London midday: Stocks keep gains

18th May 2011 12:10

Stocks are holding onto their gains after a strong start.Property giant Land Securities towering above the rest of the FTSE 100 after it posted a sharp rise in profits and net asset value in the year to 31 March and predicted continued growth as the recovery proceeds. Pre-tax profits climbed to £1.227bn from £1.069bn the previous year, while the net asset value per share was up to 885p from 750p. Peer British Land is up in sympathy.Catering giant Compass posted a sharp rise in pre-tax profits in the six months to 31 March as it expanded in overseas markets while continuing to implement margin-boosting efficiency measures. Pre-tax profits climbed to £531m from £462m the previous year on revenues that climbed to £7.873bn from £7.104bn. Credit checking firm Experian said it met or exceeded all financial objectives last year, as it unveiled a 14% increase in underlying profit before tax to $973m. Revenue from continuing activities was up 10% at constant exchange rates. Organic revenue growth was 8%. Total group revenue came to $4.2bn, up from $3.9bn the year before. Pharmaceuticals behemoth Shire is moving into the regenerative medicine market through the $750m acquisition of Advanced BioHealing,a US firm best known for its Dermagraft wound care product. Also on the M&A front, engineering firm AMEC has agreed to buy US engineering and environmental services company MACTEC for $280m (£172m). Completion of the deal is dependent on regulatory approval and is expected by the end of June. In the FTSE 250, mother, baby and child retailer Mothercare revealed a whopping 23.4% drop in annual profit as it announced the closure of more than a quarter of its UK stores, but the shares are higher.The group, which issued a profit warning at the start of the year, said the downsizing of its store portfolio was in response to the ongoing challenging retail conditions. Underlying pre-tax profit fell to £28.5m for the 52 weeks ended 26 March 2011 from £37.2m the year before. Sales rose 3.6% to £793.6m. Revenues at Cineworld took a sharp dive in the 19 weeks to 12 May, though that was more due to a lack of major releases than the impact of tough economic conditions. Total revenues were down by 8.9% from the same period the previous year, when sales were boosted by the 3D films Avatar and Alice in Wonderland.French Connection is nursing losses even aftersSales in the first three months of the year rose 3.6% at the fashion retailer after strength in its wholesale business outweighed weakness in its UK retail market. Revenue in the UK/Europe retail division fell 1.8% from last year on a like-for-like basis after a weak February. However sales picked up from the start of the Easter holidays and in the lead up to the Royal Wedding. FTSE 100 - RisersLand Securities Group (LAND) 794.00p +6.22%British Land Co (BLND) 600.00p +3.81%Hammerson (HMSO) 480.00p +3.40%Eurasian Natural Resources Corp. (ENRC) 830.50p +2.98%Whitbread (WTB) 1,696.00p +2.98%Randgold Resources Ltd. (RRS) 4,738.00p +2.55%Capital Shopping Centres Group (CSCG) 399.00p +2.23%Lonmin (LMI) 1,516.00p +2.16%IMI (IMI) 1,029.00p +2.08%Cairn Energy (CNE) 428.80p +2.05%FTSE 100 - FallersSainsbury (J) (SBRY) 341.70p -3.67%Admiral Group (ADM) 1,708.00p -1.67%Scottish & Southern Energy (SSE) 1,310.00p -1.50%Compass Group (CPG) 571.00p -1.38%3i Group (III) 290.30p -1.29%Royal Bank of Scotland Group (RBS) 41.67p -1.02%BAE Systems (BA.) 334.30p -0.83%Burberry Group (BRBY) 1,328.00p -0.75%Serco Group (SRP) 549.50p -0.63%Capita Group (CPI) 714.50p -0.49%FTSE 250 - RisersCentamin Egypt Ltd. (CEY) 123.80p +6.91%Mothercare (MTC) 448.00p +5.36%Supergroup (SGP) 1,147.00p +4.27%Regus (RGU) 114.60p +3.99%Tullett Prebon (TLPR) 385.80p +2.63%Aquarius Platinum Ltd. (AQP) 334.10p +2.61%Great Portland Estates (GPOR) 416.40p +2.59%Anglo Pacific Group (APF) 293.00p +2.45%Afren (AFR) 149.10p +2.40%Premier Oil (PMO) 1,875.00p +2.24%FTSE 250 - FallersHome Retail Group (HOME) 211.50p -5.16%Aveva Group (AVV) 1,549.00p -3.19%Restaurant Group (RTN) 298.10p -3.15%Morgan Crucible Co (MGCR) 308.00p -2.90%Bellway (BWY) 721.00p -2.30%Carillion (CLLN) 386.70p -2.27%Rathbone Brothers (RAT) 1,177.00p -1.92%Ultra Electronics Holdings (ULE) 1,667.00p -1.88%Bodycote (BOY) 369.50p -1.81%CPP Group (CPP) 117.40p -1.76%