FTSE 100 movers: Compass lifted by margin gains

25th Nov 2009 15:12

Contract caterer Compass saw little growth in revenue when it declared full year results this morning, but pre-tax profit still showed a healthy rise on the back of a strong improvement in margins and currency gains. Pre-tax profit came to £773m, up from £566m last year, on sales of £13,444m, up 17.5% on a reported basis or up 1.3% on a constant currency basis.The London Stock Exchange is feeling the hot breath of competition down its neck and broker Merrill Lynch thinks the exchange is likely to lose more market share before new technology developments arrive to halt the decline. The exchange bought the MillenniumIT trading platform in October, and is steadily rolling it out, which could boost earnings over the long term. 'In the interim, we see risks that price competition and market share losses could increase pressure on earnings before revenues from new initiatives can pick up sufficiently to compensate,' Merrill Lynch analyst Martin Price said.The London Stock Exchange's first half pre-tax profit has been hit by increased competition and lower trading volumes. Profit before tax fell to £79.4m in the six month ended 30 September compared with £127m in the previous year on revenue down 9% at £310.9m.Weak car production and lower metals prices earlier this year took their toll on platinum refiner Johnson Matthey's first half, though it expects an improvement over the rest of the year. Pre-tax profits dropped 22% to £109.5m in the half year to September. Sales fell 18% at £3.6bn as a result of reduced activity and lower precious metal prices. Stripping out the impact of precious metals, sales were down 5% at £883m.FTSE 100 - RisersCompass Group (CPG) 428.20p +6.52%Whitbread (WTB) 1,345.00p +3.22%Randgold Resources (RRS) 5,185.00p +2.88%RSA Insurance Group (RSA) 122.50p +2.85%BHP Billiton (BLT) 1,906.50p +2.64%Lonmin (LMI) 1,803.00p +2.62%Cable & Wireless (CW.) 143.30p +2.58%International Power (IPR) 282.60p +2.54%FTSE 100 - FallersMan Group (EMG) 330.40p -4.92%Johnson Matthey (JMAT) 1,526.00p -4.09%Resolution (RSL) 86.60p -2.42%SEGRO (SGRO) 342.10p -1.81%Hammerson (HMSO) 415.00p -1.80%Standard Chartered (STAN) 1,608.00p -1.77%London Stock Exchange Group (LSE) 834.00p -1.53%Marks & Spencer Group (MKS) 383.70p -1.34%