London pre-open: Footsie to open down

1st Feb 2010 07:33

London's blue chips are expected to open slightly lower, with traders forecasting down 24 points in early dealings.Irish no-frills airline Ryanair's third quarter loss came in lower than expected and it upped its profit estimate for the full year as new routes meant yields fall by less than expected. Losses for the three months to December were €10.9m, compared with €101.5m last time, on revenues of €612m, up 1%. "Our Q3 results were marginally ahead of expectations as a better mix of new routes and bases meant that yields fell by 12% rather than the up to 20% fall we previously guided, Ryanair said. The chairman of Premier Foods will quit after six years at the helm of the Hovis to Branston Pickle maker. Kappler, the former HMV chairman, plans to step down later in the year, once his successor has been identified. Premier Foods said it has commenced a succession process.A ramp up in production during the last three months of 2009 helped Xstrata achieve record annual production of thermal coal, mined nickel, zinc in concentrate and lead metal. It reported stronger second half volumes of chrome, platinum, copper, semi-soft and coking coal, with a 'significant' rise in fourth quarter volumes across almost all commodities compared to third quarter. Consulting and business services group Mouchel has entered into an arrangement with its banks to ease the fixed charge cover covenant on its banking facilities. The group said it has taken the step as a 'precautionary measure.'Sausages, bacon and pork specialist Cranswick piled on the sales in the run-up to Christmas with total turnover up by 31% to £200m. Organic growth from the underlying business in the three months to December was 17%, with 14% growth from CCF Norfolk, acquired in June 2009.