London pre-open: Flat start in prospect

18th Apr 2011 07:53

Traders are likely contemplating why they did not stay in bed for an extra hour this morning as the market is flat and corporate news flow is thin.City sources predict the FTSE 100 index will open a couple of points lower at 5,994.Engineering software firm Aveva said it expects full year results to be in line with expectations after a good performance in Asia Pacific Oil and Gas and Power sectors. "The group has continued to perform well in its key vertical markets and geographies, consistent with the trends identified in January 2011," the group said in company update.Irish mining firm Kenmare Resources said its Moma titanium minerals mine is producing in line with expectations, while plans to increase total production by 50% in 2012 are on schedule. The company said revenue picked up in 2010 to $91.6m from $26.7m in 2009, while losses before tax narrowed to $16.33m from $30.35m, as prices for the company's products recovered rapidly during the course of the year.Banking software firm Gresham Computing reported improved first quarter pre-tax profit and revenue while it remains confident about its recently upgraded outlook. For the quarter ended 17 April 2011 pre-tax profit rose to £0.3m from £0.0m the year before. Revenue for the period rose to £2.5m from £1.9m. Adjusted EBITDA profit increased to £0.4m from £0.1m the same quarter a year earlier.