London pre-open: Cautiously firmer start expected

16th Jul 2009 07:38

Having risen for three days in a row London looks set to extend its winning streak following the strong showing last night from US markets. City traders expect the FTSE 100 index to open around 7 points higher at 4,353.Data search software firm Autonomy reported record revenues and profits for the second quarter. Adjusted profit before tax rose to $89.6m from $50.8m the year before. Revenues rose to $195.2m from $125.7m. Pubs group Enterprise Inns said its underlying trading performance appears to be stabilising, with the rate of decline in beer sales reducing. Currently 6100 pubs, 81% of the group’s estate, are let on substantive agreements and are delivering net income down by less than 3% year on year. The cash strapped operator said its debt reduction programme continues in line with expectations.Sports retailer Sports Direct said its ‘back to basics’ approach was yielding results as it posted a rise in revenues though profits fell. In the year to April 26, revenue climbed by 8.6% to £1.37bn, while underlying pre-tax profits fell by 20.2% to £68.2m. Like-for-like sales in the UK climbed by 2.5%. International sales were up by 32.3% to £102m.Mothercare posted a healthy rise in sales over the first quarter as shoppers flocked to the baby products retailer’s summer sale. Total sales climbed by 9.4%, with UK like-for-like sales up by 5.1%. The firm said it was helped by strong performances from Early Learning Centre franchises in Mothercare stores and strong sales from Direct, the online division. International sales rose by 32.7%.Engineer and construction contractor Balfour Beatty has reached financial close on a £176m public/private partnership (PPP) contract with Cumbria County Council.Mexico-based silver miner Fresnillo reported a record quarterly attributable silver production of 9.6 million ounces, up 6.7% from last year, and said it remains confident of achieving its full year 2009 production target levels.Advertising firm Aegis has named Nick Priday as chief financial officer with effect from 1 September.