Richemont Sales Surges 22%, Hannover Re Issued Positive Outlook

Sarla Buch
10 Sep, 2018
New York City

bet-at-home.com net tumbled 43% on 15% plunge in revenues. Associated British Foods forecasted fiscal profit in its sugar division to decline. Hannover Re forecasted stable prices and conditions. RPC Group is in preliminary talk to go private.

[R]4:00 PM Frankfurt – bet-at-home.com net tumbled 43% on 15% plunge in revenues. Associated British Foods forecasted fiscal profit in its sugar division to decline. Hannover Re forecasted stable prices and conditions. RPC Group is in preliminary talk to go private.[/R]

In London trading, FTSE 100 index slid 5.41 to 7,272.29 and in Frankfurt the DAX index increased 18.69 or 0.2% to 11,978.32.

In Paris, CAC 40 index gained 18.75 or 0.4% to 5,270.49.

bet-at-home.com AG gained 0.5% to €58.30 after Germany-based online gambling and sports betting services provider said total revenues in the first-half ending in June plunged 15.1% from a year ago to €52.2 million.

Net profit in the period tumbled 42.7% to €6.3 million from €11 million in a year ago period and diluted earnings per share slumped to €0.90 from €1.57.

The betting services provider forecasted fiscal 2018 operating profit in the range of €36 million to €40 million and the company said the number of employees are expected to increase about 320 persons.

Associated British Foods Plc slipped 0.8% 2,251 pence after the U.K.-based food processing and retailer forecasted fiscal 2018 revenue and adjusted operating profit in its sugar division to decline from a year ago period and estimated “strong performances” in Primark, grocery, agriculture and ingredients segments.

Discount apparel retailer Primark segment sales are estimated to jump 5.5%, revenues in grocery segment and operating profit are estimated to surpass sales in a year ago period and strength in agriculture and ingredients businesses are expected to more than offset the adverse effect of lower sugar prices in the European Union region.

Hannover Re SE increased 0.4% to €118.70 after Germany-based reinsurance services provider forecasted stabile prices and conditions in fiscal 2019, gross premium volume to jump more than 10% and net income of about €1 billion.

“We are seeing strong demand and favorable opportunities for growth in certain segments,” said chief executive officer Ulrich Wallin.

RPC Group Plc surged 16.9% to 799 pence after the U.K.-based plastic packaging manufacturer said it is in preliminary discussions with investment manager Apollo Global Management and private equity firm Bain Capital on buyout offers.

Richemont SA advanced 1.1% to 83.02 Swiss francs after Switzerland-based luxury goods maker said total sales in the five-month period ending in August soared 22% to €5.7 billion.

Richemont said sales in Europe, America and Asia Pacific surged 27%, 20% and 35% respectively.

Retail sales jumped 11% to €3 billion but sales in wholesales segment fell 1%. Sales in jewelry business soared 11% to €2.9 billion and sales in specialist watch segment gained 2% to €1.3 billion.