Europe Earnings: CCG, Hays, Melrose Ind, N Brown, SSE, WH Smith

Nigel Thomas
10 Oct, 2013
New York City

Melrose sold Crosby and Acco to private equity group KKR for

[R]4:00 PM Frankfurt – Melrose sold Crosby and Acco to private equity group KKR for £627 million. N Brown revenue climbed 8% but net income was flat. WH Smith profit plunged 9% as sales declined 5%.[/R]

In London trading, FTSE 100 index gained 1% or 62.49 to 6,400 and in Frankfurt the DAX index jumped 1.4% or 117.93 to 8,635.

In Paris, CAC 40 index climbed 1.5% or 63.49 to 4,191.

CGG SA jumped 4.6% to €16.23 after the France-based oilfield surveyor update vessel-production rate in the third-quarter surged 94% from 90% a year earlier. The company said vessel availability rate in the quarter was 89% compared to a 93% of a year ago.

Hays Plc gained 2.4% to 118.40 pence after the UK based recruitment group said net fees in the first-quarter ending in September rose 2% from a year ago period. Cash performance in the quarter fell to £97 million from £105.2 million during the second quarter.

Melrose Industries Plc, industrial conglomerate sold Crosby and Acco to private equity group Kohlberg Kravis Roberts for £627.3 million and lower its debt.

N Brown Group Plc dropped 3.2% to 473.10 pence after the UK based internet and catalogue home shopping company said total group revenue in the first-half climbed 8% to £409.6 million from £379.3 million a year ago period.

Profit for the period was nearly flat at £34.4 million compared to £34.6 million and diluted earnings per share slipped 12.25 pence from 12.42 pence a year ago.

SSE Plc slid 0.4% to 1,448 pence after the UK based electric and gas supplier today increase its tariffs of electricity and gas by 8.2% from November 15 equating to nearly £2 per week for a dual fuel customer.

WH Smith Plc climbed 5.4% to 880 pence after the newspaper agent reported total sales in the year ending in August declined 5% to £1.19 billion from £1.24 billion a year ago.

Profit for the year plunged 9% to £87 million compared to £80 million and diluted earnings per share climbed 68.5 pence from 59.7 pence a year earlier.

The newspaper agent said pre-tax profit for the year jumped 6% to £108 million.