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Market Update

Europe Earnings: Domestic & General, E.ON, EnQuest, GAM, Resolution


Author: Nigel Thomas
ticker.com
Last Update: 11:37 AM ET August 13 2013

4:00 PM Frankfurt Domestic & General agreed to be acquired by CVC Capital in 750 million. E.ON net jumped 8% to $3.36 billion. EnQuest first-half net declined 25%. GAM Holding profit tripled to 119 million francs on 27% increase in revenues. Resolution net swung to a profit of 61 million.

In London trading, FTSE 100 index gained 0.5% or 30.06 to 6,604 and in Frankfurt the DAX index increased 0.7% or 57.34 to 8,417.

In Paris, CAC 40 index rose 0.4% or 15.20 to 4,087.

Domestic & General Group Ltd., the UK based a private home-appliance warranty provider purchased by UK based private-equity firm CVC Capital Partners Limited from Advent International Corporation. CVC will pay 750 million. Advent International paid 524 million in 2007 for the company.

Deutsche Wohnen AG jumped 16.99 after the Germany based residential property developer lifted its earnings outlook for the year.

E.ON SE climbed 2.2% to 12.50 after the Germany based energy provider reported sales in the first-half ending in June slid 1% to 64.64 billion from 65.40 billion a year ago period. Net income in the period jumped 8% to $3.36 billion compared to $3.12 billion and diluted earnings per share climbed 6% to 1.61 from 1.52 a year ago earlier.

For the first-half, EBITDA declined 15% to 5.7 billion and underlying net income plunged 42% to 1.9 billion.

E.ON reaffirms EBITDA for the year to be between 9.2 billion and 9.8 billion and underlying net income in the range of 2.2 billion to 2.6 billion.

EnQuest Plc slumped 2.1% to 124 pence after the UK based oil and gas explorer said revenue in the first-half ending in June grew 3.6% to $455.9 million from $440.1 million a year earlier. Net income for the period declined 25.2% to $95.7 million compared to $127.9 million and diluted earnings per share slipped 11.9 cents from 15.9 cents a year ago.

Gross profit for the period dropped 14.3% to $175 million.

GAM Holding AG surged 10.1% to 16.95 francs after the Switzerland based asset manager stated net revenue in the first-half ending in June jumped 27% to 349.8 million francs from 274.4 million francs a year ago period. Net profit for the period tripled to 119 million francs compared to 36.6 million francs and diluted earnings per share soared 233% 70 francs from 21 francs a year ago.

Underlying net profit for the period climbed 58% to 111.7 million francs.

Resolution Limited rose 0.3% to 324.70 pence after the Guernsey based insurance company reported total revenue in the first-half ending in June surged 136% to 8.41 billion from 3.56 billion a year ago earlier. Net for the period swung to a profit 61 million compared to net loss of 58 million and diluted earnings per share swung to a 1.54 pence from loss of 5.37 pence a year ago.

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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