Eutelsat Explores Inmarsat Merger, IHS Markit Reports Stronger Results

Sarla Buch
26 Jun, 2018
New York City

Eutelsat plans to bid for the U.K.-based rival Inmarsat. Eurofins Scientific raised fiscal 2018 revenues growth. Elior plunged despite set sales growth and cash flow under new strategic plan up to 2021. IHS Markit reported stronger than expected results after the merger.

[R]4:00 PM Frankfurt – Eutelsat plans to bid for the U.K.-based rival Inmarsat. Eurofins Scientific raised fiscal 2018 revenues growth. Elior plunged despite set sales growth and cash flow under new strategic plan up to 2021. IHS Markit reported stronger than expected results after the merger.[/R]

In London trading, FTSE 100 index soared 125.83 or 1.7% to 7,682.27 and in Frankfurt the DAX index gained 26.13 or 0.2% to 12,538.44.

In Paris, CAC 40 index jumped 65.43 or 1.2% to 5,381.44.

Eutelsat S.A jumped 2.5% to €16.94 after France-based satellite services provider confirmed that it plans to bid for the U.K.-based rival Inmarsat Plc.

“There can be no certainty any offer will be made, nor as to the terms of any offer,” said the company in a statement.

Inmarsat Plc stock tumbled 11.6% to 559 pence.

Eurofins Scientific SE surged 7.3% to €448 after the Brussels-based laboratory testing services provider forecasted fiscal 2018 revenues to grow 28% to more than €4 billion from €3.4 billion in fiscal 2017 and to €44.7 billion in 2020.

Eurofins also confirmed 2020 operating margin estimate of about 20%.

Elior Group S.A plunged 9.8% to €12.75 after France-based catering and support services provider said annual sales growth between 2019 and 2021 are estimated to exceed 3% per year and also lifted operating free cash flow estimate to about €750 million.

“We implement the right processes to enhance performance and achieve objectives. We strive to significantly increase free cash flow generation,” said chief executive officer Philippe Guillemot.

IHS Markit Ltd advanced 3.6% to $51.90 pence after the U.K.-based critical information provider reported revenues in the first-half ending in May soared 11% from a year ago to $1.9 billion.

Net income in the period more than doubled to $356 million from $165.3 million in a year period and diluted earnings per share jumped to 87 cents from 39 cents.

""We reported our strongest revenue growth quarter since the merger while delivering solid margin expansion and earnings growth,"" said chairman and chief executive officer Lance Uggla.