TheChek News Flow

BAML:
COMMERZBANK - Clean pretax 10% beat but retail NII weaker v BAML est (9.7)..+3%

W.HILL - Decent growth across all divs; net revs +9% & margins better (306).+2%

PANDORA - Revs 1.4% and EBITDA 5% ahead of ests. Interim divi DKK9 (746)....+2%

ADECCO - Solid Q1 update with sales inline and EBITA 6% ahead of cons (76)..+1%

BKIR - Considers ING's former CFO Patrick Flynn for CEO; Irish indep (0.26).+1%

K+S - EBITDA -5% on one-off, ex this would be +7.6%. Guidance unch (22.75)..+1%

ORKLA - Revs small light but EBIT 1.5% ahead of cons. EPS NOK 1.08 (80.3)...+1%

GEA - Numbers inline with pre-release and so expect a muted reaction (84.9).u/c

MINERS - Copper -0.18%, Iron Ore fut -0.7% and BHP OZ +0.5%, RIO OZ +0.32%..u/c

GRAFTON - Reads well with group revs +6.1% YoY. Have had a strong run (772).u/c

SYMRISE - Top line & EBITDA broadly inline. 1Q LFL growth touch light (64.9)u/c

UNIPER - EBITDA slight beat +2.1%. FY17 EBITDA and div guidance reit'd(16.2)u/c

SPIRAX - Org growth & op profit both up YoY. FY17 expectations unch (5185)..u/c

PAYSAFE - Strong cash conversion and reiterates its FY guidance (462.5).....u/c

POPULAR - Preparing sale of 2.85% stake in Merlin; El Confidential (0.758)..u/c

ENDESA - Very weak with NI -30% YoY on a LFL basis. Shares been strong(22.5)-1%

EON - Adj NI 4.4% miss and EBIT a 4.6% miss. EBIT & NI guidance reit'd (7)..-1%

MUNICH RE - Weak with an operating profit miss, weaker P&C re result (176.5)-2%

ZALANDO - EBIT miss at 20.3 v est 26.2m, EBIT margin 2.1%. Confirms FY (40).-2%

HISCOX - Not much in IMS but flagging quite big £9m hit from Ogden (1143)...-2%

DIALOG - Mixed. Q1 beats but op profit 13% ahead but Q2 guide a miss (42.2).-2%

AKER - Revs 10% miss and EBITDA 8% miss to cons whilst NI inline (315.6)....-2%

FRAPORT - Q117 EBITDA of €137m,c12% below cons on one off items in qtr (72).-3%

MICROFOCUS - HPE software trading looks like a miss with revs -10% YoY(2533)-4%


RBC:
*ABE: -1% EL CONFIDENCIAL: mulling €16 per share bid for ABE.

*ADECCO: +2% Q1'17 EBITA 7% beat, solid numbers, market remains strong.

*AKSO: -2% Q1'17 revenue miss, net income light.

*ATL: -1% EL CONFIDENCIAL: mulling €16 per share bid for ABE.

*CBK: +1% Q1'17 headline beat, net income better, structural challenges still there.

*CMCX: 0% will comply with Bafin proposals, require negative balance protection.

*CONTI: +1% FY'17 sales targets raised, strong run into numbers.

*DENERG: -2% placing of 10.5M shares @ DK270 per share, up sized.

*DLG: -1% Q1'17 revenues better, but guidance light.

*ENDESA: -1% Q1'17 EBITDA & net income touch light, FY'17 guidance reiterated.

*EON: -1% Q1'17 profits light, timing issues, FY'17 guidance confirmed.

*FRAPORT: 0% Q1'17 miss due to one-offs & Greece, numbers in line.

*GEA: 0% no FY forecast range due to economic uncertainty.

*GET: +1% debt refinancing announced overnight.

*HASTINGS: -3% placing of 35M shares @ 300.5 per share.

*HISCOX: +2% Q1'17 trading statement solid, premiums & invest returns better.

*K+S: -1% Q1'17 op profit light, due to lower prices & environmental restrictions.

*PNDORA: +2% Q1'17 revs slightly ahead, BUT retail LFL disappointing @ 8%.

*MCRO: -1% HPE business weaker, trading in line.

*MITIE: +1% new chairman Derek Mapp to takeover from Roger Matthews.

*MUV2: -1% Q1'17 net income miss, solvency ratio reduced @ 267%.

*SPIRAX: +1% Q1'17 profit beat, FY'17 outlook neutral.

*SYMRISE: -1% Q1'17 op profit in line, strong into numbers.

*UNIPER: 0% Q1'17 numbers bang in line, FY'17 guidance confirmed.

*WMH +1% Q1'17 in line, "positive start", FY'17 guidance confirmed.

*ZAL: -2% Q1'17 adj EBIT light, margin worse, not good enough.


MS:

Winterflood:
••• FTSE350:

* CMC MARKETS (CMCX) +1%; BAFIN requires the implementation of negative balance protection, CMC already offers this in Germany, CMC is the mkt leader in Germany, might be small relief there was nothing worse.

* GLENCORE (GLEN) +2%; Agrees $85/tonne deal with a Japanese utility company to supply Thermal coal for a year, $10 above market price with Glencore's cost of production at $44 (Source FT). Macquarie and Credit Suisse reiterating positive stance today.

* GRAFTON (GFTU) UNCH; T/S, Solid update with LfL growth across the board (except Belgium -3.4%). Selco continues to trade well and new branches are in line. Outlook positive overall, cautious re UK as documented. Might see some profit taking the back of cautious UK comment.

* HASTINGS GROUP (HSTG) -2-3%; Investco stock placing, c.35m shares (5.3% ISC) via ABB at Barlcays, priced at 3% disc to last nights close.

* HISCOX (HSX) UNCH; IMS – Gross written premiums grew by 17.3% to £751.2m thanks to Hiscox Retail, particularly in the small business sector. Hiscox London market continues to face challenging conditions going forward although has written premiums in line with the previous quarter

* MICROFOCUS (MCRO) -3%; Performance has been in line with expectations and, as announced previously, all regulatory approvals for the acquisition of HPE Software have been received. However, HPE's revenues are down 10% YoY due to a decline in licences.

* MINERS +1%; Relief, sector hit hard yesterday. Coking coal lower overnight, Glencore deal in Thermal coal should support that market short-term. Base metals UNCH overnight.

* OIL UNCH; WTI held above $46 as OPEC members discuss deepening output cuts, however nervousness about US stockpiles remain ahead of meeting.

* PAYSAFE (PAYS) UNCH; Continues to perform in line with management expectations, reiterates its FY 2017 guidance of low double-digit organic revenue growth, confident statement, historically a statement like this hasn't been enough for PAYS to continue the upward momentum.

* SPIRAX SARCO (SPX) +2%; Expects to make further progress in 2017. has cash of 60mln. fx tailwinds of 8%. organic growth inline.as expected sales growth is better then same time last year. had a good run but should go a bit further.

* WILLIAM HILL (WMH) +2%; TS, positive start to the year, 24% increase in new accounts across Cheltenham and Aintree festivals, growth in wagering and net revenue across all four divisions particular strength in Australia, in line with market expectations for 2017.

* 4IMPRINT (FOUR) +1%; WINS traded c.480k yesterday, ongoing business. Revenue growth and order intake were both up 9% over prior year. See's FY in line with expectations.

* CAMBRIA AUTO (CAMB) +3%; H1 rev up 21%, div up 25%. New car sales -4.6%, however offset by increased margin per unit. Expecting FY slightly ahead.

* CELLO (CLL) UNCH; Trading statement, good start to year, strong outlook but key contracts aren't expected to hit until later in year. This is not expected to affect overall profits.

* CENTAUR MEDIA (CAU) -2%; Trading in line with expectations. Headwinds in print and digital advertising have continued. Net debt reduced, and cash flows has improved.

* CENTRALNIC (CNIC) +5%; +VE finals. All 3 divisions performing well. Continue to seek new M&A targets. Confident 2017 outlook.

* GB GROUP (GBG); Placing & Acquisition - 17m shs @ 340 via ABB. Funds raised will be used to purchase Postcode Anywhere (PCA) for £73.8m.

* GEAR4MUSIC (G4M) +2%; Strong finals Revs +58% EBITDA +115% to £3.6m. +VE FY18 outlook. Only -VE is that no div is to be paid due to the £5.3m property acquisition.

* HORIZON DISCOVERY (HZD) +10%; Strong uptake of gene editing products and services. 40% organic increase on '16.

* HYDROGEN GROUP (HYDG) UNCH; Acquisition of Argyll Scott (fellow recruiter) for £3.3m.

* INTERCEDE GROUP (IGP) UNCH; Further contract wins, this time with some rev detail. Combined with yesterday worth $1.5m over 5 years. Not world beating but +VE signs none the less.

* LIDCO (LID) UNCH; CE Mark granted for its latest product, which is to be presented at the ERAS World Conference. Apparently it has a striking new slim wide-screen monitor so should go down well.

* NON STANDARD FINANCE (NSF) UNCH; AGM Trading Update - In Line with management expectations & CMD.

* OPTIBIOTIX (OPTI) +3%; Signs licencing deal with Italian pharmaceutical firm Nutrilinea.

* OXFORD PHARMA (OXP) -10%; More disappointing feedback from FDA, however any share price fall will be mitigated by the co's cash balance which remains £21m.

* PURETECH (PRTC) +1%; Positive Phase 2b results from respiratory drug.

* RAMBLER (RMM) -10%; Mill feed grade less than guidance which will continue into Q2.

* RANDALL AND QUILTER (RQIH); Returning 5.2p by creation of an X share.

* REDSTONECONNECT (REDS) UNCH; Bookbuild to raise £6.5m @ 1.5p to fund aquisition of Anders + Kern. Proposing a 1:100 consolidation.

* SAREUM (SAR) UNCH; To present at BioTrinity.

* SEPURA (SEPU) +10%; Update. Secretary of State for Business is proposing to accept statutory undertakings set out, which would avoid the need to refer to competition authority.

* SOLO OIL (SOLO) UNCH; Update from Helium one in Tanzania (10% and option for 10%).

* STANLEY GIBBONS (SGI) -20%; Sale of loss making interiors division for £2.4m which will be used to pay down debt which is close to the limit of the facility. Improved annual cost savings since restructuring will be outweighed by the negatives of subdued current trading and potential lawsuits in the US and a counterclaim in the UK.

* THE PROP FRANCHISE (TPFG) -3%; In line but with slightly bearish note with fall of sales.

* TREATT (TET) +2%; Interims. Rev £51.8m vs £40.9m. PBT £5.5m vs £3.4m. Interim div 1.45p vs 1.35p. All key categories performing well, confident will meet its revised expectations, expect them to open up but will see profit taking after the run.

* TYRATECH (TYR/TYRU) -25%; Net loss at $2.3m despite increased sales. "...the company lacks the necessary resources from operating cashflow to fund the next phase of its growth...".

* WATERMAN (WTM) +70%; Recommended cash offer, 140p a share from CTI engineering. AB traction and Hargreave Hale agree to sell stakes (26.44%).

Mainfirst:
*ADECCO-NI 176m(172.5),Gross Margin 18.8%,Rev March/April +5/6%....+1.5%

*CBK-OP 314m(206.8),NI 217m(74),LLP 195m (196.5),CET1 12.5%.........+4%

*FRAPORT-Rev 592.6m(591.3),Ebit 55.1m (70.4 ,Ebitda 137.3m(152).....-1%

*ORKLA-Ebit 900m(886.4),PT 1.3b(1.26),Rev 9.08b(9.14),NI 1.1b......+1%

*ICA-Sales 25b(25),OP 996m(981),Slightly weak volume Development...-0.5%

*K&S-Rev 1.13b(1.14),Op Inc 137m(131.3),Confirms f/c for 2017......-0.5%

*PARMALAT-Rev 1.56b(1.54),Sales Grth 11% ,Confirms FY guidance......+1%

*ATLANTIA-Mulling €16 a share bid for Abertis (clse €16.4)-Press....-0.5%

*BILFINGER-Sees growth potential in Pharma Sector says CEO.........-1%

*UNIPER-Ebit 514m(504),NI 751m(377.5),FY Ebit .09-1.2b(1.11b)......+0.5%

*EON-Net Inc 525m(548.5),Ebitda 1.52b (1.57) ,Confirms FY f/casts....-0.5%

*GEA-Rev 1b(966.6),Ebitda 96m(97.5),Ebit 76.3m (63),o/lk mixed......-0.5%

*MUNICH RE-OP 952m(978.8),Comb Ratio 97.1%,NI 554m(622.1)..........-1%

*ELRINGKLINGER-Sales 433.3m(417),Ebit 37.9m (38.85),Confirms FY.....+3%

*SYMRISE-Sales 765.2m(768),Ebitda 165.5m (164.5),FY Confirmed.......-0.5%

*ENDESA-Net Income 253m(249.8),Ebitda 702m (711.4)..................-1%

*DIALOG-Rev 271m(246.13),GM 45.3%,Sees Q2 Rev 235-265m(251)........-1%

*PANDORA-Rev 5.16b(5.09),Ebitda 1.88b(1.79),NI 1.36b(1.26),SI 4.3%.+4%

*NETS-Rev 1.9b(1.86),Ebitda 626m(603),NI 202m (167.3),FY OR 5/6%....+2%

*BCO POP-Preparing to sell its 2.85% stake in Merlin Prop €150m....+1%

*ALSTRIA OFFICE-Sales 45.4m(46),Net 30.90m (26),FFO 18C(18).........-0.5%

*KOENIG & BAUER-Rev 259.1m(265),Ebit 5m (5.3) ,Margin 1.9%(1.9)......-1.5%

*ZALANDO-Rev 980.2m(981.8),Ebit 20.3m (26.2) ,Ebit Margin 2.1%.......-2.5%


JPM:
ADECCO +2%

EBITA 5.8% beat vs cons, debt lower

COMMERZBANK +2%

Op profit 10% ahead - driven by corp centre & non-core. CET1 10bp ahead

DIALOG -2%

Q2 Guidance miss - related to AAPL & power conversion biz

DONG

Placed at DKK270/Shr; 1.8% Below Close

EON -2%

Adj Net Income €525m v cons €548.5m

K+S -2%

Ex one offs, figs 2% miss vs cons

MUNICH RE -1%

Top line beat vs cons, combined ratio miss at 97.1% vs 95.2% cons

NETS +2%

Revs and EBITDA ahead vs cons. Raises FY EBITDA mgn guidance

PANDORA +5%

Revs & EBITDA ahead vs cons. Asia stronger, EU & UK weaker

SYMRISE unch

Q1 org growth +5.3% vs Cons +5.5%. Group margins 20bps above cons

UK UTILS -4%

Press discussing absolute price caps from Theresa May

UNIPER unch

Inline w JPMe

WILL HILL +1%

Groups rev growth +9% vs +6% expected.

ZALANDO unch

Q1 17 results at mid-point of recent guidance


N+1 Singer:
MICRO FOCUS (MCRO) Unch * Trading and transaction update / FY rev. within guidance of flat to -2%. Shareholders will also be asked to approve a $500m return of value via B shs.

RANDGOLD (RRS) Unch * Downgraded to Hold at Panmure Gordon. PT 6495p

UK 250

CLOSE BROTHERS (CBG) -0.25% * Cut to Underperform at Macquarie, PT 1430p

EUROMONEY (ERM) UNCH * Initiated with Neutral at UBS, PT 1135p

HENDERSON (HGG) +0.25% * Raised to Buy at UBS, PT 275p

HISCOX (HSX) -1% * Q1 written premiums rise 17.3%, London market faced challenging Q1, no improvement in big ticket rates so far in 2017

PAYSAFE (PAYS) UNCH * reiterates FY 2017 to see low digit organic revenue growth, strong cash conversion, strong start to 2017

SPIRAX SARCO (SPX) -1% * Organic growth views unchanged, 4 month op profit ahead on constant currency basis, against tougher comparatives for rest of year

WILLIAM HILL (WMH) +1% * Group rev up 9%, growth across al divisions, online gaming revenue up 8%, on track for £40m annualised cost savings, trading in line

SMALL CAP

4IMPRINT (FOUR) +1% *Says trading in first 4 months encouraging. Rev. growth and order intake in line+9%. Sees FY in line with views.

CENTAUR MEDIA (CAU) AGM/UNCH *Says Q1 tradingQ1 in line. Advertising remaining weak. Home interest sale progressing.

HSS HIRE GROUP (HSS) -1% *New Sell at Liberum, PT 46p

PURETECH HEALTH (PRTC) UNCH *Initiation of Phase 2b mTORC1 Inhibitors study in elderly patients at increased risk of respiratory tract infections.

SPIRENT (SPT) +1% *Raised to Buy at Citi, PT 145p

BEST OF AIM

CAMBRIA AUTO (CAMB) +7% * Strong interims see pbt +20% vs our exp +8%. We upgrade FY by 6%. (Note attached).

CELLO GRP) +2% *Positive AGM, says good start to year especially in US,

CENTRALNIC (CNIC) UNCH *Finals, rev. +113%, adj. EBITDA +68%. Confident outlook.

FRONTIER SMART (FST) -2% * Accounting adjustment sees £1.67m increase in loss from discontinued ops.

GB GRP (GBG) * Proposed £58m placing at 340p to fund £c74m acquisition of PCA Predict.

HORIZON DISCOVERY (HZD) +1% *Update on immune-oncology activities. Generated £1.5m of rev. YTD. Reiterates guidance of £30-35m of FY17 rev.

GOALSSOCCER (GOAL) Unch *Reassuring AGM update. Says trading in line and sales ahead of last year. No LFL figures given.

MYSALE (MYSL) UNCH *N+1 Singer upgrade EPS forecasts by 9.1%/11.8% in FY18/FY19. (Note attached)

OXFORD PHARMA (OXP) -10% * Update on OXPzero TM Ibuprofen programmes post FDA response.

WATERMAN (WTM) * Recommended 140p cash offer by CTI Engineering Co.

Exane:
Zalando (-) Q1 results broadly inline with mid-point at pre-release (but slightly behind consensus sitting above that)....-2%
Adecco - EBIT and organic growth solid.... +2%
Dialogue Semi Q1 - numbers a little weak, may reassure in conf call.....-2%
Endesa - weak numbers after strong performance....-2%
Symrise: Q1 in line... UNCH
Munich Re: Mixed... UNCH


Investec:
UK

* CENTRICA/SSE-May to enforce cap on energy bills(The Sun)........CNA-3%/SSE-1%

* GB GROUP-Placing of 17m shs @ 340p to fund PCA Predict acq's(closed 352p).-1%

* HASTINGS-GS Merchant Banking sells 35m shs at 300.5p(closed 309.5p).......-1%

* HISCOX-Update.Good start to yr led by HSX Investment.London 'challenging'.unch

* MICROFOCUS-Update.FY Rev within guidance.HPE software down.No upgrades....-2%

* MITIE-Appoints Derek Mapp as Chairman elect.Good track record.............+1%

* PAYSAFE-IMS.Trading remains in line, reits FY17 guidance.................unch

* SPIRAX-SARCO-Update.Strong #'s. FY ontrack. 1st to mention £ rally......-1-2%

* TREATT-H1.Number in line with March trading statement.Net debt better....unch

* WATERMAN GRP-Recommended 140p/sh cash offer from CTI.(closed 76.5p)....70-80%

* WILLIAM HILL-Update.net Rev +9%(exp +8%)Cost savings on track.............+2%

* VIRGIN MONEY-Sale of CoOp bank faltering(Times) VM/ possible buyer.......unch

EU

* ADECCO-Q1 revs 1% beat, revs +5-6% organically in Mar/Apr from +4-5%......+1%

* CBK-Q1 net €217m (est €74m), provisions in line, confirms FY..............+3%

* DIALOG SEMI-Q1 rev in line, Q2 guidance looks in line w/recent guidance...-1%

* ENDESA-Q1 net 1% ahead of ests, guarantees min €1.32 div (in line)........U/C

* EON-Q1 adj net inc 4% miss, keeps FY outlook, comment to follow...........-1%

* ICA-Q1 net sales in line,op profit small beat,slightly cautious comments..-1%

* K&S-Q1 rev in line, op income beats, confirms FY..........................U/C

* MUNICH RE-Q1 op profit 3% miss, cyclone Debbie cost €100m, confirms FY....-2%

* NETS-Q1 rev & profit beat,reit FY rev f/casts, poor performer since ipo...+2%

* ORKLA-Q1 revs slightly light,ebit/net inc ahead.Press spec on Sapa........+1%

* PANDORA-Q1 rev,ebitda,net all sml beat,reit o/look,US trade ‘difficult’...+2%

* SYMRISE-Q1 sales and ebita in line, confirms FY f/cast....................U/C

* UNIPER-Q1 ebit €514m, looks top end of ltd range, confirms outlook........+1%

* WM DEMANT-encouraging start to yr, ebit top half of range most likely.....+2%

* ZALANDO-Q1 rev in line, ebit low end, strong into number..................-2%


Berenberg:
ADECCO +1% revs beat est +7% , Italy surges

ALSTRIA OFFICE -20bp (yet to trade) solid Q1, recent acq €169m portfolio may lead to uplift

COMMERZBANK +2.5% 1Q big NI beat, driven by NII+trading line, & fees. CC 8am London

DIALOG SEMI -1% sees Q2 FY Gr Margin in line Q1

ELRINGKLINGER +1% Q1 revenue beat; EBIT in-line, guidance unch. We argue on a P&L basis the beat looks relatively weak

EO.N -50bp profits lower on Atomic outage & grid fees

FRAPORT -1% Q1 Ebit looks a miss

HAMBORNER +50bp Q1 in line, FY outlook reiterated, we think conservative

MUNICH RE -1.5% confirms est, Q1 combined ratio 97.1%

SYMRISE -50bp (scrap traded) Q1 3% underlying EBITDA miss.

organic growth in line; strong perform in Flavour & Nutrition, Fragrances soft.

ZALANDO -2% Q1 adj ebit misses, await comment


Commerz:
*AIR -0.1% More A400m military trouble

*AOX +0.2% 1Q net income doubles, rental revenues decline

*DLG -1.1% Q1 ok, Q2 outlook a bit soft, positive tone on 2017 unchanged

*EOAN +0.2% 1Q adjusted Net falls 20% to €525mn, missing estimate

*EVK +1.0% SocGen raises to Buy (Hold) – PT €36 (31.5)

*FRA –1.6% Confirms forecast, Q1 EBITDA misses forecast

*GBF -0.6% Sees growth potential in pharmaceutical sector

*G1A -0.2% Final Q1 in line with prelims, however, earnings quality looks poor

*MUV2 –1.4% Q1 with weak underlying

*SDF –0.6% Good start in Q1, outlook confirmed

*SIX2 –0.2% Hertz Q1 rather neg for segment but pos x-read from Europcar Q1

*SY1 -0.4% Solid Q1, strong Flavor/Nutrition, weak growth in S&C, outlook conf

*UN01 +0.8% Profit falls 41% as one-tzime trading effects don’t repeat

*WDL -0.6% Slow start to the year, growth still low

*ZAL -0.9% Final Q1 in line with prelims, sales good and clean margins improve

*ZIL2 +2.2% Q1 with lower margins and CF


CS:
AA UNCH CS INITIATE with NEUTRAL (Stiff headwinds)

Adecco +1% 1Q Net EUR176M Vs Net EUR144M

Aker Sol -3-4% Q1 miss driven by top line, gudiance in line

Alstria M/P Q1 revs inline, confirms guidance for 2017

Applus +1% Revenues 2% ahead of cons, guidance unchanged

Commerzbank +2-3% Q1 net and revenues better, slightly higher costs

Dialog -5-7% Revs inline, Q2 guidance poor

E.ON -1-2% Q1 Adj. EBITDA slightly light, net debt inline

Elringkling +2-3% Solid sales/EBIT and good order intake. Confirms FY targets

Endesa -1% EBITDA slightly light, net income slightly ahead

Europcar -1% Q1 Revs 0.5% light, confirms target for FY

Fraport -2% EBITDA €137.3m vs cons €153.8m, guidance unchanged

GEA Group +0.5% 1Q revs ahead but co not giving any guidance

Hiscox +1% Retail strong, London challenging

K+S AG UNCH Profit miss due to prices, 20m one off payment

Miners +1% Copper -0.10%, Brent +1.55%, Iron Ore -1.00%, China -0.30%

Munich Re -1% Profit 1.8% higher vs cons, net income 7% light

Orkla M/P Q1 revs 0.5% light, adj EBIT 1.5% ahead

Pandora +3% 1Q Revs 1% ahead, EBITDA 5% ahead, confirms outlook

Symrise -2% Numbers inline but guidance a little underwhelming

Unilever M/P FT spec that it is nearing a deal to sell spreads division

Will Hill +1-2% Online growth +9% and UK +11%

Zalando -2-3% Q1 Revs 980.2mln cons 981.8mln, guidance confirmed


Macquarie:
* CMC Markets CMCX-Welcomes outcome of BaFin consultation in Germany, Will comply with changes in full & no further changes required. Unch

* Hastings HSTG-Placing of 35m shs at 300.5p. (309.5p close). -2%

* Hiscox HSX-Strong start to year, GWP up 17% to £751.2m. Has a £9m provision due to Ogden. +1-2%

* IFG Group IFP- AuM increased 5% to £28bn. Legacy issue at James Hay has been addressed & expects to see improved financial performance from H2 2017. Unch

* INPP- Raised £330m via placing upsized from £250m, 3x oversubscribed. Unch

* Paysafe PAYS- Continues to perform Inline with mgmt expectations, reiterating 2017 FY Guidance. Strong start to 2017. +2%

* Unilever ULVR- Press Spec of being close to doing a deal on Spreads Business (was up c2% yday). +1%

* William Hill WMH-Online growth 9%, Retail net rev’s up 1%. Inline with expectations for 2017. +1%


Citi:
UK
* IHG - Marriot +5% after hours post Q1 beat and revpar raise +1%
* Severn Trent- Theresa May says Conservatives to introduce price cap -1%
* SSE - " " " " " " " " -1%
* Centrica - " " " " " " " " -1%
* Spirax Sarco- fy org growth guid unch,expects to make further progress unch
* William Hill- gp revenues/online beat, positive start to year +3%
* Micro Focus - sees revs within range of management guidance unch
* Hiscox - Q1 op profit in line,sees org revs in line with 2016 +1%
* Paysafe - cont's to perfrom in line,reiterates fy guidance +1%
* Grafton - 4m revs +5%,co cautious about UK prospects -2%
* Kingfisher - Grafton cautious about UK prospects,B&Q read across -1%

EU
* Commerzbank - Q1 net income/op profit beat,mix poor,costs higher -1%
* K&S - Q1 op income beat,ebit miss,confirms ebitda target -2%
* Fraport - Q1 ebitda/ebit miss,revs beat,confirms 2017 forecast -1%
* Aker Sol - Q1 revs/net income miss,still sees 2017 revs -10/15% -2%
* ICA - Q1 net sales in line,op profit beat,weak vol development -1%
* Adecco - Q1 revs/net income beat,price pressure to intensify +2%
* Alstria Off - Q1 revenues light,confirms 2017 guidance +1%
* Orkla - Q1 revs light,ebit/net income beat +1%
* Uniper - Q1 ebit/net income beat,confirms fy div plan/ebit guid unch
* Elringklinger- Q1 sales beat,ebit light,confirms 2017 guidance +1%
* EON - Q1 adj net beat,adj ebitda light,confirms fy forecast -1%
* Dialog Semi - Q1 revs beat,sees Q2 revs $235-265m vs cons $250m +2%
* Gea Gp - Q1 revs/ebit beat,ebitda light,gives no fy forecast +1%
* Pandora - Q1 revs/ebitda/net income beat,reits fy ebitda/rev guid +2%
* Symrise - Q1 sales light,ebitda in line,confirms fy forecast -1%
* Europcar - Q1 revenues beat,ebitda miss,confirms 2017 guid,had run -1%
* Koenig & Bau - Q1 sales/ebit beat,targeting ebit margin of around 6% +2%