London open: Quiet opening for Footsie

9th Mar 2010 08:37

London has opened quietly with buyers content to watch the stream of results from FTSE 350 stalwarts.Shopping centre owner Liberty International is to split into two separate listed businesses, Capital Shopping Centres and Capital & Counties through a demerger.Satellite communications service provider Inmarsat saw revenue and profits head skywards in the fourth quarter. Total revenue in the final quarter of 2009 rose 13% to $181.5m from $160.6m in the fourth quarter of 2008. EBITDA jumped 18% to $119.7m from $101.4m the year before.Lower copper prices hit Chile-based miner and railway owner Antofagasta's earnings last year. Net earnings fell to $668m compared with $843m in 2008 excluding one-offs on sales of $2.96bn, down from $3.37bn. Copper production was 442,500 tonnes, ahead of the original forecast for the year of 433,000 tonnes.Energy supplierInternational Power reported a slight increase in its full-year dividend but said its near-term performance will be impacted by weak market conditions in the US and the UK. Shanks is the worst performer after it ended talks with private equity group Carlyle about a possible offer for the waste group. A final price indication of 120p cash per share was proposed by Carlyle, but Shanks said it was unwilling to recommend an offer at such a level.Difficult market conditions hit revenue and profitability at equipment rental group Ashtead Group but the company's boss took comfort from his belief that the company is 'clearly gaining market share'. The weakness of sterling helped engineering group Weir grow revenues in 2009 and post a record operating profit. Revenue in 2009 grew 3% to £1,390m from £1,354m in 2008, but was down in 7% in constant currency terms.Aviation and newspaper distribution group John Menzies said pre-tax profit more than doubled after it cut costs won new contracts.