London pre-open: Dull start in prospect

23rd Jun 2009 07:30

London looks set to follow Wall Street and Asian markets lower at the outset, with dealers predicting the FTSE 100 will open around 20 points lower than the previous close of 4,234.Information conglomerate Thomson-Reuters has confirmed it is to delist from the London Stock Exchange and NASDAQ, while retaining its listings on the Toronto and New York stock exchanges. CEO Tom Glocer said UK shareholders now hold just 5% of the corporation's equity. Holders of the UK shares will receive common stock in Thomson Reuters Corporation on a one-for-one basis.Distribution and outsource specialist Bunzl is on track this year so far despite a downturn at its UK and Irish operations. "Despite a more difficult first quarter, overall trading is in line with full year expectations," Bunzl said.Aggreko, supplier of temporary power and temperature control, has maintained its guidance for the year, expecting profits in constant currency to be at similar levels in 2009 to those achieved in 2008. Headline revenues will grow by at least 20% and pre-tax profit will be 55% higher than last year. Printing technologies group Domino Printing saw a 19% fall in like for like sales on a constant currency basis at the interim stage, as the economic downturn took its toll. Reported sales fell 1% in the six months to 30 April to £124.3m from £125.9m the year before. Reported pre-tax profit tumbled 28% to £11.4m from £15.9m the year before, while underlying profit before tax fell 9% to £15.2m from £16.7m.Military decoy specialist Chemring saw half-year profits and revenues surge due to the strong performance by the Energetics division. Profit before tax rose 44% to £29.9m (2008: £20.7m) on revenue that jumped 55% to £233.5m. Interim dividend was raised to 14p from 10p in the same period last year. Power station operator Drax is to raise £100m through a placing to restore its credit rating after a recent downgrade by Standard & Poor's. The group will place 25.5m new ordinary shares, approximately 7.5% of Drax's existing issued ordinary shdnoare capital, through an accelerated book build today.