London pre-open: Footsie to drop slightly

13th Oct 2009 07:36

London's top stocks are expected to open slightly lower after finishing at their best levels in over a year Monday. Traders see Footsie drop around 10 points.Whitbread reported a 10.4% drop in first half pre-tax profits but said it is now seeing an improving trend at its budget hotel chain Premier Inn. The group, which also owns the Costa Coffee chain, saw profit before tax and exceptional items fall to £110.5m in the six month ended 27 August compared with £123.3m last time. Total revenue was up 3.1% to £703.3m.Footwear to condom group SSL lifted underlying sales by 3% to more than £321m in the half year to September, helped by new products and good demand in Europe and the Far East. 'We are pleased with the first half performance. Housebuilder Bellway slumped to a full-year loss after one-off items, but it's maintained the final dividend and is keen to start buying up land, especially in the South East of England. Troubled broadcaster ITV is to raise £120m through an issue of convertible bonds as it reiterated it has no plans for a rights issue. International service company Serco Group announced that Chairman Kevin Beeston will step down the group's AGM in May 2010. The group said it will now begin the process of appointing a new Chairman.