European Shares Slide On Risk Aversion

Getlink Q4 Revenue More Than Doubles

Getlink SE or Groupe Eurotunnel (GRPTY), a manager and operator of infrastructure of the Channel Tunnel between England and France, on Thursday reported a surge in revenue for the fourth-quarter and fiscal 2022, supported by the performance of Eurotunnel and Europorte.

For the final quarter, the Paris-headquartered firm reported revenue of 562.7 million euros, compared with restated 223.3 million euros of last year quarter.

Revenue from Eurotunnel was at 248.4 million euros as against restated 191.1 million euros, recorded a year ago. Revenue from Europorte moved up to 36.4 million euros from previous year’s restated 32.2 million euros.

For the full-year, the European public firm registered revenue of 1.606 billion euros, higher than restated 774 million euros of last year.

Eurotunnel’s full-year revenue stood at 1.049 billion euros, versus restated 644 million euros of previous year. Revenue from Europorte was at 137 million euros, compared with restated 130 million euros of 2021.

SGS FY Profit Down 4.1% – Quick Facts

SGS SA (SGSOY.PK), a Swiss laboratory service provider, reported that its profit attributable to equity Holders for the year ended 31 December 2022 declined 4.1% to 588 million Swiss francs from the prior year’s 613 million francs, with earnings per share decreasing to 78.67 francs from 81.79 francs last year.

On an adjusted basis, earnings per basic share increased by 3.4% to 92.46 francs.

Operating income declined to 898 million francs from 977 million francs in prior year. It was impacted by restructuring measures, the decision to cease two key upstream projects in Libya following absence of cash collection, and strengthening of the Swiss Franc.

Total revenue for the year was 6.6 billion francs, up 3.7% or 6.8% at constant currency, with mid to high-single digit growth achieved across all divisions. Organic revenue increased by 5.8%, supported by pricing initiatives and volume increase throughout the SGS network.

The SGS Board of Directors will recommend to the Annual General Meeting (to be held on 28 March 2023) the approval of a dividend of CHF 80 per share.

The company said it expects an improved adjusted operating income and margin in 2023, but the target is more challenging given progress in 2022 and its disciplined approach to M&A.

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International Distributions Services: Royal Mail 9-month Revenue Down 12.8%, GLS Revenue Up 9.7%

International Distributions Services plc (IDS.L) issued an update on trading for the nine months to the end of December 2022. Group revenue was 9.10 billion pounds, down 5.4% from prior year.

For Royal Mail, revenue was down 12.8% year on year. Total letter revenue declined 6.1% year on year. Total parcel revenue reduced by 17.8%, with volumes down 20%. Year to date adjusted operating loss was 295 million pounds. Net cost of strike action in the nine-month period was estimated at approximately 200 million pounds.

For GLS, volume declined 2% year on year in the nine months. Revenue growth was 9.7% in Sterling, 9.6% in Euros. Adjusted operating margin for the nine months was 7.5%, 100 bps below prior year.

For fiscal 2022-23, Royal Mail expects an adjusted operating loss around the mid-point of the existing 350 million pounds to 450 million pounds range. Royal Mail continues to target return to adjusted operating profit in fiscal 2024-25.

For fiscal 2022-23: GLS maintained guidance for revenue growth year on year of high single digit % and adjusted operating profit in the range 380 to 400 million euros. Previously, guidance was 370 to 410 million euros.

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Tate & Lyle Q3 Group Revenue Up 16% In Constant Currency

Tate & Lyle Plc (TATE.L,TATYY.PK), a global provider of food and beverage ingredients and solutions, reported that group revenue for the third quarter increased 16% in constant currency.

At constant currency, quarterly revenue at Food & Beverage Solutions unit was up 19%, while Sucralose unit’s revenue declined 8%, reflecting the unwind of orders phased into the first half.

Looking ahead for year ending 31 March 2023, the company continues to expect adjusted profit before tax to be in line with current market expectations with stronger profits in Food & Beverage Solutions offsetting lower profits from the minority holding in Primient. It still expects revenue growth reflecting current top-line momentum.

European Shares Slide On Risk Aversion

European stocks declined on Thursday as weak U.S. economic data and hawkish comments from Federal Reserve officials dented demand for riskier assets.

On a light day on the economic front, the minutes of the European Central Bank’s monetary policy meeting held on December 14 and 15 will be released later in the day. Also, ECB President Lagarde is scheduled to speak at Davos.

The pan European STOXX 600 was down 0.8 percent at 453.80 after gaining 0.2 percent on Wednesday to extend its winning streak for a sixth straight session.

The German DAX, France’s CAC 40 index and the U.K.’s FTSE 100 were down between 0.6 percent and 0.8 percent.

Oil & gas firm BP Plc fell 2.2 percent in London and Shell lost 1.8 percent as crude prices extended losses on the back of weak U.S. economic data and a surprise build in U.S. crude stocks.

Harbour Energy tumbled 3 percent as it launched a review of its U.K. operations and cut its 2023 spending plan.

Events-and academic publishing group Informa advanced 1.7 percent after saying that it expects to report higher revenue and adjusted operating profit for 2022.

Melrose Industries dropped 1 percent. The company said the aerospace business of the former GKN traded in line with expectations in 2022.

German electrical company Encavis plunged 9 percent as Barclays downgraded its rating on the stock to “underweight” from “equal weight”.