U.K. Says Fox Not Fit to Takeover Sky, easyJet Revenue Soars

Sarla Buch
23 Jan, 2018
New York City

easyJet offered upbeat revenue and passenger growth estimate. Logitech lifted fiscal outlook on strong sales. SSP Group first quarter revenue jumped 13.5%. UK regulator said Fox takeover of Sky is not in public interest.

[R]4:00 PM Frankfurt – easyJet offered upbeat revenue and passenger growth estimate. Logitech lifted fiscal outlook on strong sales. SSP Group first quarter revenue jumped 13.5%. UK regulator said Fox takeover of Sky is not in public interest.[/R]

In London trading, FTSE 100 index increased 23.51 or 0.3% to 7,738.95 and in Frankfurt the DAX index gained 98.10 or 0.7% to 13,562.14.

In Paris, CAC 40 index edged up 0.71 to 5,542.70.

easyJet Plc soared 5.2% to 1,645 pence after the U.K.-based low-cost airline operator said total revenues in the first-quarter ending in December soared 14.4% to £1.1 billion and ancillary revenue surged 20% to £226.3 million and as of December 31, net cash of about £357 million.

The number of passengers carried in the quarter jumped 8% to 18.8 million driven by capacity growth of 5.5% to 20.4 million seats and load factor rose 2.1 percentage points to 92.1%.

The budget airline forecasted first-half seat capacity to increase 5% and seat capacity in the year to increase between 5% and 6%.

Logitech International S.A, the Switzerland-based computer peripheral and mobile accessories provider said sales in the third-quarter ending in December jumped 22% from a year ago to $812 million.

Net income in the quarter declined 17.1% to $80.8 million from $97.5 million and diluted earnings per share decreased to 48 cents from 59 cents.

Logitech lifted fiscal 2018 sales forecast between 12% and 14% from the earlier estimate of 10% to 12% and operating income in the range of $270 million to $280 million from the earlier forecast of $260 million to $270 million.

SSP Group Plc jumped 3.9% to 662 pence after the U.K.-based food and beverage services provider said total group revenue in the first-quarter ending in December surged 13.5% and comparable sales rose 2.7%, after increasing in passenger numbers.

Sky Plc jumped 2.3% to 1,026 pence after the U.K. competition regulator objected the deal and blocked Rupert Murdoch''s £11.7 billion bid to take full control of the company.

In a preliminary ruling competition regulator said 21st Century Fox''s planned £11.7 billion or $16.3 billion takeover is not in the public interest and the government may block the deal.

The government now may take final judgment on May 1.