Europe Movers: Entain, Halma, Hannover Re, Novartis, Vodafone

Bridgette Randall
01 Feb, 2023
Frankfurt

Novartis AG declined 2.6% to 80.83 Swiss franc after the Swiss pharmaceutical company reported a sharp decline in fourth quarter profit. 

Net sales in the December quarter fell 4% to $12.7 billion from $13.2 billion and net income plunged 91% to $1.5 billion from $16.3 billion a year ago. 

Excluding the impact of Roche income, net income rose 2% and earnings per share rose 7% in constant currencies. 

Novartis agreed to sell 53.3 million (approximately 33%) Roche bearer shares in a bilateral transaction to Roche for a total consideration of $20.7 billion in November 2021. 

Vodafone Group fell 2.1% to 91.18 pence after the British telecom said growth slowed in its latest quarter. 

Revenue in the fiscal third quarter ending in December declined 04% to €11.63 billion from €11.68 billion largely on the account of weakness in its German business. 

The telecom operator reiterated its fiscal year 2023 guidance for adjusted EBITDA and leased assets between €15.0 and 15.2 billion and adjusted free cash flow of €5.1  billion. 

Hannover Re decreased 5% to €176.85 after the German reinsurance company said it has increased its 2023 major net loss to €1.725 billion to account for higher net loss expectations from natural disasters.  

Halma Plc increased 1.4% to 2,178.64 pence after the fire detection safety company agreed to acquire Bradford, UK based Thermocable (Flexible Elements) Ltd for £22 million.

Thermocable in the year ending in March 2022 generated sales of £6 million with return on sales above the "Halma's target range of 18% to 22%." 

Entain Plc increased 2% to 1,518.50 pence after the sports betting company lifted its profit outlook. 

Net gaming revenue in the fourth quarter increased 11% and rose 7% in constant currency and active customers rose 14% from a year ago to record levels. 

2022 full-year revenue in the company's U.S. joint venture BetMGM surged 71% or rose 51% on the same state basis to $1.44 billion.