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Market Update

Mitchells & Butlers Faces Rising Costs, Laurent Perrier Net Slides

Author: Sarla Buch
Last Update: 11:59 AM EST November 24 2017

4:00 PM Frankfurt Laurent Perrier profit declined sales edged lower. Mitchells & Butlers profit tumbled as food and beverage costs rose. Philips acquired the U.S.-based startup Analytical Informatics. Paddy Power Betfair is in talks with Australia-based Crown Resorts.

In London trading, FTSE 100 index edged up 4.54 to 7,421.74 and in Frankfurt the DAX index jumped 128.20 or 1% to 13,136.14.

In Paris, CAC 40 index advanced 34.22 or 0.6% to 5,413.76.

For the week, FTSE 100 index rose 0.6%, the DAX index increased 1.1% and the CAC 40 index gained 0.9%.

Laurent Perrier SA gained 0.2% to 84 after France-based champagne maker said net revenues in the first-half ending in September fell 3.3% from a year ago to 94.7 million.

Net profit in the period plunged 23.3% to 7.9 million from 10.3 million in a year ago period.

The champagne maker said operating profit in the period dropped 12% to 16.9 million and operating cash flow declined 22.4% to 21.8 million.

Mitchells & Butlers Plc advanced 2% to 245.80 pence after the U.K.-based restaurants and pubs operator reported revenues in the year ending in September jumped 4.3% from a year ago to 2.2 billion.

Net profit in the year tumbled 29.2% to 63 million from 89 million in a year ago period and diluted loss per share declined to 15 pence from 21.6 pence.

The restaurants and pubs operator said pre-tax profit in the year slumped 18.1% to 77 million from 94 million in the same period a year ago.

Koninklijke Philips N.V fell 0.4% to 33.20 after the Netherlands-based healthcare, electronics and lighting technology provider today agreed to acquire the U.S.-based startup Analytical Informatics, Inc to expand its radiology business.

However, financial details of the acquisition were not disclosed.

Paddy Power Betfair Plc jumped 3.9% to 8,865 pence after Reuter said Ireland-based online betting and gaming services provider is in preliminary talks to acquire Australia-based CrownBets online gaming business from Crown Resorts Ltd.

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