London pre-open: Hesitant start in store

9th Mar 2010 07:43

Following a mixed performance by US markets yesterday London shares look set for a hesitant opening with the FTSE 100 tipped to ease by 8 points to dip back below the 5600 level. Shopping centre owner Liberty International is to split into two separate listed businesses, Capital Shopping Centres and Capital & Counties through a demerger. The group's central London focused property investment and development division will become Capital & Counties Properties while the shopping centre business will be renamed Capital Shopping Centres.Satellite communications service provider Inmarsat saw revenue and profits head skywards in the fourth quarter. Total revenue in the final quarter of 2009 rose 13% to $181.5m from $160.6m in the fourth quarter of 2008. EBITDA jumped 18% to $119.7m from $101.4m the year before.Lower copper prices hit Chile-based miner and railway owner Antofagasta's earnings last year. Net earnings fell to $668m compared with $843m in 2008 excluding one-offs on sales of $2.96bn, down from $3.37bn. Copper production was 442,500 tonnes, ahead of the original forecast for the year of 433,000 tonnes.Energy company International Power reported a slight increase in its full-year dividend but said its near-term performance will be impacted by weak market conditions in the US and the UK. The group declared a full-year dividend of 12.53 pence per share from 12.15 pence last time. Pre-tax profit rose to £718m in the year ended 31 December compared with £681m last time. Revenue came to £3,471m from £3,482m. Debt is down to £5.01bn from £6.32bn in 2008.Shanks said it has ended talks with private equity group Carlyle about a possible offer for the waste group. A final price indication of 120p cash per share was proposed by Carlyle, but Shanks said it was unwilling to recommend an offer at such a level.Difficult market conditions hit revenue and profitability at equipment rental group Ashtead Group but the company’s boss took comfort from his belief that the company is ‘clearly gaining market share’. Loss before tax in the three months to 31/1/10 was £15.7m, compared to a loss of £9.5m a year earlier. Over the first nine months of the company’s financial year it made a profit before tax of £2.9m, versus a profit of £30m the year before.