GL Events: share up 2%, with analysts welcoming results.
(CercleFinance.com) - The GL Events share is up almost 2% this afternoon, after the group published robust 2016 results a few years ago.
The holding of major events (Euro football competition, the Olympic Games in Brazil), coupled with the continuation of cost adjustment programs has benefited profitability, observes broker Portzamparc, which was pleasantly surprised by the group's underlying operating profit, which came in at 79.3 million euros, 7 million euros above expectations.
Portzamparc also welcomed the 700 basis points increase in the group's underlying operating margin to 8.3%, as a result of a 5 million euro fall in external purchases and expenses and a contained increase in personnel costs (+1.7%), along with lower levies and tax, with exemptions on the Olympic Games.
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