London pre-open: US debt ceiling shadow looms

27th Jul 2011 07:40

The shadow of the US debt ceiling negotiations continues to loom over European markets, including London, where the Footsie is expected to open around 20 points lower.Cigarettes maker British American Tobacco saw interim adjusted diluted earnings per share improve by 10% to 96.1p from 87.1p the year before. The interim dividend has been hiked by 15% to 38.1p from 33.2p. Group revenue was up 2%, while organic revenue at constant rates of exchange grew by 7%.Revenue in the second quarter dipped at bluetooth chip specialist CSR fell 12.1% to $193.9m in the 13 weeks to 1 July from $220.7m the year before, in line with company guidance but higher than the market consensus forecast of $190m. The company expects third quarter revenues, excluding the imminent merger with Zoran, will be in the range of $200m to $220m.Accountancy software titan Sage said it has continued to deliver good growth despite an uncertain economic backdrop, and full year results should be in line with the board's expectations. Net debt at the end of June stood at £67m, down from £106m at the end of March.--jh