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Market Update

Europe Earnings: GVC, Suedzucker, Sports Direct, Saint Gobain

Author: Nigel Thomas
Last Update: 11:29 AM ET April 08 2014

4:00 PM Frankfurt Matchtech profit surged 49% and revenue climbed 12%. Suedzucker tumbled after profit plunged 32% to 658 million. Sports Direct declined after Mike Ashley sold 4% stake worth 204 million in the company. Saint Gobain fell after Groupama sold its entire stake of 1.8%.

In London trading, FTSE 100 index declined 0.9% or 58.66 to 6,564.18 and in Frankfurt the DAX index dropped 0.8% or 72.73 to 9,438.12.

In Paris, CAC 40 index slumped 0.8% or 34.84 to 4,401.24.

GVC Holdings Plc rose 0.1% to 379.42 pence after the U.K.-based online gaming company reported revenue in the fourth-quarter ending in December jumped to 361.9 million and forecasted to report EBITDA for the fiscal year above the top-end of analysts'' current estimates.

Matchtech Group Plc gained 1% to 610 pence after the U.K.-based outsourcing and staffing services provider said group revenues in the first-half ending in January climbed 12% to 220.9 million from 197.3 million a year ago.

Profit in the period surged 49.2% to 4.43 million compared to 2.97 million and diluted earnings per share jumped to 17 pence from 12.1 pence a year earlier.

Suedzucker Mannheim Ochsenfurt AG tumbled 21.6% to 16.03 after the Germany-based agricultural raw materials processor reported group revenues in the year ending in February dropped 2% to 7.73 billion from 7.88 billion a year ago.

The company said operating profit in the year plunged 32% to 658 million compared to 972 million and income from operation declined 43% to 542 million from 955 million a year earlier.

Sports Direct International Plc plunged 10% to 803.75 pence after the U.K.-based sports and leisure cloth retailer said that MASH Holdings Ltd. billionaire founder Mike Ashley sold 24 million ordinary shares or 4% of the company''s issued share capital worth 204 million or $338.35 million.

The bonus deal would give Mr Ashley 8 million free ordinary shares worth 64.4 million, but investors have rejected the bonus package in last week.

Compagnie de Saint Gobain SA declined 3.6% to 43.75 after the France-based flat glasses maker said insurer Groupama SA sold its entire 1.8% stake or up to 10,121,752 shares of the company. The proceeds from the transaction amounted to about 450.4 million.

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