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Market Update

Unilever Restructures to Juice Returns, Henkel Offers Optimistic Outlook

Author: Sarla Buch
Last Update: 8:59 PM ET April 06 2017

4:00 PM Frankfurt – BTG reaffirmed upper end of revenue forecast. Co-op Group net swung to a loss and wrote down stake in bank. Electrocomponents profit jumped on 5% increase in revenues. Henkel forecasted improving outlook. Unilever said it merges two food business units to improve margins and cut costs.

In London trading, FTSE 100 index slumped 24.75 or 0.3% to 7,306.93 and in Frankfurt the DAX index rose 17.86 to 12,235.22.

In Paris, CAC 40 index increased 28.63 or 0.6% to 5,120.48.

BTG Plc jumped 3.5% to 610.50 pence after the U.K.-based healthcare products maker estimated revenues in the year ending in March at or above the upper end of £535 million and £565 million after strong growth in its Interventional Oncology business.

BGC said EKOS had continued to increase market penetration and achieved important milestones.

“There is good momentum across our business and we start the new financial year with confidence,"" chief executive officer Dame Pamela Louise Makin said.

The Co-operative Group Plc, the grocery stores and banking services provider said group revenues in the year ending in December increased 3% from a year ago to £9.5 billion.

Net in the year swung to a loss from a year ago to £134 million from £15 million.

The group said operating profit jumped 32% to £148 million after sale of crematoria to funeral services group and the write down the value of stake in the struggling Co-operative Bank.

Electrocomponents Plc advanced 2.9% to 493.70 pence after the U.K.-based electric equipment provider said total revenues in the fourth-quarter ending in March soared 8% and in the full-year increased 5%.

Profit in the year jumped to £18 million after growth in revenues and strong recovery in North America and Asia Pacific and continued growth in Europe.

Henkel AG & Co KGaA fell 0.4% to €106.60 after Germany-based consumer and industrial products maker forecasted sales in the fiscal to increase between 2% and 4% and operating margin to soar about 17% and earnings per share to jump in the range of 7% to 9%.

Unilever N.V gained 0.7% to €46.90 after the Netherlands-based consumer goods maker said it plans to merge two of its food and refreshment units to boost shareholder returns and maintain operational and strategic flexibility.

Unilever said we remain on track to deliver sales growth in the range of 3% to 5% and expect operating margin improvement of at least 80 basis points and cumulative savings over this period between €4 billion and €6 billion by 2020.

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