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Market Update

Primark Strength Drives AB Foods Earnings, Bunzl Net Boosted on M&A


Author: Sarla Buch
ticker.com
Last Update: 5:27 PM ET February 27 2017

4:00 PM Frankfurt Associated British Foods sales surged 21% and forecasted Primark sales to jump 11%. Bunzl profit and revenues surged 14% and acquired Singapore-based distributor. Persimmon net soared 20% on improved housing demand. Trinity Mirror profit plunged 10% as print revenue dropped 11%.

In London trading, FTSE 100 index edged down 0.43 to 7,243.27 and in Frankfurt the DAX index edged up 2.25 to 11,806.36.

In Paris, CAC 40 index slid 5.21 to 4,840.03.

Associated British Foods Plc slipped 0.7% to 2,593 pence after the U.K.-based groceries retailer said Primark segment sales in the first-half are expected to soar 21% and estimated operating profit of about 486 million and earnings per share of 46.1 pence.

The retailer estimated net cash balance in the first-half of about 200 million.

The food retailer forecasted sales in Primark business to jump 11% from a year ago and double sales and profits over the next five years.

AB Foods is schedule to release first-half results on April 19.

Bunzl Plc advanced 2.2% to 2,219 pence after the U.K.-based disposable products supplier reported revenues in the year ending in December soared 14% from a year ago to 7.4 billion.

Net income in the year surged 14% from a year ago to 265.9 million compared to 232.7 million and diluted earnings per share rose to 79.7 pence from 70.2 pence.

Separately, Bunzl agreed to acquire Singapore-based international distribution and outsourcing services provider LSH with annual revenue of 5 million or S$9 million.

Persimmon Plc fell 0.3% to 2,020 pence after the U.K.-based home-builder said revenues in the year ending in December jumped 7% from a year ago to 3.1 billion.

Net income in the year soared 19.8% from a year ago to 625.3 million compared to 521.9 million and diluted earnings per share advanced to 197 pence from 166.4 pence.

The home builder said pre-tax profit in the year surged 23% to 782.8 million after average selling price increased 3.8% to 206,765 from a year ago period. Home builder delivered 15,171 homes to customers, an increase of 599 in a year ago period.

Trinity Mirror Plc declined 5.7% to 112.50 pence after the U.K.-based newspapers publisher stated revenues in the year ending in December surged 20.3% from a year ago to 713 million.

Net income in the year plunged 9.7% from a year ago to 69.5 million compared to 77 million and diluted earnings per share increased to 24.8 pence from 29.6 pence.

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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