London pre-open: Flat start expected

1st Oct 2009 07:42

After celebrating the biggest quarterly rise in its history yesterday the Footsie seems reluctant to move at all at the start of the new quarter, with traders predicting a flat opening.Interdealer broker ICAP expects revenue to increase by about 6% in the half year ended 30 September 2009, but profit before tax, amortisation and impairment of intangibles arising on consolidation and exceptional items to be slightly lower than last year. Profit for the year ending 31 March 2010 is anticipated to be in line with current analysts' expectations of £309m-354m.Concerns that the hot summer might have slowed the growth of Domino’s Pizza proved unfounded as the company boasted of an exceptionally strong third quarter. ‘As a result of strong trading in the third quarter, the board believes it is on track to exceed market expectations for the full year,’ said Chris Moore, chief executive of Domino’s Pizza.Sales volumes and turnover are ahead of forecasts at Scottish dairy group Robert Wiseman, leaving it confident that half-year profits will beat expectations. Overall milk sales volumes are up over 10% on last year, thanks to an increase in supplies to the Co-operative Group in June following the collapse of Dairy Farmers of Britain.Stockbroker and fund manager Brewin Dolphin said third quarter performance has been strong and results for the full year should be at the upper end of the board’s expectations.Specialty chemicals firm Johnson Matthey said it has bought the assets of Applied Utility Systems from Catalytic Solutions for $8.5m in cash plus $1.5m subject to certain contingencies.