London pre-open: Orders lined up for opening time

11th Jun 2010 07:37

There is a bit of a beer theme ahead of opening time for London markets, with cask ale brewers Greene King and Fuller's both making a splash. Pub group and brewer Fuller's posted record profits last year as its managed pubs and hotels pushed forward with its brewing business also going well. Profits in the year to March jumped 86% to £26.8m, with underlying profits 17% ahead at £26.6m - well ahead of market forecasts. Revenues rose by 18% to £228m. Bury St. Edmund's based brewer and pubs group Greene King has bought four freehold pub restaurants from cash constrained competitor Punch Taverns for £5.3m. The pubs which are located in "highly attractive, food-led, destination sites in Aberdeen, Northampton and Nottingham," Greene King said.Real estate investment trust Hammerson has bought a long leasehold on Leadenhall Court, a City of London office building, for £65m including transaction costs. The building is fully let until March 2014. Passing rents are £7.16m per annum reflecting an initial yield of 11%.BHP Billiton chairman Jac Nasser has written to shareholders to restate the mining giant's opposition to the new super tax on the mining industry proposed by the Australian government. He said meetings with government representatives since the controversial plan was first announced on 2 May have been about how the tax would be brought in, not about its "major design features (and flaws)".City traders expect the FTSE 100 to open around 30 points higher.