Market Updates
Europe Earnings: Pennon Group, Tesco, Wolseley
Nigel Thomas
03 Jun, 2014
New York City
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Pennon Group profit surged to
[R]4:00 PM Frankfurt – Pennon Group profit surged to £158 million on revenue increase of 10% to £1.3 billion. Tesco estiamted first-quarter sales to drop 3.1%. Wolseley said operating profit jumped 9.1% to £155 million but revenue dropped 3.4% to £3.11 billion.[/R]
In London trading, FTSE 100 index rose 0.2% or 12.57 to 6,857.08 and in Frankfurt the DAX index slid 0.2% or 15.45 to 9,927.82.
In Paris, CAC 40 index fell 0.3% or 11.22 to 4,508.35.
Pennon Group Plc rose 0.3% to 762 pence after the U.K.-based water and sewage service provider reported revenue in the year ending in March climbed 10% to £1.32 billion from £1.20 billion a year ago.
Profit for the year surged to £158.1 million compared to £20.6 million and diluted earnings per share climbed to 38.6 pence from 5.7 pence a year earlier.
Tesco Plc slipped 1.2% to 296.80 pence after the U.K.-based grocery retailer said sales in the first-quarter ending on May 25 expected to drop 3.1% while the overall UK grocery market sales to increase 1.7%.
Wolseley Plc jumped 2% to 3,377 pence after the U.K.-based plumbing and heating products distributor reported revenue in the third-quarter ending in April dropped 3.4% to £3.11 billion from £3.23 billion a year ago period.
Trading profit in the quarter jumped 9.1% to £155 million compared to £154 million a year ago.
The company said net debt at quarter ending in April increased to £914 million from £694 million a year ago period.
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