Nokia Settles Patent Dispute with Apple, Homeserve Jumps

Sarla Buch
23 May, 2017
New York City

AVEVA continues its growth momentum. Big Yellow net declined. Entertainment One net tumbled as the company restructures its film unit. Homeserve net jumped on strong customer growth. Nokia and Apple settled intellectual property dispute with a multi-year license agreement.

[R]4:00 PM Frankfurt – AVEVA continues its growth momentum. Big Yellow net declined. Entertainment One net tumbled as the company restructures its film unit. Homeserve net jumped on strong customer growth. Nokia and Apple settled intellectual property dispute with a multi-year license agreement.[/R]

In London trading, FTSE 100 index increased 14.45 or 0.2% to 7,506.51 and in Frankfurt the DAX index rose 17.77 to 12,637.06.

In Paris, CAC 40 index advanced 19.68 or 0.4% to 5,342.56.

AVEVA Group Plc slumped 2% to 2,002 pence after the U.K.-based information technology services provider said revenues in the year ending in March jumped 7.1% from a year ago to £215.8 million.

Net profit in the year surged 85.4% from a year ago to £38 million from £20.5 million and diluted earnings per share increased to 59.36 pence from 31.96 pence.

Big Yellow Group Plc slipped 0.5% to 794 pence after the U.K.-based self-storage services provider stated revenues in the year ending in March advanced 8% from a year ago to £109.1 million.

Net profit in the year declined 11.2% from a year ago to £99.5 million from £112 million and diluted earnings per share dropped to 63.1 pence from 71.6 pence.

Big Yellow said comparable store revenues growth excluding Nine Elms and Twickenham, acquired in April 2016, was 6%.

As of March 31, the group had net bank debt of £298 million and free cash flow in the year jumped 10% to £58.3 million from £53.3 million in a year ago period.

Entertainment One Ltd fell 0.4% to 241 pence after the U.K.-based television, film and music content provider said revenues in the year ending in March soared 34.9% from a year ago to £1.1 billion.

Net profit in the year tumbled 64.4% from a year ago to £13 million from £36.5 million and diluted earnings per share fell to 3 pence from 9.6 pence.

The entertainment content provider said profit declined mainly after restructuring the film business and the renegotiation of a distribution arrangement.

The entertainment company said revenue in television business surged 85% and in family segment jumped 33% and in film business increased 7%.

Greencore Group Plc surged 9.5% to 248.90 pence after the Ireland-based convenience food maker reported revenues in the first-half ending in March soared 41.6% from a year ago to £1.01 billion and operating profit jumped 27.1% to £55.3 million.

Greencore said as of March 31, net debt increased to £556.6 million from £316 million in the same period a year ago reflecting the acquisition of Peacock Foods with debt.

Revenues in the U.K. & Ireland convenience foods business soared 16.1% to £685.7 million while revenue in the U.S. jumped 221% to £324.6 million.

Homeserve Plc soared 11.8% to 785 pence after the U.K.-based home emergency services provider reported revenues in the year ending in March advanced 24% from a year ago to £785 million.

Net profit in the year soared 20.8% from a year ago to £74.4 million from £61.6 million and diluted earnings per share increased to 23.6 pence from 19.3 pence.

Homeserve said revenue growth was driven by the increase in total customers by 11% to 7.8 million from 7 million in the same period a year ago. In North America, the company now serves 3 million customers and signed 100 new partners.

Kion Group AG rose 0.2% to €64.84 after Germany-based industrial and forklift trucks supplier completed a capital increase by issuing 9.3 million new shares at a price €64.83 per share and raised €602.9 million to refinance the acquisition of domestic rival Dematic GmbH in November 2016.

Nokia Oyj jumped 6.5% to €5.88 after Finland-based mobile network services provider and Apple Inc settled long-running litigation related to their intellectual property dispute and agreed a multi-year patent license.

However, financial terms were not disclosed by Nokia and Apple.

''We are pleased with the resolution of dispute and look forward to expanding the business relationship with Nokia,'' said Apple''s chief operating officer Jeff Williams.