Europe Movers: Associated British Foods, Marston's, Technip Energies

Bridgette Randall
24 Jan, 2023
Frankfurt

Associated British Foods Plc declined 2.2% to 1,829.0 pence after the owner of Primark said revenue in the 16-week period ending on January 7 rose 20% to £6,698 million. 

Revenue in constant currency rose 16% and the stronger U.S. dollar drove the nominal exchange rate based revenues. 

"We continue to encounter significant cost pressures but inflation has become less volatile and recently some commodity costs have declined. 

Consumer spending has proven to be more resilient in this trading period than anticipated at the start of the financial year," the company said in its latest trading update. 

For the full year, the company estimated "result overall is unchanged with a significant growth in sales, and adjusted operating profit and adjusted earnings per share to be lower than the previous financial year."

Technip Energies NV declined 1.9% to €16.93 despite the company winning a contract in Saudi Arabia. 

Saudi Arabia-based Aramco awarded a contract to modernize sulfur recovery facilities to the French engineering and technology company.  

Marston's Plc increased 6.2% to 43.42 pence after the pubs operator said sales increased during holiday period. 

Comparable sales in the 16-week period ending on January 21 increased 20% from the previous year. 

Comparable sales in the five-day holiday period, Christmas Eve, Christmas Day, Boxing Day, New Year’s Eve and New  Year’s Day, jumped 26% and sales in the similar period two-years ago rose 12.9%. 

The company said total retail sales at the company owned and managed and franchised pubs were up 14.0% on last year and up 7.3% from the fiscal year 2020. 

Beverage sales continued to outperform food sales.