London pre-open: Footsie to go sub-6,000

22nd Feb 2011 07:39

Yesterday's Libya-fuelled sell-off looks set to continue this morning with traders predicting the blue-chip index will open below the 6,000 level at somewhere around 5,980, 35 points below last night's close.Higher oil prices won't worry coal-fired power station operator Drax, however, though the chairman, Gordon Horsfield, did warn of "pressure on coal generation margins due to today's commodity market conditions," as he unveiled forecast-busting 2010 earnings.Drax's earnings before interest, tax, depreciation and amortisation in 2010 totalled £391m, up from £355m last year, and ahead of market expectations of £384m. Total revenue was comfortably ahead of market expectations at £1,648.4m, up from $1,475.8m; the market had pencilled in a figure of £1,426m.Specialist business publisher and trade events group Informa posted a sharp rise in 2010 despite flat revenues as it adjusted to the tough climate by consolidating publications, getting rid of marginal ones and reducing the scale of some events. Pre-tax profits rose to £125m from £96.5m the previous year on revenues that rose to £1.226bn from £1.221bn.The global economic recovery helped animal breeding business Genus lift revenues and profits in the half year to 31 December. The firm posted a pre-tax profit of £19.1m, up from £15.5m over the same period the previous year, on revenues that climbed to £153.2m from £134.9m.