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Market Update

European Movers: Asos Profit Declines, Evraz Net Loss Widens

Author: Nigel Thomas
Last Update: 11:34 AM ET April 01 2015

4:00 PM Frankfurt Asos, online retailer, said profit declined 6% to 14.3 million but revenues 550.5 million and forecasted positive outlook. Evraz net loss widened to $1.28 billion on 9% decrease in revenues. FirstGroup soared on fourth-quarter forecast.

In London trading, FTSE 100 index jumped 0.6% or 41.27 to 6,814.31 and in Frankfurt the DAX index gained 0.4% or 43.24 to 12,009.41.

In Paris, CAC 40 index increased 0.4% or 21.99 to 5,055.63.

Asos Plc climbed 4.9% to 3,808 pence after the U.K.-based online fashion retailer reported group revenues in the first-half ending in February soared 14% to 550.5 million from 481.7 million in a year ago period.

Profit in the period declined 6% from a year ago to 14.3 million compared to 15.3 million and diluted earnings per share slipped to 17.6 pence from 18.5 pence.

The online retailer forecasted sales for the year of 2.5 billion and operating profit to be in-line with market expectations and the company said it will continue to invest in warehousing and information technology.

Evraz Plc jumped 5.9% to 198.70 pence after the U.K.-based steel producer said revenues in the year ending in December plunged 9% to $13.06 billion from $14.41 billion in a year ago period.

Net loss in the year widened from a year ago to $1.28 billion compared to $551 million and diluted loss per share increased to 78 cents from 34 cents.

FirstGroup Plc soared 6.1% to 96.45 pence after the U.K.-based transport operator business in the fourth-quarter from the U.K. and the U.S. are in-line with expectations and forecasted total cash outflow for the year of up to 100 million, higher than the earlier estimate of flat flows.

Nationwide Accident Repair Services Plc surged 11.3% to 98.49 pence after the U.K.-based automobile insurance company completed the acquisition of Seward Accident Repair Centres Limited for about 3.8 million.

Separately, the insurer recommended the offer of Canaveral Bidco Ltd for about 43.2 million for the company and shareholders of NARS would receive 100 pence cash per share.

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