London pre-open: Strong start expected

16th Mar 2010 07:34

Footsie is expected to open higher on the back of a strong performance from US shares late yesterday.Department store Debenhams said it saw a strong performance in the six months to 27 February as it continues its strategy of lifting margins and expanding market share. Gross transaction value was 1.7% higher than in the same period the previous year, Debenhams said, adding that like-for-like sales were up by 0.3%.International service company Serco announce the appointment of Alastair Lyons CBE as non-executive chairman. He joins the board of Serco with immediate effect as a non-executive director, and will take up the chairmanship of the company after the Annual General Meeting on 11 May 2010. Cost cutting helped security group G4S lift underlying earnings by 10% last year, though organic sales slowed and are expected to remain subdued. Organic turnover growth was 3.7% in 2009 down from 9.5% the previous year.Merchant bank Close Brothers reported a 50% jump in half year profits thanks to a strong performance in its Banking and Securities divisions. Operating profit before tax from continuing operations rose to £62.3m in the six month ended 31 January from £41.5m last time. Broker Numis Securities forecast that the group would announce a pre-tax profit of £54.6m.