Europe Earnings: Fenner, Salamander Energy, Urban&Civic, Westminster

Nigel Thomas
30 May, 2014
New York City

Fenner plunged on earnings outlook. Salamander Energy climbed on Spanish takeover speculation. Urban&Civic net swung to a loss. Westminster Group said net loss in the year widened.

[R]4:00 PM Frankfurt – Fenner plunged on earnings outlook. Salamander Energy climbed on Spanish takeover speculation. Urban&Civic net swung to a loss. Westminster Group said net loss in the year widened.[/R]

In London trading, FTSE 100 index fell 0.3% or 18.96 to 6,852.33 and in Frankfurt the DAX index edged up 0.02% or 2.03 to 9,940.93.

In Paris, CAC 40 index slipped 0.3% or 14.89 to 4,515.62.

Fenner Plc plunged 10.5% to 348.90 pence after the U.K.-based conveyor belt maker said underlying pretax profit for the year to August would decrease between 10% and 15% of consensus forecast of £77.6 million. The company blamed this on the deteriorating business conditions in the U.S. coal sector and the lack of contracts in Australian resource companies.

Salamander Energy Plc climbed 8% to 148.75 pence on a Spanish newspaper report that Cia. Espanola de Petroleos SA plans to make a bid for the company.

Urban&Civic Plc gained 1.4% to 249 pence after the U.K.-based property developer said revenue in the first-quarter in March declined 72.9% to £10.49 million from £38.83 million a year ago.

Net in the period swung to a loss of £4.97 million compared to profit of 8.83 million and diluted loss per share swung to 24.30 pence from profit of 39.45 pence a year earlier.

Westminster Group Plc declined 4.3% to 56.48 pence after the U.K.-based fire, safety, security and defense technology provider reported revenue in the year dropped 6% to £7.43 million from £7.91 million a year ago period.

Net loss in the year widened to £1.99 million compared to £1.65 million a year earlier.