frankfurt – Burberry revenue climbed 17% to £370 million. Halfords declined despite revenue jumped 8%. LSE plunged after Qatari fund trimmed third of its stake. Petrofac secured three-year contract for $700 million in Kuwait. Suedzucker profit tumbled 54.2% to €77 million.

In London trading, FTSE 100 index slumped 0.7% or 45.89 to 6,672.15 and in Frankfurt the DAX index declined 1.3% or 127.52 to 9,680.68.

In Paris, CAC 40 index dropped 1.2% or 49.99 to 4,309.85.

Burberry Group Plc jumped 2.3% to 1,451 pence after the U.K.-based luxury apparel and accessories retailer said retail revenue in the first-quarter ending in June climbed 17% to £370 million from £339 million. Comparable sales in the quarter surged 12%.

The retailer said there was double-digit growth in men’s and women’s accessories sales.

Halfords Group Plc declined 3.3% to 475.80 pence after the U.K.-based automotive and leisure products retailer said total revenue in the first-quarter ending on June 27 soared 7.9% and retail revenue jumped 7.7%.

The company added revenues from auto-centers in the quarter soared 9.4% and premium bikes sales surged 35.1%.

Car cleaning sales jumped 16.2% and online retail sales climbed 13.1% mainly driven by a strong performance in cycling segment.

Halfords said its financial position remains sound and guidance for the full year remains unchanged.

London Stock Exchange Group Plc plunged 4% to 1,877 pence after the Qatari sovereign wealth fund, confirmed that it has sold about a third of its stake and lowered it to 10.3%. The fund said it trimmed its holding to take profit.

Petrofac Limited slumped 1.2% to 1,166 pence after the U.K.-based oil and gas producer secured three-year contract from Kuwait Oil Company worth $700 million.

Suedzucker Mannheim Ochsenfurt AG gained 0.6% to €14.99 after the Germany-based agricultural raw material maker reported revenue in the first-quarter ending in May plunged 10.4% to €1.77 billion from €1.98 billion a year ago period.

Profit in the year tumbled 54.2% from a year ago to €77 million compared to £168 million and diluted earnings per share declined to €0.24 from €0.64.

Xtract Resources Plc rose 0.5% to 22.1 pence after the U.K.-based oil and gas explorer sold the Global Oil Shale shares at 23.77 pence per share and raised £1.2 million as part of the disposal of the Julia Creek oil shale tenements in Queensland.

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