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Market Update

Europe Earnings: Drax, Fenner, ICAP, Sainsbury, LSE, SSE


Author: Nigel Thomas
ticker.com
Last Update: 9:12 AM ET November 13 2013

3:10 PM Frankfurt Fenner profit plunged 21% and ICAP tumbled 62%. Sainsbury profit climbed 9% after sales jumped 4%. LSE net declined 19% but revenue soared 44%. SSE profit surged.

In London trading, FTSE 100 index dropped 1.1% or 73.19 to 6,654 and in Frankfurt the DAX index fell 0.3% or 23.38 to 9,053.

In Paris, CAC 40 index dropped 0.5% or 21.73 to 4,242.

Drax Group Plc jumped 3.3% to 657.50 pence after the U.K.-based electricity supplier anticipated that full-year adjusted profit and earnings before interest, taxes, depreciation and amortization and underlying earnings per share for the year will be materially ahead of current market consensus forecasts.

Fenner Plc soared 7.8% to 439 pence after the U.K.-based reinforced polymer products maker said revenue in the year ending in August slid 1.2% to 820.6 million from 830.6 million a year earlier.

Profit for the year plunged 21.2% to 49.2 million compared to 62.4 million and diluted earnings per share slumped to 23.5 pence from 30.2 pence a year ago period.

ICAP Plc climbed 5.7% to 397.80 pence after the U.K.-based inter-dealer broker reported revenue in the first-half ending in September slid 1% to 736 million from 746 million a year earlier.

Profit for the period tumbled 62% to 19 million compared to 50 million and diluted earnings per share dropped to 2.9 pence from 7.7 pence a year ago.

ICAP added operating profit for the period jumped 6% to 153 million and profit before tax fell 1% to 139 million.

J Sainsbury Plc increased 3% to 410.73 pence after the U.K.-based grocery retailer reported revenue in the first-half ending in September increased 4.2% to 12.68 billion from 12.16 billion a year ago. Comparable sales in the quarter grew 1.4%.

Net profit for the period climbed 9.3% to 340 million compared to 311 million and diluted earnings per share rose to 17.6 pence from 16.4 pence a year ago.

The retailer said total sales in the first-half rose 4.4% to 13.95 billion including value added tax and fuel and underlying profit before tax jumped 7% to 400 million..

London Stock Exchange Group Plc declined 4.2% to 1,538 pence after the U.K.-based securities exchange operator stated revenue in the first-half ending in September soared 44% to 504.2 million from 349.8 million a year ago.

Operating profit for the period declined 19% to 151 million compared to 186.8 million and diluted earnings per share declined to 24.9 pence from 43 pence a year ago.

SSE Plc fell 0.4% to 1,400 pence after the energy supplier reported revenue in the first-half ending in September climbed 19% to 13.57 billion from 11.40 billion a year ago. Comparable sales in the quarter grew 1.4%.

Net profit for the period surged to 371.9 million compared to 15.9 million and diluted earnings per share soared to 38.5 pence from 1.7 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