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Market Update

Hays, Pernod Ricard Profit Soar; Elekta publ Net Loss Narrows


Author: Sarla Buch
ticker.com
Last Update: 9:39 AM ET September 01 2016

4:00 PM Frankfurt Elekta net loss narrowed and sales declined 15%. Grass Roots agreed to be acquired by the U.S.-based Blackhawk Network for 90 million. Hays profit soared 18% on 10% increase in revenues. Pernod Ricard net surged 43% to 1.3 billion.

In London trading, FTSE 100 index fell 50.82 or 0.8% to 6,730.86 and in Frankfurt the DAX index slipped 29.43 or 0.3% to 10,563.92.

In Paris, CAC 40 index increased 13.41 or 0.3% to 4,450.30.

Elekta publ AB jumped 3% to Swedish Kronor after the Sweden-based human clinical care services provider reported net sales in the first-quarter ending in July declined 15% from a year ago to 1.9 billion kronor.

Net loss in the quarter narrowed from a year ago to 64 million kronor compared to the 129 million kronor and diluted loss per share slumped to 17 kronor from 34 kronor.

Elekta gross order intake increased 4% to 2.66 billion kronor and order backlog jumped 10% to 20.06 billion kronor compared to 18.24 billion kronor on April 30, 2016.

The Grass Roots Group Plc, the U.K.-based privately held customer relationship services provider agreed to be acquired by the U.S.-based prepaid payment network provider Blackhawk Network Holdings Inc for about 90 million or $118 million in cash.

The transaction is expected within the on or before the end of this year.

Hays Plc slipped 1.8% to 128.20 pence after the U.K.-based recruitment services provider said revenues in the first-half ending in June jumped 10% from a year ago to 4.2 billion.

Net profit in the period soared 17.9% from a year ago to 124.5 million compared to the 105.6 million and diluted earnings per share rose to 8.37 pence from 7.31 pence.

Inmarsat Plc increased 1.1% to 779.50 pence after the U.K.-based satellite communications services provider successfully placed $650 million convertible bonds due 2023.

Inmarsat said the net proceeds of the new bonds will be used to fund the repurchase of $390 million of the outstanding 1.75% bonds $287.7 million convertible bonds due 2017 and the settlement and delivery of the new bonds expected to take place on September 9.

Pernod Ricard SA advanced 2.6% to 105.55 after the France-based wines and spirits maker said net sales in the year ending in June rose 1% from a year ago to 8.7 billion.

Net profit in the year surged 43% from a year ago to 1.26 billion compared to the 880 million and diluted earnings per share increased to 5.20 from 4.99.

The spirits maker reaffirmed medium-term sales growth in fiscal 2017 and operating profit between 2% and 4%.

Sales in China continued to decline after government launched anti-corruption drive in 2013.

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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