Europe Earnings: Andritz, Old Mutual, Pearson, Rightmove

Nigel Thomas
28 Feb, 2014
New York City

Andritz net plummeted 73% but the new and backlog of orders surged. Old Mutual net tumbled 33% to

[R]4:00 PM Frankfurt – Andritz net plummeted 73% but the new and backlog of orders surged. Old Mutual net tumbled 33% to £983 million and plans to spin-off its U.S. business. Pearson profit surged 73% to £538 million. Rightmove profit jumped 19%.[/R]

In London trading, FTSE 100 index gained 0.3% or 18.17 to 6,828.44 and in Frankfurt the DAX index jumped 0.9% or 85.28 to 9,673.61.

In Paris, CAC 40 index increased 0.3% or 12.03 to 4,408.42.

Andritz AG soared 4.5% to €44.90 after the Austria-based electromechanical equipment maker reported sales in the year ending in December climbed 10.2% to €5.71 billion from €5.18 billion a year earlier.

Net income in the year plummeted 72.6% to €66.6 million compared to €242.7 million a year ago.

The company said order intake jumped 13.9% €5.61 billion and order backlog surged 11.7% to €7.39 billion from a year ago.

Old Mutual Plc jumped 5.8% to 197 pence after the U.K.-based investment company said revenue in the year ending in December fell 1.4% to £19.81 billion from £20.09 billion a year ago period.

Profit in the year tumbled 33.5% to £983 million compared to £1.48 billion and diluted earnings per share dropped to 13.9 pence from 23.1 pence a year earlier.

Separately, the insurance and investment company plans to spin-off its U.S. asset management business in this year.

The insurer acquired Intrinsic Financial Services Ltd, a network of 3,000 advisers to increase its distribution.

Pearson Plc plunged 7.2% to 999 pence after the U.K.-based media and education group reported sales in the in the year ending in December increased 2% to £5.18 billion from £5.06 billion a year ago.

Profit in the year surged 73% to £538 million compared to £311 million and diluted earnings per share jumped to 36.3 pence from 31 pence a year earlier.

Pearson expects to report adjusted earnings per share for the fiscal 2014 between 62 pence and 67 pence.

Rightmove Plc surged 5.1% to 2,759 pence after the U.K.-based property developer said revenue in the year ending in December climbed 17% to £139.9 million from £119 million a year earlier.

Profit in the year jumped 19% to £104 million compared to £87.5 million and diluted earnings per share increased 23% to 72.6 pence from 59.2 pence a year ago.