Europe Earnings: Kingfisher, Ryanair, Tate & Lyle

Nigel Thomas
30 May, 2013
New York City

Kingfisher revenue in the first quarter slid 2% and profit plunged 29%. Ryanair plans to sale stake in Aer Lingus on regulatory pressure. Tate & Lyle sales jumped but profit declined.

[R]3:20 PM Frankfurt – Kingfisher revenue in the first quarter slid 2% and profit plunged 29%. Ryanair plans to sale stake in Aer Lingus on regulatory pressure. Tate & Lyle sales jumped but profit declined.][/R]

In London trading, FTSE 100 index rose 0.3% or 21.17 to 6,648 and in Frankfurt the DAX index gained 0.8% or 67.50 to 8,404.

In Paris, CAC 40 index increased 0.8% or 34.54 to 4,009.

Kingfisher Plc surged 5.6% to 346.20 pence after the UK based home improvement retailer said revenues in the first quarter ending on May 4 slid 2.1% to £2.6 billion and profit for the period plunged 29.2% to £114 million.

The retailer added total sales for the quarter fell 3.4% to £1.07 billion and like-for-like sales in the UK and Ireland dropped 4.7% and in France declined 5.6%.

Ryanair Holdings plc rose 0.1% to 6.93 pence after the UK based low-cost airline was criticized by the UK antitrust watchdog for its provisional decision about 6½ year old 29.8% stake in Aer Lingus. The watchdog said it suppress the competition on fares and routes.

Tate & Lyle Plc dropped 2.9% to 824 pence after the UK based food ingredients provider reported sales in the year ending in March jumped 5% to £3.26 billion. Profit the year declined 10% to £278 million compared to £309 million and diluted earnings per share dropped 9% to 58.5 pence from 64.3 pence.

Specialty food ingredients sales jumped 7% to £947 million.