London pre-open: Stocks set to open higher

1st Dec 2010 07:35

Undeterred by a soft showing on Wall Street last night UK stocks are set to open higher, with the Footsie expected to open up some 37 points firmer.Sage, the blue chip accountancy software firm, has posted a 14% increase in full-year underlying pre-tax profit thanks to the cost-cutting drive, mostly in North America. Profit before tax, with foreign exchange impacts neutralised, for the year ended 30 September rose to £355.7m from £311.1m in 2009. It was up 5% excluding last year's restructuring costs. Holiday firm Thomas Cook said winter bookings are going well after a year in which profits were blighted by the volcanic ash cloud in April. Adjusted underlying profit before tax in the year to 30 September was in line with market expectations at £277.0m, down 6.1% from £294.9m the year before. Prudential chief executive Tidjane Thiam has made Asia the cornerstone of a plan to drive the life insurance group's profits strongly 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 pre-tax operating profit of £465m by 2013.State-owned lender The Royal Bank of Scotland Group has completed the sale of its Global Merchant Services business. The business has been sold to a consortium of Advent International and Bain Capital following regulatory and other approvals.