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BUZZ-Berendsen: worst day in nearly 5 yrs on slower rev growth rate
July 29, 2016 / 8:46 AM / a year ago

BUZZ-Berendsen: worst day in nearly 5 yrs on slower rev growth rate

** Commercial laundry company Berendsen -5.5%, 3rd top FTSE midcap loser & on track for worst day since Oct 2011 as it trades down from its life high

** Results indicate slower rev growth rate of 3% in Q2 vs 3.6% in Q1, RBC Capital Market writes, adding that it was expecting growth rate of 3.5% in Q2

** Co says good rev, vol growth in Q1 in hospitality business faded in Q2 (business part of flat linen unit, which RBC says saw weaker-than-expected Q2 performance)

** Co also plans to deal with Brexit-related uncertainties

** More than 1/2 30-day avg vol on stock

** Two analysts also note stock fully-valued as co up 24% YTD (even saw post-Brexit gains due to defensive nature) vs -1% for broader FTSE 250 index

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