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Caribbean Market Update

Wirecard Reaffirms Upbeat Outlook, Givaudan Reports Steady Sales Growth

Author: Sarla Buch
Last Update: 10:59 AM EDT October 09 2018

4:00 PM Frankfurt The U.K. based bakery chain Greggs said quarterly sales improved on higher beverage sales. Givaudan group revenues soared on strong segment performance. Wood Group secured new midstream sector contracts in the U.S. Wirecard soared on upbeat forecast.

In London trading, FTSE 100 index slid 8.70 to 7,224.63 and in Frankfurt the DAX index slipped 45.89 or 0.4% to 11,900.43.

In Paris, CAC 40 index edged down 11.35 or 0.2% to 5,290.06.

Greggs Plc jumped 3.8% to 1,044 pence after the U.K.-based bakery chain said total sales in the third-quarter ending on September 29 soared 7.3% and comparable sales in the quarter advanced 3.2% from a year ago period.

The bakery products maker said strong sales growth was driven by the increase in beverage sales and new focaccia-style pizzas in the summer and wider selection of freshly-ground Fairtrade coffee.

Givaudan SA slumped 2.2% to 2,342 Swiss francs after Switzerland-based flavors, fragrances, and active cosmetic ingredients maker reported group revenues in the nine-month period ending in September surged 8.4% from a year ago to 4.1 billion francs.

Givaudan said sales in fragrance business jumped 6.6% to 1.9 billion francs and sales in flavor segment soared 2.2 billion francs and consumer products sales increased 5.2%.

Wood Group Plc advanced 3.3% to 781.80 pence after the U.K.-based energy services provider said it had secured new midstream sector contracts worth $250 million in the United States.

""We have grown our foothold in the midstream markets through the transfer of knowledge from our experience in other energy sectors,"" said chief executive officer Asset Solutions Americas Andrew Stewart.

Wirecard AG soared 3.5% to 172 after Germany-based online payment services provider forecasted revenues in fiscal 2025 above 10 billion and transaction volume to exceed 710 billion and estimated to deliver operating profit by 2025.

Wirecard said fiscal 2018 to 2020 operating profit estimate remain unchanged from the previous forecast.