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Market Update

Europe Movers: Brady, Elan, Nordex, Ladbrokes, Soco


Author: Nigel Thomas
ticker.com
Last Update: 10:10 AM ET March 11 2013

2:00 PM Frankfurt Brady profit for the year declined 76%. Elan plans to buy back $1 billion of shares. Nordex earnings for the year climbed 33%. Ladbrokes expanded partnership with Playtech. Soco profit for the year surged 134%.

In London trading, FTSE 100 index up 0.2% or 15.6 to 6,499 and in Frankfurt, the DAX index slid 0.2% or 13.5 to 7,973. In Paris, CAC 40 index edged lower 0.2% or 9.6 to 3,831.

Brady plc slipped 1.9% to 90 pence after the UK based trading and risk management software developer said total revenue for the year ending in December soared 47% to 28.1 million from 19.1 million a year ago.

Profit for the year declined 76% to 459,000 compared to 1.94 million from a year ago. Diluted earnings per share plunged to 0.59 pence from 3.45 pence a year ago.

Separately, the company said Brian Collins has been promoted to the chief executive office.

Elan Corporation, plc jumped 10.9% to 9.35 pence after the Ireland based biotechnology plans to buy back $1 billion in shares at $11.25 to $13 per share from March 11.

Nordex Se surged 12.1% to 4.33 after the German wind turbine maker reported net sales for the year ending December jumped 17% to 1.07 billion from 916.8 million a year ago. Earnings before interest and taxes for the year climbed 33% to 14 million compared to 10.5 million.

The turbine maker said European business declined to 191.6 million from 200.7 million and in Asia sales slipped to 14.8 million compared to 37.5 million a year ago.

The company added Europe and South Africa accounted for 94% growth of new orders and order booking for the year increased to 1.27 billion compared to 1.11 billion and order backlog increased to 1.05 billion from 698 million a year earlier.

The company expects sales in 2013 in the range of 1.2 billion to 1.3 billion.

Ladbrokes plc climbed 7.9% to 243 pence after the UK based betting and gaming company said it expanded partnership for online and mobile software with Playtech Ltd. from May 1.

Soco International plc gained 2.4 to 386 pence after the UK based oil and gas explorer said revenue for the year ending December climbed 165% to $621.6 million from $234.1 million a year ago. Profit for the year surged 134% to $207 million compared to $88.6 million. Diluted earnings per share increased to 62.6 cents from 26.3 cents a year ago period.

The company said gross profit for the year jumped nearly two-fold to $460.5 million from 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