London open: Steady start for Footsie

2nd Mar 2010 08:40

Footsie has edge higher in early dealings following a strong showing from Wall Street yesterday.After recent slew of results from the Footsie heavyweights it is the mid-caps dayPersimmon completed 8,976 house sales last year and the housebuilder has seen a 7% increase in sales and steady prices since the start of this year. The number of legal completions was down 12% on the 10,202 achieved in 2008, but in line with the figure flagged in an update in January. The average selling price dropped to £160,513 from £172,994.Irish bookmaker Paddy Power's results last year reflected how well the punters did with profits lower despite revenues rising slightly. The bookie says things are more even this year, despite the bad weather hitting the number of events.Strong demand for the latest home entertainment products despite the economic downturn helped set-top box supplier Pace post a sharp rise in profits in the year to December 31. Pre-tax profits climbed to £69.9m from £13.1m the previous year on revenues that rose to £1.13bn from £745.5m.Engineer and ceramics group Cookson reported a 57% slump in full year headline pre-tax profit but expects its performance to 'recover significantly' in 2010 as end markets improve. Ground engineering specialist Keller suffered a 34% slump in profits in 2009 and is yet to see any sustained upturn in orders. Oil services firm Wood Group pointed to a sharp reduction in development activity as it posted a fall in profits in 2009. The Aberdeen-based group posted a pre-tax profit of $264.8m for the year, down from $384.1m the previous year as revenues fell to $4.92bn from $5.24bn.Aerospace and defence systems group Meggitt posted a 3% dip in annual operating profit but expects to return to growth in the second half of 2010. Insurance broker Jardine Lloyd Thompson made a bit more than expected in 2009 and smashed revenue forecasts, led by its Risk & Insurance businesses.Sportswear retailer Blacks Leisure has scrapped its planned £20.3m fund raising after rival and 28.5% shareholder Sports Direct indicated it might make a bid.Among the Footsie companies that are reporting, motor insurer Admiral reported record profits and sales in 2009, but cautioned conditions will remain challenging for its price comparison site Confused in 2010 as competition increases. Profit before tax at £215.8m was 7% ahead of 2008, while turnover rose 18% to £1.08bn.Fresnillo, the world's biggest primary silver producer and Mexico's second largest gold producer, more than doubled profit after tax in 2009 on higher metal prices and record silver output.