London pre-open: Footsie to edge higher

23rd Mar 2010 07:39

The leading share index is expected to move slightly higher in early dealings after a good showing from US shares overnight.Tobacco group Imperial Tobacco said trading for the financial year to 30 September 2010 has so far been in line with management's expectations. Its global strategic cigarette brands have performed strongly, the company said, with both Davidoff and West growing volumes.Insurer Legal & General said each of its businesses delivered higher profits and generated more cash in 2009 than in 2008 despite lower sales overall. The company's operating profit on an international financial reporting standards (IFRS) basis in 2009 jumped to £1,109m from a restated £592m in 2008.Cairn Energy has raised its forecast for peak production from its Indian assets by over a third to 240,000 barrels per day. The group posted net losses for 2009 of $60.7m against a profit of $440.0m on revenues of $170m, down from $299m. Profit after tax and before exceptional items was $52.7m (2008: $10.9m).Support services group Babcock is to take over rival VT Group after the two companies reached agreement on a tie-up after weeks of wrangling. The transaction will be worth about 735p for every VT share based on Babcock's latest closing price, comprising 361.6p in cash and 0.701 new Babcock shares, and values VT at about £1.33bn.