UK Retailer Next Surges on Improved Forecast, Medios Sales Surge 24%

Sarla Buch
25 Sep, 2018
New York City

RAG-Stiftung acquired more shares in its subsidiary Evonik Industries. Medios profit declined but revenues soared. Next Plc lifted profit estimate on the back of rising sales in warmer than usual summer.

[R]4:00 PM Frankfurt – RAG-Stiftung acquired more shares in its subsidiary Evonik Industries. Medios profit declined but revenues soared. Next Plc lifted profit estimate on the back of rising sales in warmer than usual summer.[/R]

In London trading, FTSE 100 index increased 40.02 or 0.5% to 7,498.43 and in Frankfurt the DAX index gained 17.46 to 12,368.22.

In Paris, CAC 40 index edged up 5.66 to 5,481.83.

Evonik Industries AG slumped 2.8% to €31.33 after Germany-based coal miner RAG-Stiftung or RAG-Foundation acquired 16.3 million shares in its majority owned specialty chemicals subsidiary at a price of €30.65 per share.

Separately, RAG announced it had issued senior unsecured bond of €500 million with a maturity of 6-years in exchange for Evonik Industries AG stock rights.

Medios AG advanced 2% to €17.95 after Germany-based specialty pharma products maker said group revenues in the first-half ending in June soared 24% from a year ago to €145 million.

Net profit in the period declined 42.3% to €1.5 million form €2.6 million in the same period a year ago and diluted earnings per share dropped to €0.11 from €0.21.

Medios plans to grow its network to 300 pharmacies and total specialist pharmacies to about 1,000.

Medios forecasted fiscal 2018 group revenues growth of 26% to €320 million and non-cash expenses to jump 37% to €11 million from a year ago period.

Next Plc surged 9.3% to 5,602 pence after the U.K.-based apparel retailer reported revenues in the first-half ending in July 28 jumped 3.2% from a year ago to £1.96 billion.

Net profit in the period rose 0.8% to £254.2 million from £252.2 million in the same period a year ago and diluted earnings per share increased to 184.5 pence from 176.5 pence.

Next forecasted fiscal 2019 total sales to inch up 2.2% and fiscal pre-tax profit of about £727 million compared to £717 million and in a year ago period.