Europe Earnings: Aker Solutions, GDF Suez, Northgate, Stagecoach, TSB

Nigel Thomas
25 Jun, 2014
New York City

Aker Solutions dropped after $250 million contract was terminated by Total SA. GDF Suez slid after France government sold its 3.1% stake. Northgate net swung to profit. Stagecoach profit climbed 5% to

[R]4:00 PM Frankfurt – Aker Solutions dropped after $250 million contract was terminated by Total SA. GDF Suez slid after France government sold its 3.1% stake. Northgate net swung to profit. Stagecoach profit climbed 5% to £133 million.[/R]

In London trading, FTSE 100 index slipped 0.8% or 51.06 to 6,736.01 and in Frankfurt the DAX index dropped 0.6% or 63.89 to 9,874.19.

In Paris, CAC 40 index declined 1.3% or 56.95 to 4,461.39.

Aker Solutions plunged 8.2% to 103.60 kronor after the Norway-based offshore services provider won two contracts worth $152 million for the Ichthys LNG export project in Australia.

Separately, the company said in Angola, its subsidiary Aker Oilfield Services was notified by France-based Total SA that it has terminated two-year contract for the Skandi Aker vessel for $250 million.

GDF Suez SA dropped 2.7% to €20.26 after the French government sold its 3.1% stake in the natural gas and electricity supplier for about €1.5 billion or $2.04 billion, to raise funds to buy 20% stake in French power and transport engineering group Alstom SA.

The government holds 33.6% in GDF Suez.

Northgate Plc gained 1.6% to 509.50 pence after the U.K.-based ground freight and logistic company said group revenue in the year ending in April declined 6% to £571.5 million from £609.9 million a year ago period.

Net in the year swung to profit £39.88 million compared to a loss of £7.36 million and earnings per share swung to 29.3 pence from a loss of 5.5 pence a year earlier.

Hire revenue edged up to £442.3 million from to £441.9 million and revenue in the UK dropped to £383.1 million from £415.7 million. Revenue in Spain declined to £188.4 million from £194.2 million a year ago.

Stagecoach Group Plc rose 0.3% to 378.80 pence after the U.K.-based public transport company reported revenue in the year ending in April jumped 4.5% to £2.93 billion from £2.80 billion a year ago.

Profit in the year climbed 4.7% to £132.5 million from £126.5 million and earnings per share increased to 22.9 pence from 21.7 pence a year earlier.

The company said net debt in the year declined £76.4 million to £461.6 million from £538 million a year ago period.

The company added operating profit in North America surged 80%, reflected of successful expansion of megabus.com services.

TSB Banking Group Plc declined 3.4% to 286.79 pence after the U.K.-based retail bank first day of trading on the London Stock Exchange.

The parent Lloyds Banking Group Plc expanded the offering size to raise £455 million from the TSB offering.