London pre-open: Subdued start in store

22nd Jun 2011 07:41

Hopes that the Greek government winning a vote of confidence overnight would put investors in an optimistic frame of mind look set to be dashed at the outset, with City traders suggesting the blue-chip index will open a handful of points lower.The government of George Papandreou secured 155 of the votes in the 300-seat Greek parliament in a confidence motion ballot. Victory was widely expected, however, and with the future of the administration secured - at least for a while - the hard work of pushing through austerity measures now begins.Back in London, the focus is on corporate news flow. An update from computer chip designer Imagination Technologies was a bit of a curate's egg. Sales were slightly short of expectations in the year to 30 April, but the company unveiled an impressive new target of annual sales of 1bn devices using its technology in five years. Revenue grew by 21% from the previous year to £98m. Analysts had been looking for a figure some £100m or so higher. Pre-tax profit rose to £16.4m from £10.2m.Aggreko, the Scottish company that is a global player in the temporary power market, has bagged a $37m 12-month contract with the Tanzania Electric Supply Company (TANESCO).Central London-focused property group Capital and Counties is set to submit planning applications for the Earls Court and West Kensington Opportunity Area in west London after two years of consultation.--jh