London pre-open: FTSE to regain some of yesterday's losses

23rd Mar 2012 07:28

City sources predict the FTSE 100 will open up 14 points from yesterday's close of 5,846, ignoring falls across the board in the US as it makes up for yesterday's losses which came on the back of poor Chinese manafacturing data. Surging online sales at collectibles dealer Stanley Gibbons drove top line growth in 2011 as the group continues its drive to become the eBay of the stamp-collecting world. Sales of £35.7m were up 35% on 2010's £26.4m and well ahead of expectations of £30.2m. Online sales accounted for £4.3m of that, up 72% from £2.5m in 2010. Adjusted profit before tax came in slightly ahead of expections of £4.98m at £5.2m, up 17% from 2010's £4.5m.UK- and Ireland-focused oil and gas group Providence Resources has announced that testing at its Barryroe well, offshore southern Ireland, has proven the reservoirs to be highly productive. The productivity of the the gas bearing interval on the 48/24-10z Barryroe appraisal well far exceeded expectations and had constrained the ability to fully open the well up to its maximum potential.Phoenix Group, the insurance consolidation company which has attracted the interest of private equity, reckons it is doing just fine as an independent company after a year of 'considerable progress' in 2011, though the group's finance costs remain a concern. Net income in 2011 declined to £6,490m from £7,543m in 2010, while profit before finance costs and tax dipped to £247m from £280m the year before. Those finance costs are not inconsiderable, however, clocking in at £251m in 2011 and £269m in 2010.