Europe Movers: BAE Systems, Dr Martens, FLSmidth & Co, Lonza Group, Remy Cointreau, Safran

Bridgette Randall
01 Jun, 2023
Frankfurt

Lonza Group AG increased 1.2% to CHF 576.20 after the Swiss manufacturing company agreed to acquire Holland-based Synaffix, the developer of antibody drug conjugates.  

FLSmidth & Co advanced 2.7% to DKK 296.80 after the Danish company agreed to acquire the U.S. based Morse Rubber, the maker of rubber products for marine, industrial and mining applications. 

BAE Systems Plc increased 1.1% to  939.20 pence after the company said it has hired Morgan Stanley to launch the repurchase of £500 million of  its own stock.  

Safran SA advanced 1.5% to €137.46 after the company said it entered into exclusive negotiation with Air Liquide SA to purchase its aeronautical oxygen and nitrogen business, excluding cryogenic business related to marine applications. 

Dr Martens PLC dropped 8.5% to 143.0 pence after the UK-based boot maker said its operating margin is likely to fall this year. 

Revenue in the fiscal year 2023 ending in March increased 10% to £1.0 billion but profit after-tax declined 28% to £128.9 million from £181.2 million a year ago. 

The company recommended a final dividend of 4.28 pence, matching the previous year and increasing the total dividend to 5.84 pence, an increase of 6% from a year ago. 

The company estimated operating earning margin to fall between 1% and 2% because of the need to invest in the supply chain to support long term sales growth.

Remy Cointreau SA decreased 0.4% to €143.25 after the French liquor and spirit group warned of the continued slowdown in growth in the U.S.

Sales in the fiscal year 2023 ending in March increased 17.9% to Є1.55 billion from Є1.3 billion and net profit soared 38.3% to Є293.8 million from Є212.5 million and earnings per share rose to Є5.79 from Є4.21 a year ago.   

The company proposed a regular dividend of 2 per share and a special dividend of 1 per share, reflecting its strong annual performance. 

The company guided revenue in the first half to decline, largely driven by a significant sales fall in the U.S. and higher base effect but also estimated sales to rebound beginning the third quarter.