Burkhalter Shares Rise on Forecast for Growth, M&A: Zurich MoverThomas Mulier
Burkhalter Holding AG rose the most in a month after the Swiss installer of electrical systems forecast higher 2013 earnings and said it’s selling new stock to fund acquisitions.
The stock gained as much as 7.1 percent to 339 Swiss francs, the steepest intraday gain since March 6. The shares were up 3.1 percent as of 2:47 p.m. in Zurich, where the company is based.
Burkhalter plans to raise as much as 25 million francs ($27 million) by selling new shares so it can fund takeovers and continue its dividend policy, the company said today in a statement.
“As the construction sector remains lively, the Burkhalter Group is optimistic about its future business performance,” the company said. “The group will again be able to moderately increase its profit in the 2013 financial year.”
Net income rose to 25.1 million francs in 2012 from 21.7 million francs in 2011, Burkhalter said. The company bought Ebnoether Elektro AG and Baertsch Elektro AG last year as part of its strategy to gain market share through acquisitions.