London pre-open: Soft opening expected

16th Nov 2011 07:31

Despite staging a late recovery yesterday, London is set to resume its southerly course this morning, with City sources predicting the FTSE 100 will open down 33 points from yesterday's close of 5,517. Publishing and exhibitions giant Reed Elsevier said it on track to deliver 2011 adjusted earnings per share in line with expectations after a first nine months in which it saw underlying revenue growth of 1% from a year earlier. All five business areas achieved underlying revenue growth. "The overall improvement in Reed Elsevier's trading performance in the first half has continued," revealed Erik Engstrom, Reed Elsevier's chief executive officer.Quality and safety testing services provider Intertek said year-on-year organic revenue growth year-to-date has been in line with the situation at the half-year stage, at 8%. Despite the global economic turbulence, all divisions reported good organic revenue growth for the first ten months of 2011, the company revealed, with the Consumer Goods division seeing an improved performance after suffering a slow-down in growth in the first half.Inter-dealer broker ICAP said adjusted profit before tax edged up 2% to £186m in the six months to the end of September from £183m the year before, on revenue that was unchanged at £867m. "High volumes this summer, along with continued revenue and profit growth in our higher margin electronic broking and post trade businesses, offset lower volumes in some of our voice markets," said Michael Spencer, ICAP's chief executive officer.Aerospace and defence engineering firm Meggitt has been awarded two separate contracts, one of which is worth £13m.--jh