London pre-open: London set to bounce back

18th May 2011 07:39

London looks set to claw back some of yesterday's losses, with City traders tipping the top share index will open around 50 points higher and move back above the 5,900 level.Credit checking firm Experian said it met or exceeded all financial objectives last year, as it unveiled a 14% increase in underlying profit before tax to $973m. Revenue from continuing activities was up 10% at constant exchange rates. Organic revenue growth was 8%. Total group revenue came to $4.2bn, up from $3.9bn the year before. Pharmaceuticals behemoth Shire is moving into the regenerative medicine market through the $750m acquisition of Advanced BioHealing,a US firm best known for its Dermagraft wound care product. Revenues at Cineworld took a sharp dive in the 19 weeks to 12 May, though that was more due to a lack of major releases than the impact of tough economic conditions. Total revenues were down by 8.9% from the same period the previous year, when sales were boosted by the 3D films Avatar and Alice in Wonderland.Engineering firm AMEC has agreed to buy US engineering and environmental services company MACTEC for $280m (£172m).---jh