FTSE 100 movers: Cost cutting helps Sage

1st Dec 2010 13:20

Accountancy software provider Sage is the best performer in the Footsie following its full year figures. Sage reported a 14% increase in underlying pre-tax profit thanks to cost-cutting. Profit before tax, adjusted for foreign exchange movements, rose to £355.7m in the year to September 2010, from £311.1m in 2008-09. It was 5% ahead if last year's restructuring costs are excluded. Prudential chief executive Tidjane Thiam has made Asia the cornerstone of a plan to drive the life insurance group's profits forward over the next two years. Thiam, who failed to conclude a deal to buy the Asian business of US firm AIG earlier in the year, has projected the Pru's Asian arm will double its 2009 operating profit of £465m by 2013. Royal Bank of Scotland has completed the sale of its Global Merchant Services business to a consortium of Advent International and Bain Capital following. Utilities dominate the fallers with five out of the ten worst performers. National Grid and Severn Trent leas the way down. FTSE 100 - RisersSage Group (SGE) 271.10p +5.36%Royal Bank of Scotland Group (RBS) 39.50p +5.08%Lloyds Banking Group (LLOY) 63.44p +5.02%Prudential (PRU) 596.00p +4.93%Xstrata (XTA) 1,353.50p +4.76%Kazakhmys (KAZ) 1,448.00p +4.47%Intertek Group (ITRK) 1,890.00p +4.19%Petrofac Ltd. (PFC) 1,446.00p +3.95%Amec (AMEC) 1,122.00p +3.79%RSA Insurance Group (RSA) 124.60p +3.75%FTSE 100 - FallersNational Grid (NG.) 551.00p -2.99%Severn Trent (SVT) 1,408.00p -2.63%BAE Systems (BA.) 326.50p -1.15%Cobham (COB) 190.60p -0.88%United Utilities Group (UU.) 591.50p -0.84%TUI Travel (TT.) 209.60p -0.66%Capita Group (CPI) 648.00p -0.61%Scottish & Southern Energy (SSE) 1,116.00p -0.36%G4S (GFS) 237.40p -0.21%International Power (IPR) 406.70p -0.20%