London open: Footsie recovers early losses

11th Mar 2011 09:07

London is trying to stage a rally after the rout on Wall Street yesterday over the situation in Libya, sovereign debt in the eurozone and overnight a huge earthquake in Japan.Bus and train group FirstGroup remains on track to hit full-year to earnings and cash targets, but warns it's been a bumpy journey for the school bus business. The UK Bus division is expected to deliver like-for-like (LFL) passenger revenue growth for the year of 1.4%, while the UK Rail unit has performed above expectations, and is set to deliver LFL passenger revenue growth of 5.1%. Pub group JD Wetherspoon posted record interim sales but profits fell as a 'pernicious combination of increasing taxes and regulation', higher costs and higher interest charges took their toll. Pre-tax profits for the six months to 23 January fell 11% to £32.2m, in line with market forecasts. There is to be a new senior number cruncher at property giant British Land after finance director Graham Roberts announced his intention to stand down from the board at the end of June. Roberts spent nine years in the role. His replacement will be the deputy finance director, Lucinda Bell.Expensive cooker maker AGA Rangemaster dished up a big increase in profits last year as sales picked up during the second half. Profit before tax swelled to £19.9m from £0.5m the year before, though £16.3m of that was down to a one-off curtailment gain after the firm froze final salaries in the pension scheme. No problems with recession for the rich and famous or their suppliers such as posh handbag and accessory maker Mulberry, which now expects to beat market forecasts for the current year.Floor coverings group Headlam grew profits by over 13% in 2010 and has enjoyed a positive start to 2011. Profit before tax rose to £25m last year from £22.1m in 2009 on revenue up 0.4% to £535.7m, a good effort, Headlam said, given that indications were market size would keep falling.