Ashtead, Aurubis Report Strong Results, BPM Sells €7.8B Bad Loans

  • Sarla Buch
  • 29 Jan, 2019
  • New York

    Ashtead beats profit estimates largely because of strong demand for its equipment rental business in the U.S. Banco BPM agreed to sell its €7.8 billion bad loans business. WPP jumped on new £300 million restructuring plan.

In London trading, FTSE 100 index jumped 125.43 or 1.9% to 6,846.97 and in Frankfurt the DAX index surged 237.51 or 2.2% to 10,859.58.

In Paris, CAC 40 index soared 98.69 or 2.1% to 4,841.07.

Ashtead Group Plc, jumped 4.7% to 1,681.50 pence after the U.K.-based industrial equipment rental supplier reported revenues in the first-half ending in October soared 19% from a year ago to £2.3 billion.

Net income in the period surged 43.8% to £461.5 million from £320.9 million in the same period a year ago and diluted earnings per share jumped to 94.7 pence from 64.2 pence.

The equipment rental services provider said the U.S.-based Sunbelt business earned additional revenue after stronger demand for clean-up the country after Hurricanes Florence and Michael.

Ashtead forecasted fiscal 2018 results will ahead of prior expectations.

Aurubis AG, gained 0.6% to €43.71 after Germany-based copper producer reported revenues in the year ending in October soared 6% from a year ago to €11.7 billion.

Net profit in the year jumped 12.3% to €265 million from €236 million in a year ago period and diluted earnings per share dropped to €5.87 from €5.21.

Aurubis forecasted fiscal 2018 operating profit moderately below the prior-year result due to unscheduled maintenance shutdowns.

Banco BPM SpA, advanced 3.8% to €2.15 after Italy-based bank said it had signed binding agreement to sell its €7.8 billion bad loans business along with a stake in its debt recovery business to Credito Fondiario and the U.S.-based fund operator Elliott.

The final transaction in expected to complete by the end of second-quarter of 2019.

WPP Plc, soared 5.1% to 846.40 pence after the U.K.-based advertising and public relations services provider said it will spend £300 million or $377 million in the next three years to restructure the existing businesses.

WPP estimated the restructuring is expected to save £275 million by the end of 2021 and reinvest approx half of savings in the period between 2019 and 2021 and operating profit margin of about 15% by the end of 2021.

WPP reaffirmed fiscal 2018 net sales forecast to drop between 0.5% and 1% and operating margin to decline 1% to 1.5%.

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