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Market Update

Emerging Markets Drive Ashmore Results, Go-Ahead Issues Profit Warning


Author: Sarla Buch
ticker.com
Last Update: 10:29 AM EDT September 07 2017

4:00 PM Frankfurt Ashmore profit surged 31% on 11% jump in revenues. Bovis Homes net tumbled 29%. Go-Ahead said fiscal 2018 profit may be hit after it lost a contract. Redde net dropped 6%. Wendel net swung to profit.

In London trading, FTSE 100 index advanced 40.49 or 0.6% to 7,394.62 and in Frankfurt the DAX index gained 115.24 or 0.9% to 12,329.78.

In Paris, CAC 40 index increased 22.95 or 0.5% to 5,124.35.

Ashmore Group Plc declined 7.2% to 336.20 pence after the U.K.-based investment manager said revenues in the year ending in June soared 11% from a year ago to 257.6 million.

Net profit in the year surged 31% to 167.6 million from 127.8 million in a year ago period and diluted earnings per share advanced to 23.7 pence from 18.1 pence.

The fund manager said as of June 30, asset under management jumped 12% to $58.7 billion as it focused on investment opportunities in emerging markets.

""There remains substantial absolute and relative value available across the diversified emerging markets, said chief executive officer Mark Coombs.

Bovis Homes Group Plc surged 8.1% to 1,140 pence after the U.K.-based residential property developer reported group revenues in the first-half ending in June advanced 4% from a year ago to 427.8 million.

Net profit in the year tumbled 29.4% to 34.5 million from 48.9 million in a year ago six-month period and diluted earnings per share increased to 25.7 pence from 36.4 pence.

The homebuilder said total completions in the period declined 6% to 1,512 units but average selling price jumped 9% to 277,400 from a year ago period.

The builder said decline in pretax profit was driven by booking costs related to old customer service issues and restructuring the business.

However, the property developer said as of June 30, net debt soared to 32.4 million from 7.6 million in the same period a year ago.

Go-Ahead Group Plc plunged 9.8% to 1,587 pence after the U.K.-based public transport services provider said revenues in the first-half ending in June jumped 3.6% from a year ago to 3.5 billion.

Net profit in the year slumped 5.6% to 111.5 million from 118.1 million in a year ago six-month period and diluted earnings per share dropped to 207.1 pence from 216.9 pence.

The transport services provider warned that estimated profits in the fiscal 2018 may drop on its bid to retain the London Midland rail contract.

The passenger count and the company profits are expected to decline after the rail franchise Govia lost its 10-year contract in central England ending on December 10.

Redde Plc increased 2.1% to 170.50 pence after the U.K.-based automotive insurer claim services provider stated revenues in the year ending in June surged 25% from a year ago to 472.3 million.

Net profit in the year dropped 5.9% to 26.8 million from 25.3 million in a year ago period and diluted earnings per share fell to 8.68 pence from 8.26 pence.

Wendel SE slumped 2.8% to 131.40 after France-based investment firms reported revenues in the first-half ending in June soared 10.5% from a year ago to 4.2 billion.

Net in the period swung to profit 125.8 million from a loss of 313.2 million in a year ago six-month period and diluted earnings per share swung to 0.55 from diluted loss per share of 9.46.

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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