RAMSEY CROOKALL & CO
EVENING REPORT 9 MARCH 2011
Insurer Prudential was in demand after saying it made 20% more in 2010 than it did the year
before as Asia raced ahead of the US as the UK company’s biggest earner. Group operating
profit before tax on a European Embedded Value (EEV) basis jumped to £3.70bn in 2010 from
£3.09bn the year before.
Africa-focused oil company Tullow Oil ramped up profits in 2010, broadly in line with City
expectations, as oil prices jumped by almost a third, but the shares are lower today. Profit
before tax soared to $152m from $33m in 2009 and rose 137% to $73m after taxes. Sales revenue
was 19% better at $1.09bn.
Elsewhere in the oil sector Heritage Oil continued to benefit from the bid rumours that
were circulating about the company yesterday.
Banks are never far from the headlines and after bonus payments to Barclays' Bob Diamond and
yesterday's disclosure of RBS chief Stephen Hester's incentives for 2010, Lloyds is in the
spotlight today. Chief executive António Horta-Osório has stamped his authority with a
shake-up of the retail bank and insurance divisions and the departure of two senior directors.
Investors had an appetite for The Restaurant Group after today’s update. Tourists flocking
to its Garfunkel’s outlets in Central London helped it come through the weather, ash clouds
and recession last year in decent shape. Profits in 2010 rose by 17% to £56.5m, from
£48.3m, on revenues up 7% at £466m. Like-for-like sales fell by 1%.
Finally, sportswear retailer Sports Direct said that the Serious Fraud Office is no longer
investigating any individuals employed by the firm in respect of alleged price fixing
activities back in 2009.
THE FTSE 100 CLOSED DOWN 37 @ 5937
THE DOW JONES AT 4.30 IS DOWN 9 @ 12,205
THE NASDAQ COMP AT 4.30 IS DOWN 17 @ 2747
Exchange Rates
GBP – USD 1.6165
GBP - EURO 1.1625
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