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Market Update

Europe Earnings: Esure, Fresnillo, InterContinental, Standard Chartered


Author: Nigel Thomas
ticker.com
Last Update: 10:42 AM ET August 06 2013

3:20 PM Frankfurt Esure Profit-after-tax soared 17%. Fresnillo net tumbled 61%. InterContinental Hotels operating profit climbed 20%. Rotork net climbed 11% and announced acquisitions. Standard Chartered profit for the period declined 23%.

In London trading, FTSE 100 index slid 0.2% or 14.39 to 6,605 and in Frankfurt the DAX index decreased 0.6% or 46.65 to 8,352.

In Paris, CAC 40 index inched lowered 0.08% or 3.13 to 4,047.

Esure Group Plc plunged 9.3% to 282.50 pence after the UK based auto insurance company said gross written premium in the first-half jumped 6.7% to 265.4 million from 248.8 million. Profit-after-tax soared 16.9% to 44.3 million compared to 37.9 million and diluted earnings per share surged 1.20 pence from 43 pence.

Auto gross written premiums climbed 6.8% to 221.9 million and motor polices grew 5.8% to 73,000. Home gross written premiums increased 5.8% to 43.5 million.

Fresnillo Plc plummeted 6.4% to 971 pence after the UK based gold and silver producer reported total revenue in the first-half ending in June declined 14.7% to $925.9 million from $1,085.2 million. Profit for the period tumbled 60.7% to $144.8 million compared to $368.8 million and diluted earnings per share dropped 20 cents from 51 cents a year ago period.

The company added gross profit for the period slumped 27% to $518.9 million.

InterContinental Hotels Group Plc soared 5.1% to 2,005 after the UK based hotelier reported revenue in the first-half ending in June jumped 7% to $936 million from $878 million. Operating profit for the period climbed 20% to $338 million compared to $281 million and adjusted earnings per share dropped 78.2 cents from 62.8 cents.

Rotork Plc surged 7.4% to 2,904 pence after the UK based industrial valves maker said revenue in the first-half ending in June grew 5.2% to 276.1 million from 245.9 million. Profit for the period climbed 10.6% to 45.8 million compared to 41.4 million and diluted earnings per share surged 52.6 pence from 47.6 pence a year earlier.

Order book for the first-half jumped 15% to 208.2 million.

Separately, Rotork agreed to acquire Italy based G.T. Attuatori Italia S.r.l. together with German based G.T. Attuatori Europe GmbH and Max Process GmbH. The deal value is not disclosed.

Sirius Minerals Plc declined 21.2% to 13 pence after the UK based potash producer was downgraded by Jefferies Group.

Standard Chartered Plc declined 4.8% to 717.20 pence after the UK based and Asia focused bank reported net interest income in the first-half ending in June rose 4.2% to $5.60 billion from $5.37 billion. Profit for the period declined 22.8% to $2.24 billion compared to $2.90 billion and diluted earnings per share were 87.3 cents from 116.5 cents 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