Europe Earnings: 888 Holdings, EasyJet, Kingfisher, Royal Mail, Wolseley

Nigel Thomas
25 Mar, 2014
New York City

888 Holdings surged after revenue climbed 10%. EasyJet expects pre-tax loss in the first-half to narrow to

[R]4:00 PM Frankfurt – 888 Holdings surged after revenue climbed 10%. EasyJet expects pre-tax loss in the first-half to narrow to £65 million. Kingfisher profit surged 26% to £710 million on 5% increase in revenues. Royal Mail plans to cut about 1,600 jobs. Wolseley profit surged 72% to £229 million.[/R]

In London trading, FTSE 100 index jumped 1.1% or 74.22 to 6,594.61 and in Frankfurt the DAX index climbed 1.8% or 166.63 to 9,355.40.

In Paris, CAC 40 index advanced 1.6% or 68.15 to 4,344.49.

888 Holdings Plc surged 9.2% to 147.44 pence after the U.K.-based online gaming company said group revenue in the fourth-quarter ending in December climbed 10% to $107 million from $97 million a year ago.

The gaming company said revenue from the consumer segment jumped 8% to $93 million and Casino segment revenue soared 15% to $51 million. Revenue from poker segment rose 2% to $25 million.

EasyJet Plc climbed 5.2% to 1,716.41 pence after the U.K.-based airline estimated pre-tax loss to narrow for the first-half ending in March to between £55 million to £65 million compared to earlier guidance between £70 million and £90 million.

In the 2013, pre-tax loss was £61 million.

Revenue per seat in the first-half grew 1.5%.

Kingfisher Plc jumped 4.7% to 425.80 pence after the U.K.-based home improvement retailer reported sales in the year ending in February 1 climbed 5.2% to £11.12 billion from £10.57 billion a year ago.

Profit for the year surged 25.9% to £710 million compared to £564 million and diluted earnings per share increased to 29.7 pence from 23.8 pence a year ago period.

Royal Mail Plc dropped 2.1% to 571.44 pence after the U.K.-based postal and delivery service provider expects total restructuring costs for the year ending in March of about £230 million higher than the previous estimate of £160 million in November.

The postal services provider proposed to cut 1,600 jobs.

Wolseley Plc soared 4.8% to 3,460 pence after the U.K.-based construction materials provider reported total revenue in the first-half ending in January jumped 5.2% to £6.52 billion from £6.28 billion a year ago.

Profit in the period surged 72.2% to £229 million compared to £133 million and diluted earnings per share soared to 84.8 pence from 43.6 pence a year earlier.

The company said trading profit from the continuing businesses climbed 8.8% to £360 million and group’s net debt at the end of January increased to £927 million from £871 million a year ago.