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Nigel Thomas
10 Dec, 2014
New York City

Ashtead Group profit surged 27% to

[R]4:00 PM Frankfurt – Ashtead Group profit surged 27% to £166 million on 23% increase in revenues. BG Group agreed to sell pipeline network of Queensland to APA Group for about £3.2 billion. Serco won five-year contract worth £1 billion in Australia. Tui AG net swung to profit to €105 million.[/R]

In London trading, FTSE 100 index slid 0.29 to 6,529.76 and in Frankfurt the DAX index gained 0.6% or 54.59 to 9,848.30.

In Paris, CAC 40 index rose 0.1% or 4.26 to 4,268.20.

Ashtead Group Plc surged 8.7% to 1,171 pence after the U.K.-based industrial equipment provider reported revenues in the first-half ending in October soared 23% to £987.3 million from £849.7 million a year ago period.

Net profit in the period surged 26.7% from a year ago to £165.6 million from £130.7 million and diluted earnings per share jumped to 32.8 pence from 25.9 pence.

BG Group Plc slipped 1.1% to 888.90 pence after the U.K.-based oil and natural gas explorer agreed to sell 543 kilometer in large-diameter underground pipeline network in southern Queensland of Australia to APA Group for about £3.2 billion or $5 billion.

The company plans to use part of the net proceeds to reduce net debt and fund future investment.

The transaction is expected to close in the first-half of 2015.

Rolls-Royce Holding Plc jumped 2.4% to 881 pence after the U.K.-based aerospace and defense power system provider commenced share buyback program of £1 billion on the completion of sale of its energy gas turbine unit to Siemens AG.

Serco Group Plc gained 0.7% to 165.40 pence after the U.K.-based security services provider signed a new five-year contract with the Department of Immigration and Border Protection for onshore immigration detention services in Australia.

The company said the Australian government valued the contract tender in total over the initial five-year period for about £1 billion or A$1.9 billion.

In addition to the initial five-year period, the company said there are two extension options of up to two years each.

Tui AG fell 0.6% to €13.52 is a Germany-based travel group said revenues in the year ending in September increased 1.2% to €18.71 billion from €18.48 billion a year ago period.

Net in the year swung to profit from a year ago to €104.7 million compared to a loss of €11.1 million and diluted earnings per share swung to €0.31 from a loss of €0.14.

The traveler said it is targeting core profit of €1 billion after merge with TUI Travel and the deal is expected to complete on December 17. The company said it will announce new name of the group next week.