Europe Earnings: Aryzta, Glaxo, KCOM, Quindell, SSE, Telecom Italia

Nigel Thomas
30 Sep, 2013
New York City

Aryzta profit dropped but group revenue jumped 7% to

[R]4:00 PM Frankfurt – Aryzta profit dropped but group revenue jumped 7% to €4.50 billion. Glaxo agreed to sell its thrombosis brands to Aspen Pharmacare for £700 million. Quindell increased its stake in Nationwide up to 25.3%. SSE lowers its pre-tax profit forecast in the first-half.[/R]

In London trading, FTSE 100 index slipped 0.8% or 51.83 to 6,461 and in Frankfurt the DAX index dropped 1% or 87.96 to 8,574.

In Paris, CAC 40 index declined 1.3% or 52.88 to 4,134.

Aryzta AG climbed 4.4% to 60.65 francs after the Switzerland-based bakery products maker reported group revenue in the year ending in July jumped 7% to €4.50 billion from €4.20 billion a year ago.

Net profit for the year dropped 4.2% to €129.4 million compared to €146.3 million and diluted earnings per share declined 123.5 cents from 149.7 cents a year earlier.

Aryzta said gross profit in the year soared increased 3.4% to €1.22 billion and operating profit rose 3.2% to €245.9 million from €238.2 million. Pre-tax profits for the year soared 10% to €413.8 million compared to €376.3 million.

GlaxoSmithKline Plc slid 0.4% to 1,561.50 after the UK based pharmaceutical company agreed to sell its thrombosis drug brands and a related factory to Aspen Pharmacare Holdings Ltd. for £700 million or $1.13 billion. The company added it will use the fund for general corporate purposes.

KCOM Group Plc fell 0.1% to 90.40 pence after the UK based communications solution provider said group performance in the first-half ending in September is in line with expectations, but anticipated, net debt increased since March and expect to reduce at the end of the financial year.

Quindell Portfolio Plc slipped 1.9% to 16.18 pence after the consulting service provider increased its stake in Nationwide Accident Repair Services Plc by 2.8% to 25.3%.

SSE Plc rose 0.6% to 1,476 pence after the UK based electricity provider expected adjusted pre-tax profit in the first-half ending in September to be lower than the same period of a year ago. But the company forecast wholesale and networks segments are to have been profitable.

For the year ending in March the electricity provider generated total revenue of £7.53 billion and EBIT reported £326 million.

Telecom Italia SpA jumped 3.7% to 60.1 cents after the Italy-based communication company’s Chairman and Chief Executive Officer Franco Bernabe is likely to resign from October 3.