Ashmore Assets Surge 26%, Amer Greene King Jumps 7%

Sarla Buch
07 Sep, 2018
New York City

Amer Sports plans to sell its cycling and fitness equipment businesses. Ashmore net declined but assets under management surged 26%. Gear4music reported stronger sales in all regions. Greene King comparable sales increased 2.8%.

[R]4:00 PM Frankfurt – Amer Sports plans to sell its cycling and fitness equipment businesses. Ashmore net declined but assets under management surged 26%. Gear4music reported stronger sales in all regions. Greene King comparable sales increased 2.8%.[/R]

In London trading, FTSE 100 index decreased 53.97 or 0.7% to 7,264.99 and in Frankfurt the DAX index fell 12.05 to 11,943.20.

In Paris, CAC 40 index edged up 1.16 to 5,244.99.

Amer Sports Oyj jumped 2.9% to €28.56 after Finland-based sporting goods maker plans to sell its Mavic’s cycling business and Enve fitness equipment and sports watch businesses after cycling business sales in the first-half ending in June declined 13% to €60 million.

Amer Sports total sales in the period increased 2% €1.1 billion.

“We review the portfolio focus opportunities as we place the Mavic Cycling business under strategic review and will complete the current strategy cycle of the Fitness and Sports Instruments businesses,” said President and chief executive officer Heikki Takala.

The sporting goods maker reaffirmed fiscal 2018 revenues growth of about mid-single digit and operating profit growth ahead of net sales growth.

Ashmore Group Plc rose 2.1% to 352.60 pence after the U.K.-based investment manager said total revenues in the year ending in June jumped 11.1% from a year ago to £285.7 million.

Net income in the year declined 9.4% to £153.5 million from £169.5 million in a year ago period and diluted earnings per share fell to 21.30 pence from 23.71 pence.

Ashmore said as of June 30, assets under management in the year surged 26% to $73.9 billion from $58.7 billion in the same period a year ago.

Gear4music Holdings Plc declined 4.5% to 589.40 pence after the U.K.-based online musical instruments and equipment retailer said total sales in the first-half ending in August surged 36% from a year ago to £42.5 million.

Domestic sales in the period jumped 34% to £24 million and sales in Europe soared 39% to £18.5 million.

Greene King Plc soared 7.1% to 508.80 pence after the U.K.-based brewer and pub retailer said total revenues in the first-quarter ending on September 2 jumped 2.8% from a year ago period.

Comparable sales in Greene King controlled brands soared 5.5% to 3.7 million pints during England’s seven World Cup matches and comparable sales on the day of the semi-final surged 61%.

Comparable net profit in Pub Partners fell 0.4% and total beer volumes in brewing and brands jumped 4% and own-brewed volumes increased 0.3%.