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Market Update

Europe Movers: Bilfinger, Fresenius, Hangar 8, St. Modwen Properties


Author: Nigel Thomas
ticker.com
Last Update: 10:26 AM ET July 01 2014

4:00 PM Frankfurt – Bilfinger plunged after weak forecast. Fresenius sold its 5% stake in Rhön-Klinikum to Berenberg Bank. Hangar 8 lifted fiscal outlook. St. Modwen Properties profit soared 32% to £45 million and revenue surged 73% to £110 million.

In London trading, FTSE 100 index jumped 0.9% or 58.98 to 6,802.92 and in Frankfurt the DAX index increased 0.7% or 69.34 to 9,902.41.

In Paris, CAC 40 index climbed 0.9% or 38.28 to 4,461.12.

Bilfinger SE plunged 18.8% to €67.62 after the Germany-based engineering services provider lowered its profit forecast for the year and estimated revenue of €7.9 billion from €7.7 billion a year ago.

An adjusted EBITA is expected between of €380 million and €400 million compared to €419 million and adjusted net profit between €230 million and €245 million compared to €255 million a year earlier.

Fresenius SE & Co KGaA slid 0.2% to €108.90 after the Germany-based medical services provider divested its 5% stake in hospital operator Rhön-Klinikum AG to Berenberg Bank.

The company has not disclosed the financial terms of the deal.

Hangar 8 Plc surged 7% to 269.80 pence after the U.K.-based privately owned passenger jet aircraft operator performed “significant organic growth” in the year ending in June and expected to deliver a “strong increase” in EBITDA ahead of management's expectations.

The company said it intends to recommends a maiden full year dividend of 2.3 pence a share while declaring the full-year results at the end of October.

St. Modwen Properties Plc climbed 3.5% to 371.10 pence after the U.K.-based industrial real estate developer said revenue in the first-half ending in May surged 72.6% to £110.1 million from £63.8 million a year ago.

Profit in the period soared 31.8% to £45.2 million compared to £34.3 million and diluted earnings per share jumped to 19.4 pence from 15.4 pence a year earlier.

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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