London open: Strong start for FTSE 100

18th Nov 2010 08:25

Shares have got off to a strong start as traders avert their eyes from the ongoing Irish debt saga and pay attention to today's stream of company updates.SABMiller is fizzing after a strong performance in all regions but Europe helped the brewing giant post a rise in profits in the half year to September 30. Pre-tax profits at the brewer of famous brands such as Miller and Peroni climbed to $1.69bn (£1.06bn) from $1.5bn over the same period the previous year as revenues rose to $9.43bn from $8.84bn. Business process outsourcing colossus Capita said revenue growth in the second half of 2010 has been subdued, but the bid pipeline is at a record level. The company said the pressures on public spending are having a bigger than expected impact on a small number of the group's trading activities than envisaged at the halfway point of the year. Anglo-Dutch publishing giant Reed Elsevier is trading much the same as it did in the first half, with subscription revenues constrained, and advertising, promotion and other cyclical markets continuing to stabilise. It reaffirmed predictions made at July's interims of a "modest" reduction in adjusted operating margin year on year due to a weak revenue environment and increased investment in legal markets. Engineering and project management company AMEC has won a double-headed contract from ConocoPhillips for oilfield services in the North Sea.In the FTSE 250, QinetiQ is on the attack after a sharp rise in half-yearly revenues at the defence technology group.Halfords back-pedals a little after the bike and car part retailer's results. The company reported a healthy rise in sales and profits in the 26 weeks to 1 October, but trading remains tough, with like-for-like sales under pressure.Car hire firm Avis said current trading has continued to improve and expectations for the remainder of the year are unchanged. Overall rental income for the 4 months to end of October was up 4.5% from the previous year, having been 1.1% ahead for the six months to 30th June, the group said.