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Market Update

Telecom Italia Net Swing to Profit, IG Design Lifts Profit Outlook

Author: Sarla Buch
Last Update: 10:42 AM ET March 24 2017

4:00 PM Frankfurt – Celyad net loss narrowed after revenues surged. IG Design estimated to achieve record revenues in the year. Smiths Group profit more than doubled. Telecom Italia net swung to profit and the parent Vivendi plans to separate its broadband network.

In London trading, FTSE 100 index slid 8.21 to 7,332.50 and in Frankfurt the DAX index edged up 4.98 to 12,046.62.

In Paris, CAC 40 index slumped 14.41 or 0.3% to 5,018.20.

For the week, FTSE 100 index dropped 1.2%, the DAX index fell 0.4% and the CAC 40 index slid 0.2%.

Celyad SA, formerly Cardio3 Biosciences SA increased 0.5% to €20.24 after Belgium-based drugs-maker stated revenues in the year ending in December surged from a year ago to €8.5 million.

Net loss in the year narrowed to €23.6 million from €29.1 million year ago and diluted loss per share fell to €2.53 from €3.43.

IG Design Group Plc, formerly International Greetings Plc surged 14.2% to 302 pence after the U.K.-based personal stationary maker forecasted record revenue in the year ending in March of £300 million and profitability ahead of market expectations.

“We are delighted with our performance in financial year 2017, which will present a record year for the Group on a number of metrics” the chief executive officer Paul Fineman said.

Smiths Group Plc jumped 2.8% to 1,598 pence after the U.K.-based industrial conglomerates reported revenues in the first-half ending in January soared 18% from a year ago to £1.6 billion.

Net profit in the period more than doubled from a year ago to £303 million from £130 million and diluted earnings per share increased to 13.55 pence from 13.25 pence.

The conglomerate said free cash flow increased 44% to £252 million and as of January-end, net debt reduced to £367 million from £635 million.

Telecom Italia SpA slid 0.1% to €0.84 after Italy-based mobile network services provider said group revenues in the year ending in December dropped 3.5% from a year ago to €19.02 billion.

Net in the year swung to profit from a year ago to €1.8 billion from a loss of €70 million.

The mobile operator said operating profit in the year jumped 25.6% from a year ago to €3.7 billion after the turnaround process started by the management in 2016.

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