Europe Earnings: De La Rue, Glaxo, Origin Enterprises, Weir

Nigel Thomas
28 May, 2014
New York City

De La Rue profit climbed 25% to

[R]4:00 PM Frankfurt – De La Rue profit climbed 25% to £48 million. Glaxo faces U.K. criminal investigation into its commercial practices. Origin Enterprises said revenue in the third-quarter climbed 20% to €513 million. Weir fell after Metso Oyj rejected revised all share acquisition proposal.[/R]

In London trading, FTSE 100 index slid 0.95 to 6,843.99 and in Frankfurt the DAX index fell 0.3% or 32.09 to 9,908.73.

In Paris, CAC 40 index slipped 0.2% or 8.27 to 4,521.48.

De La Rue Plc surged 9.2% to 884.53 pence after the U.K.-based security documents producer said revenue in the year jumped 6% to £513.3 million from £483.7 million a year ago.

Profit in the year climbed 25.4% to £47.9 million compared to £38.2 million and diluted earnings per share increased to 47 pence from 36.9 pence a year earlier.

The company said underlying operating profit up 43% to £90.5 million and order book at the end of the year was of £218 million.

The company added banknote print volumes were flat at 6.2 billion notes from a year ago and banknote paper volumes are up 10% to 9,600 tons.

GlaxoSmithKline Plc fell 1.5% to 1,609 pence after the U.K.-based healthcare products maker confirm that Serious Fraud Office has opened a formal criminal investigation into its commercial practices.

Norman Broadbent Plc plunged 27.3% to 27.27 pence after the U.K.-based online recruitment services provider said revenue in the year ending in March slid 1% to £7.55 million from £7.63 million a year ago.

Net loss in the year widened to £1.08 million compared to £73,000 a year earlier.

Origin Enterprises Plc gained 1.6% to €7.90 after the Ireland-based agricultural services provider reported revenue in the third-quarter ending in April climbed 19.8% to €512.8 million compared to €428 million and adjusted diluted earnings per share of 52.11 cents from a year ago period.

The company lifted its adjusted diluted earnings per share guidance for the year of about 3% to 55 cents.

The Weir Group Plc slipped 1.6% to 2,561 pence after the U.K.-based industrial machinery and equipment maker said Finland-based technology and service provider Metso Oyj has rejected its revised all share acquisition proposal.

Under the deal terms, shareholders of Metso were offered 0.95 Weir shares, a 13% increase from 0.84 exchange ratio initially proposed by Weir. The proposal valued each Metso share at €30.49.