Europe Movers: Bellway, Kazakhmys, Kingfisher, Resolution, Wolseley

Nigel Thomas
26 Mar, 2013
New York City

Bellway said profit for the first half surged 51% and Kazakhmys said loss for the year swung to $2.27 billion. Kingfisher annual profit dropped 12% to

[R]3:00 PM Frankfurt – Bellway said profit for the first half surged 51% and Kazakhmys said loss for the year swung to $2.27 billion. Kingfisher annual profit dropped 12% to £564 million and Resolution said annual loss widened. Wolseley profit for six months dropped 23%.[/R]

In London trading, FTSE 100 index up 0.2% or 12.6 to 6,391 and in Frankfurt the DAX index rose 0.3% to 22.3 to 7,893.

In Paris, CAC 40 index gained 0.7% or 26.9 to 3,755.

Bellway Plc rose 1.8% to 1,213 pence after the UK based homebuilder reported revenue for the first half ending in January climbed 9.6% to £502.5 million. Profit for the first half surged 51.3% to £46 million compared to £30.4 million. Diluted earnings per share increased 40.2% to 37.7 pence from 25.1 pence.

The homes sales increased 5.8% to 2,597 and operating margin increased to 12.8% from a year ago. Bellway developed £145 million on land and land creditors and with terms agreed on additional 4,300 plots.

Kazakhmys Plc plunged 8.3% to 407.56 pence after the UK based copper producer stated group revenue for the year ending in December slipped 6% to $3.35 billion. Net loss for the year swung to $2.27 billion compared to net profit of $930 million. Diluted earnings loss per share swung to $4.33 from $1.75.

The company said revenues slipped on the decline in the price and sales volumes of copper cathode.

The company added impairment charges of $162 million were identified in respect of the Bozymchak gold and copper project in Kyrgyzstan.

Kingfisher Plc gained 1.6% to 287.74 pence after the UK based home improvement retailer said sales for the year ending in January fell 2.4% to £10.57 billion. Profit for the year dropped 11.7% to £564 million compared to £639 million. Diluted earnings per share slipped 9.5% to 23.8 pence from 26.9 pence.

The home improvement retailer increased its dividend 7% to 9.46 pence a share.

Resolution Limited increased 1.3% to 271.65 pence after the UK based insurance company reported revenue for the year ending in December surged nearly two-fold to £11.13 billion. Loss for the year widened to £41 million compared to £31 million. Diluted earnings loss per share rose 5.17 pence from 4.35 pence.

The company added value of new business climbed 28% to £194 million. This includes 125% increase in UK division and group new business £1.21 billion and UK division sales jumped 19% to £669 million.

Wolseley Plc slipped 3.2% to 3,107 after the Switzerland based building material distributor reported revenue for the six month ending in January dropped 8.2% to £6.28 billion. Profit for the first half declined 23% to £137 million compared to £178 million. Diluted earnings per share slipped 9.5% to 48.2 pence from 62.3 pence.

The Wolseley said trading profit for the first half of this year in the ongoing businesses jumped 7.6% to £324 million and gross margin for the ongoing businesses climbed 27.8%.

Revenues in the U.S. soared 7.5% but revenue from France and Nordic countries declined 16.5% and 10.5% respectively. Revenue from central Europe dropped by 6.1% and Canada revenue increased 3.3%.