DCC to Buy Hammer; Man Group, Provident Financial, Rank Group in Focus

Sarla Buch
14 Oct, 2016
New York City

DCC unit agreed to acquire Hammer for

[R]4:00 PM Frankfurt – DCC unit agreed to acquire Hammer for £38.3 million. Man Group said assets under management jumped 6% to $80.7 billion at the end of September. Provident Financial said third-quarter profit is in line with management expectations. Rank Group said revenues in the latest 15-week period fell 1%.[/R]

In London trading, FTSE 100 index advanced 59.68 or 0.9% to 7,037.57 and in Frankfurt the DAX index soared 182.79 or 1.8% to 10,596.87.

In Paris, CAC 40 index jumped 89.85 or 1.9% to 4,489.08.

For the week, FTSE 100 index slid 0.1%, the DAX index increased 1% and the CAC 40 index gained 0.9%.

DCC Plc fell 8% to 6,960 pence after the U.K.-based business support services provider announced that it agreed to acquire the server and storage solutions provider Hammer Consolidated Holdings Limited for about £38.3 million in cash.

The transaction is expected to close by the end of December 2016.

In financial year ending in January 2016, Hammer reported operating profit of £6.3 million and revenue of £155 million.

Man Group Plc surged 14.8% to 124.80 pence after the U.K.-based investment manager said as of September 30, funds under management jumped 6% to $80.7 billion from $76.4 billion at the end of June.

Net inflows in the quarter was $1.3 billion, including sale of $6 billion and redemptions of $4.7 billion.

Provident Financial Plc slipped 1.1% to 3,046 pence after the U.K.-based consumer lender estimated third-quarter profit is in -ine with its internal plan and Moneybarn business volume by total customer count and receivables soared 36% to 39,000 and to £286 million respectively from a year ago period.

Rank Group Plc rose 0.1% to 205.20 pence after the U.K.-based gaming services provider reported revenue in fifteen-week to October 9 fell 1% but digital revenue advanced 7% and comparable store sales increased 1%.

However, revenues in the Grosvenor Casinos'' digital channel segment surged 30% while Mecca''s digital revenue declined by 4% and comparable store sales were flat.