European Movers: Asos Profit Declines, Evraz Net Loss Widens

Nigel Thomas
01 Apr, 2015
New York City

Asos, online retailer, said profit declined 6% to

[R]4:00 PM Frankfurt – Asos, online retailer, said profit declined 6% to £14.3 million but revenues £550.5 million and forecasted positive outlook. Evraz net loss widened to $1.28 billion on 9% decrease in revenues. FirstGroup soared on fourth-quarter forecast.[/R]

In London trading, FTSE 100 index jumped 0.6% or 41.27 to 6,814.31 and in Frankfurt the DAX index gained 0.4% or 43.24 to 12,009.41.

In Paris, CAC 40 index increased 0.4% or 21.99 to 5,055.63.

Asos Plc climbed 4.9% to 3,808 pence after the U.K.-based online fashion retailer reported group revenues in the first-half ending in February soared 14% to £550.5 million from £481.7 million in a year ago period.

Profit in the period declined 6% from a year ago to £14.3 million compared to £15.3 million and diluted earnings per share slipped to 17.6 pence from 18.5 pence.

The online retailer forecasted sales for the year of £2.5 billion and operating profit to be in-line with market expectations and the company said it will continue to invest in warehousing and information technology.

Evraz Plc jumped 5.9% to 198.70 pence after the U.K.-based steel producer said revenues in the year ending in December plunged 9% to $13.06 billion from $14.41 billion in a year ago period.

Net loss in the year widened from a year ago to $1.28 billion compared to $551 million and diluted loss per share increased to 78 cents from 34 cents.

FirstGroup Plc soared 6.1% to 96.45 pence after the U.K.-based transport operator business in the fourth-quarter from the U.K. and the U.S. are in-line with expectations and forecasted total cash outflow for the year of up to £100 million, higher than the earlier estimate of flat flows.

Nationwide Accident Repair Services Plc surged 11.3% to 98.49 pence after the U.K.-based automobile insurance company completed the acquisition of Seward Accident Repair Centres Limited for about £3.8 million.

Separately, the insurer recommended the offer of Canaveral Bidco Ltd for about £43.2 million for the company and shareholders of NARS would receive 100 pence cash per share.