RAMSEY CROOKALL & CO
28 APRIL 2011 Midday Report
The FTSE 100 has opened little changed in early dealings.
Costa Coffee and Premier Inn owner Whitbread shrugged off the
economic difficulties said to be plaguing Britain as it upped
its dividend by 17% and announced plans to step up expansion plans.
Revenues in the year to 3 March were up by 11.5% from the previous
year to £1.56bn, with underlying pre-tax profits jumping by 20.1%
to £287.1m.
However, Whitbread said that like-for-like sales growth has been
slower so far in the new financial year and the shares have been
marked lower.
Financial Times publisher and education group Pearson said first
quarter revenue increased 9%, boosted by its education and publishing
division, and still expects margin and earnings growth in 2011. The
group, which has recently acquired a string of acquisitions including
US software firm Schoolnet, said revenue at constant currencies rose
10% to £1.03bn.
And, life assurance group Standard Life saw strong sales across its
long-terms savings business in the first quarter of 2011, while assets
under administration (AUA) edged higher on the back of a net inflow of
funds. “Demand for our market-leading products and services continues
to be good and has led to encouraging growth in customers, sales and
assets across the group. Total long-term savings new business sales
increased by 25% to £5.8bn (2010: £4.6bn),” the company said.
THE FTSE 100 AT NOON IS Down 5 @ 6063
THE DOW JONES CLOSED Up 95 @ 12,690
THE NASDAQ COMP CLOSED Up 22 @ 2869
Exchange Rates
GBP – USD 1.668
GBP - EURO 1.124
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