London pre-open: Footsie to resume rally

6th Aug 2009 07:54

Modest gains are expected from Footsie in early dealings after a slight fall yesterday.Insurer Aviva has cut its interim dividend by 31% and announced plans for a partial IPO of its Dutch business following a 14% drop in half year operating profit. IFRS operating profit fell to £1.05bn for the six months ended 30 June 2009 from £1.2bn in 2008, although profit after tax swung to a £747m profit from an £84m loss a year ago.Broadcaster ITV posted a fall in revenues and continued losses in the six months to June 30 as advertising revenues slumped. Pre-tax profits for the period totalled £105m, compared with £1.53bn over the same period the previous year as revenue slipped to £909m from £1.03bn.Food and household goods giant Unilever posted a fall in earnings as recession-hit shoppers cut back on branded products. While turnover at the maker of Surf washing powder and Knorr soups in the second quarter of 2009 climbed to €10.46bn from €10.37bn over the same period a year previously, pre-tax profits slipped to €1.20bn from €1.35bn.Non-life insurer RSA said it continues to deliver "robust results" in challenging conditions as it saw net written premiums rise slightly in the half year. But although net written premiums rose 4% to £3.5bn, it fell 2% in constant exchange rates. Operating result was also down 11% to £392m, while pre-tax profit slumped to £301m from £395m before.Defence firm Cobham saw profits and revenue surge for the half-year thanks to acquisitions made last year and favourable currency rates. The group also announced today that current chief operating officer Andy Stevens will become the new chief executive, succeeding Allan Cook with effect from 1 January, 2010. Satellite communications firm Inmarsat is on target for solid revenue growth this year following a strong half-year performance from the maritime business. Profit before tax for the six months ended 30 June 2009 jumped 10.5% to $97m following a 4.9% increase in revenue to $508.7m and lower operating costs.Fresnillo, the world's largest primary silver producer, said the board has approved the pre-feasibility study for the development of the first stage of Saucito project in Mexico. The Saucito project is located eight kilometres southwest of the Fresnillo mine and aims to be another world class silver mine.