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Market Update

Workspace Group Rides Real Estate Boom, Uniper Reaffirmed Outlook

Author: Sarla Buch
Last Update: 12:39 PM EDT June 06 2018

4:00 PM Frankfurt – Duerr agreed to acquire the environmental business of U.S.-based Babcock & Wilcox Enterprises. RPC Group plans to sell non-core businesses for disposal. Uniper reaffirmed fiscal outlook. Workspace Group net soared on 19% jump in revenues.

In London trading, FTSE 100 index increased 23.60 or 0.3% to 7,709.21 and in Frankfurt the DAX index rose 17.71 to 12,801.40.

In Paris, CAC 40 index decreased 19.03 or 0.4% to 5,444.38.

Duerr AG advanced 1.1% to €88.70 after Germany-based mechanical, engineering and plant services provider agreed to acquire the U.S.-based industrial environmental technology business of Babcock & Wilcox Enterprises, Inc for about €110 million.

The transaction is expected to close in the third-quarter of 2018.

RPC Group Plc tumbled 11.3% to 686.80 pence after the U.K.-based plastic packaging manufacturer reported revenues in the year ending in March surged 36% from a year ago to £3.7 billion.

Net income in the year soared 92% to £253.4 million from £132 million in a year ago period and diluted earnings per share advanced to 61.3 pence from 36.8 pence.

The packaging services provider forecasted improved beverage segment revenues, the coffee capsules plant in Brazil is now fully operational and sales in China were strong, with revenue growth of 26% in the year.

RPC also said it plans to sell its non-core businesses with total revenue of £209 million or $280 million.

“These businesses are smaller strategic business units of larger entities acquired over the last four years,” said chief executive officer Pim Vervaat.

Uniper SE gained 0.3% to €26.96 after Germany-based fossil fuel power plants operator said key business metrics are in-line despite some adverse currency-translation effects; late arrival of cold weather, Uniper said its key figures are in line with its estimate.

The fossil fuel power producer’s supervisory board recommended rejection of special audit request and “no reason to support the request for special audit.”

Workspace Group Plc declined 4.5% to 1,113 pence after the U.K.-based real estate developer said revenues in the year ending in March soared 18.5% from a year ago to £128.9 million.

Net income in the year surged 93.2% to £171.4 million from £88.7 million in a year ago period and diluted earnings per share jumped to 104 pence from 53.5 pence.

The real estate developer said total rent advanced 26.1% to £112.9 million and strong customer demand with enquiries averaging 1,016 per month from a year ago period.

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