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Market Update

Europe Earnings: Fenner, Geberit, Galenica, Hannover Ru, Inchcape

Author: Nigel Thomas
Last Update: 10:03 AM ET March 11 2014

4:00 PM Frankfurt Fenner, the maker of polymer products lowered first-half outlook. Geberit net soared 13% and sales grew 5%. Galenica profit surged 16% to 296 million francs. Germany based reinsurer Hannover Ru net climbed 5%. Inchcape profit jumped 7% to 201 million.

In London trading, FTSE 100 index rose 0.05% or 3.14 to 6,692.59 and in Frankfurt the DAX index gained 0.6% or 60.60 to 9,326.10.

In Paris, CAC 40 index slid 0.1% or 6.07 to 4,364.77.

Fenner Plc declined 5.6% to 421.50 pence after the U.K.-based reinforced polymer products maker reported underlying operating profit in the first-half by 8.7 million to 92.8 million and underlying earnings per share by approximately 2.6 pence to 27.5 pence compared to a year ago period.

Geberit AG jumped 2.6% to 285.60 francs after the Switzerland-based sanitary products maker said sales in the year ending in December climbed 4.7% to 2.29 billion francs from 2.19 billion francs a year ago period.

Net income in the year soared 12.5% to 435.8 million francs compared to 387.5 million francs and diluted earnings per share grew to 11.58 francs from 10.16 francs a year earlier.

Galenica AG declined 4.5% to 888 francs after the Switzerland-based pharmaceutical products maker reported net sales in the year ending in December jumped 2% to 3.36 billion francs from 3.29 billion francs a year ago.

Net profit in the year surged 16% to 296.2 million francs compared to 255.2 million francs and earnings per share increased to 45.71 francs from 39.40 francs a year earlier.

Hannover Rueck SE dropped 2.3% to 59.31 after the Germany-based reinsurance company said gross written premium in the year ending in December rose 1.4% to 13.96 billion from 13.77 billion a year ago period.

Net income in the year climbed 5.4% to 895.5 million compared to 849.6 million and earnings per share jumped to 7.43 from 7.04 a year earlier.

Inchcape Plc climbed 3.5% to 636.50 pence after the U.K.-based automotive distributor and retailer stated sales in the year ending in December soared 7.7% to 6.5 billion from 6.1 billion a year earlier.

Profit for the year jumped 7.1% to 200.8 million compared to 187.4 million and diluted earnings per share grew to 41.1 pence from 38.7 pence a year ago.

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