UK to Divest Stake in GIB; DS Smith, Hennes & Mauritz Net Jump

Nigel Thomas
25 Jun, 2015
New York City

The UK Government plans to trim its stake for as much as

[R]4:00 PM Frankfurt – The UK Government plans to trim its stake for as much as £3 billion in Green Investment Bank. DS Smith profit surged 11% to £156 million and agreed to acquire Spain-based Grupo Lantero for €190 million. Hennes & Mauritz net soared 19%.[/R]

In London trading, FTSE 100 index fell 0.5% or 22.06 to 6,816.62 and in Frankfurt the DAX index slid 0.6% or 70.50 to 11,401.74.

In Paris, CAC 40 index decreased 0.6% or 31.76 to 5,011.78.

Cohort Plc soared 7.3% to 283.95 pence after the U.K.-based electronic surveillance technology developer said revenues in the year ending in April climbed 40% to £99.9 million form £71.6 million in a year ago period.

Net profit in the year declined 5.1% from a year ago to £5.6 million compared to £5.9 million and diluted earnings per share decreased to 13.74 pence from 14.37 pence.

Green Investment Bank Plc, the UK Government plans to divest part of the stake for as much as £3 billion.

The bank was launched three years ago with the help of public funds.

The bank invested £2 billion in 50 projects worth over £8 billion in waste management plants and offshore wind farms.

The bank launched 22 new green energy projects in fiscal 2014-2015 and committed £723 million of its own capital to projects with a total value of £2.5 billion.

DS Smith Plc jumped 4.3% to 392.10 pence after the packaging products maker stated revenues in the year ending in April dropped 5% to £3.82 billion form £4.03 million in a year ago period.

Net profit in the year advanced 11.4% from a year ago to £156 million compared to £140 million and diluted earnings per share increased to 16.4 pence from 14.9 pence.

Separately, today the company agreed to acquire the corrugated business of Spain-based Grupo Lantero for €190 million.

H & M Hennes & Mauritz AB slumped 3.8% to 327.10 Kronor after the Sweden-based fashion retailer reported net sales in the first-half ending in May climbed 70% to 86.1 billion kronor from 70 billion kronor in a year ago period.

Net profit in the period soared 18.8% from a year ago to 10.1 billion kronor compared to 8.5 billion kronor and earnings per share jumped to 6.08 kronor from 5.11 kronor.