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Market Update

H&M Profit Tumbles, 888 Holdings Net Swings to Profit

Author: Sarla Buch
Last Update: 11:21 AM EDT September 27 2018

4:00 PM Frankfurt 888 Holdings net swung to profit. CVS Group net declined despite revenues surged 20%. Hella GmbH reported strong results. The fashion retailer H&M profit tumbled on extraordinary costs of major shifting. Saga profit increased on strong travel business.

In London trading, FTSE 100 index decreased 7.60 to 7,499.65 and in Frankfurt the DAX index fell 26.54 or 0.2% to 12,349.22.

In Paris, CAC 40 index advanced 22.89 or 0.4% to 5,501.76.

888 Holdings Plc plunged 8.4% to 206 pence after the U.K.-based online gaming services provider said revenues in the first-half ending in July jumped 5.1% from a year ago to $283.9 million.

Net in the period swung to profit $55.4 million from a loss of $17.9 million in the same period a year ago and diluted earnings per share swung to 15 cents from diluted loss per share of 5 cents.

The gambling websites operator forecasted fiscal 2018 average daily revenue growth excluding the U.K. of 6% but overall revenues to drop 4% and 9% increase in new customer acquisition.

""We maintained strong momentum in Casino and Sport particularly in continental European markets and we had started to see positive trends in revenue,"" said chief executive officer Itai Frieberger.

CVS Group Plc slumped 5.2% to 969.75 pence after the U.K.-based veterinary services provider stated revenues in the year ending in June surged 20.4% from a year ago to 327.3million.

Net income in the year declined 6.9% to 10.7 million from 11.5 million in the same period a year ago and diluted earnings per share fell to 15.9 pence from 18.2 pence.

Hella GmbH & Co KgaA declined 4.9% to 48.34 after Germany-based automobile part supplier reported revenues in the first-quarter ending in August soared 9.7% from a year ago to 1.8 billion.

Pretax profit in the quarter surged 12.5% to 139 million from 123 million in the same period a year ago.

The automobile part supplier reaffirmed fiscal 2018 revenues and operating profit growth between 5% and 10% on strong demand for lighting systems and electronics solutions.

Hennes & Mauritz AB surged 10.5% to 164 Swedish kronor after Sweden-based fashion apparels retailer reported net sales in the nine-month period ending in August advanced 3% from a year ago to154 billion kronor.

Profit in the period tumbled 25.4% to 9.1 billion kronor from 12.2 billion kronor and diluted earnings per share dropped to 5.50 kronor from 7.37 kronor.

H&M said during the quarter sales are gradually improving in the U.S., France, Italy and Belgium and the recent logistics problems led to extraordinary cost of 400 million kronor.

Saga Plc jumped 2.8% to 129.50 pence after the U.K.-based tourism and insurance services provider said revenues in the first-half ending in July fell 1.7% from a year ago to 430million.

Net income in the period rose 2.7% to 87.9 million from 85.6 million in the same period a year ago and diluted earnings per share increased to 7.9 pence from 7.6 pence.

Saga said pretax profit in the period jumped 3.2% to 109 million from a year ago period on the robust demand in travel business.

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