London pre-open: Greece measures boost markets

17th Feb 2012 07:32

City sources predict the FTSE 100 will open up 24 points from yesterday's close of 5,885, tracking gains in the US which rose to record levels on reports of measures by European leaders to prevent Greece defaulting on its debts. Instrumentation and controls group Spectris has hiked its dividend by one-fifth after a year of healthy cash conversion. Sales broke through the billion pounds barrier, rising 23% to £1,106.2m in 2011 from £901.9m in 2010. Organic sales growth using constant exchange rates was 15%. Adjusted profit before tax rose 45% to £191.6m from £132.3m the year before. Statutory profit before tax rose 38% to £166.0m from £119.9m in 2010.Mining giant Anglo American notched up record underlying earnings after delivering three major mining projects on or ahead of schedule in 2011. Group revenue including associate companies climbed 11% to $36.5bn from $32.9bn, while earnings before interest, tax, depreciation and amortisation (EBITDA) also moved up 11% to a record level of $13.3bn from $12.0bn. Profit before tax, which was subject to a number of one-off items, fell slightly to $10.8bn from $10.9bn the year before. Water supplier and waste water treatment group Severn Trent said that trading has been in line with expectations since October 1st, but full-year consumption levels across its measured income base are expected to be lower than last year, in line with the trend seen in the first half.