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Market Update

Europe Earnings: Pennon Group, Tesco, Wolseley


Author: Nigel Thomas
ticker.com
Last Update: 10:04 AM ET June 03 2014

4:00 PM Frankfurt Pennon Group profit surged to 158 million on revenue increase of 10% to 1.3 billion. Tesco estiamted first-quarter sales to drop 3.1%. Wolseley said operating profit jumped 9.1% to 155 million but revenue dropped 3.4% to 3.11 billion.

In London trading, FTSE 100 index rose 0.2% or 12.57 to 6,857.08 and in Frankfurt the DAX index slid 0.2% or 15.45 to 9,927.82.

In Paris, CAC 40 index fell 0.3% or 11.22 to 4,508.35.

Pennon Group Plc rose 0.3% to 762 pence after the U.K.-based water and sewage service provider reported revenue in the year ending in March climbed 10% to 1.32 billion from 1.20 billion a year ago.

Profit for the year surged to 158.1 million compared to 20.6 million and diluted earnings per share climbed to 38.6 pence from 5.7 pence a year earlier.

Tesco Plc slipped 1.2% to 296.80 pence after the U.K.-based grocery retailer said sales in the first-quarter ending on May 25 expected to drop 3.1% while the overall UK grocery market sales to increase 1.7%.

Wolseley Plc jumped 2% to 3,377 pence after the U.K.-based plumbing and heating products distributor reported revenue in the third-quarter ending in April dropped 3.4% to 3.11 billion from 3.23 billion a year ago period.

Trading profit in the quarter jumped 9.1% to 155 million compared to 154 million a year ago.

The company said net debt at quarter ending in April increased to 914 million from 694 million a year ago period.

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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