Market Updates
Europe Movers: C&C Group, Concentric AB, Smiths Group, Titon Holdings
Bridgette Randall
19 May, 2023
Frankfurt
Concentric AB increased 3.3% to SEK215.0 after the Swedish pump maker won a SEK201 million order for a high voltage cooling solution from a North American zero-emission truck maker.
The hydrogen fuel cell are useful in achieving zero emission targets, reflecting heat and water as the sole emissions after combustion.
C&C Group Plc decreased 14.5% to 130.96 pence after the beverage maker announced a one-time charge of €25 million.
The maker of beer, cider and wines said it faced severe business disruptions while implementing enterprise resource planning system in the Matthew Clark and Bibendum business and the charge reflects the cost associated with restoring service level and lost revenue.
The company reiterated its annual operating profit outlook of €84 million and said it plans to reinstate its dividend for the fiscal year 2023.
Smiths Group Plc increased 0.9% to 1,720.0 pence after the company lifted its annual organic revenue growth outlook.
Titon Holdings plc dropped 8.1% to 80.0 pence after the UK-based windows and ventilations systems supplier said fiscal second-half 2023 results are likely to be below market expectations but reiterated its full-year outlook.
Revenue in the first-half ending in March increased 5.2% to £12.08 million from £11.48 million and pre-tax loss increased to £0.45 million from £0.25 million and basic loss per share increased to 2.86 pence from 1.46 pence a year ago.
The company declared an interim dividend per share of 0.5 pence compared to 1.5 pence a year ago.
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