London pre-open: Flat start in store

1st Sep 2011 07:17

The top-share index is expected to start virtually unchanged, despite another good day for the Dow Jones yesterday in the US.Wealth management firm Hargreaves Lansdown saw underlying profit before tax rise 42% to £129.0m in the year to the end of June from £90.7m the year before. Revenue advanced 31% to £207.9m from £159.0m. Total net business inflows of £3.5bn were up 6% on last year. Slimmed down pubs group Punch Taverns said trading in its fourth quarter was in line with expectations. Like-for-like (LFL) net income in the 12 weeks to 20 August was down 5.0% on the year before, when the World Cup boosted takings. The core estate saw LFL net income decline 2.4%. Over a 52 week-period, average net income per pub rose 0.9%.The Spirit Pub Company, which recently demerged from Punch Taverns, saw like-for-like sales rise 3.8% from a year earlier in the 12 weeks to 20 August in the managed estate. Food sales were up 7.9% year-on-year and drink sales were up 1.2%. Things were less cheery in the leased estate, where net income was down 3.3% from a year earlier.