London pre-open: Dull start for London

2nd Sep 2010 07:38

Despite the strong showing overnight by Wall Street and Asian markets London appears set for a subdued start, with City sources predicting the FTSE 100 will open down by around 16 points from yesterday's close.Global recruitment firm Hays saw a return to growth in the second half of its financial year, which softened the blow of a 53% slide in pre-tax profits. Profit before tax and exceptional items in the year to 30 June tumbled to £71.1m from £151m the year before, beating market expectations of £70m or less. The dividend pay-out has been maintained at 5.8p.Supermarket own brand products maker McBride shrugged off the challenge from promotions of branded products to post a sharp rise in profits in the year to June 30 as shoppers continued seeking the cheapest items. Pre-tax profits before exceptional items rose to £42.4m from £29.6m on revenues that rose to £812.2m from £792.4m.AstraZeneca has received approval from the European Commission (EC) for its schizophrenia and bipolar drug Seroquel XR as an add-on treatment for major depressive episodes where antidepressants haven't worked.Asia-focused oil and gas exploration and production company Salamander Energy said drilling is underway on its Dambus-1 exploration well in Indonesia.