London open: Footsie struggles as Japan news worsens

16th Mar 2011 08:54

Hopes of a rally after a bounce in Tokyo overnight have been dashed by more worrying news from the crippled Fukushima Dai-ichi nuclear plant.A fire at the plant's fourth reactor sent radiation levels soaring and forced what few workers are left battling the potential disaster to retreat. Japan's Emperor Akihito made a rare public statement and said he was "deeply worried" by the situation at the Fukushima Dai-ichi plant. In the UK, there has been a brace of executive departures in the leisure industry with the chief executives of hotels group Intercontinental Hotels and pubs group Mitchells & Butlers settling their tabs and moving on.InterContinental Hotels' chief executive Andrew Cosslett shocked the Crowne Plaza and Holiday Inns chains owner by handing in his notice. Long-serving Cosslett will stand down on 30 June to be replaced by finance director Richard Solomons, who has been on the board since 2003. Solomons is also head of Head of Commercial Development.Mitchells & Butlers said chief executive, Adam Fowle, is to leave the company by mutual consent after a period of two years in the post.Elsewhere in the pubs sector, the food offering at Marston's is defying consumers' attempts at belt tightening. The company said it has "delivered an encouraging and robust performance despite the continued economic uncertainty" in the 23 weeks to 12 March, with profitability in line with expectations.Sausage roll fans filed into Greggs in record numbers during 2010, pushing profits up almost 8%, and like for like sales growth so far in 2011 is double what it was for all of 2010. The Newcastle-based company, which runs over 1,480 value bakers shops up and down the country, made £52.5m in the 52 weeks to 1 January, a record high and up from £48.8m in 2009.It's a case of 'chips with everything' for Imagination Technologies, which continues to see growing demand for its graphics chip technology, though its Digital Audio Broadcasting division, PURE, is finding things a bit tougher. Venerable Witan Investment Trust, founded 102 years ago, showed there is still life in the old dog as it outperformed its benchmark index in 2010. Net asset value (NAV) total return in 2010 was 18.9%, compared with a return on the trust's benchmark index of 15.5%.Fashion retailer French Connection made even more in the 12 months to 31 January than the hefty increase promised at last month's trading update. Profit before tax from continuing operations leapt to £7.3m from £0.7m the year before. It had predicted "at least £6.8m" in February. Sales rose 2% to £205m.