RAMSEY CROOKALL & CO
MIDDAY REPORT
2 DECEMBER 2010
Shares have got off to a good start as traders continue to hope for action on the eurozone debt
crisis.
TUI Travel moves ahead after it increased underlying pre-tax profit by 4% to £337m during the year
to September, but the UK proved a drag and is only just coming back, with positive trends continuing
into winter 2010/11 and next summer. Revenue fell 2% to £13.5bn. The increase in profit was driven by
integration synergies, the recovery of scheduled flying losses in Germany and the strategic venture in
Canada, partially offset by weaker trading. TUI’s peer Thomas Cook is in demand after falling yesterday
on the back of its numbers.
Soft drinks group Britvic has gone a bit flat even though full-year profits were higher as sales
continued fizzing in spite of subdued economic conditions. The company, which sells its own brand
of juice and distributes Pepsi in Britain, posted a pre-tax profit of £109.1m in the 53 weeks to
October 3, up from £104.6m the previous year. Revenues, excluding the impact of the acquisition of
Britvic France in May, were up to £1,138.6m from £1,121.1m.
Telecoms firm Cable & Wireless Communications (CWC) is set to acquire a controlling interest in
the Bahamas Telecommunications Company (BTC). CWC will buy a 51% interest in the government-owned
BTC, subject to necessary consents and other regulatory clearances, for $210m. BTC is being acquired
with $15m of net cash on the books.
Finally, Desire Petroleum has gushed ahead after saying it has found oil in the treacherous waters
off the Falkland Islands, according to preliminary data collected from Rachel North exploration well
14/15-2. The well in the North Falkland Basin reached a total depth of 3,052 metres, and drilling data
and other tests indicate the well encountered a 349 metre gross interval of sands and shale with
hydrocarbons, of which 57 metres is net pay in multiple zones.
THE FTSE 100 AT NOON IS UP 38 @ 5681
THE DOW JONES CLOSED UP 249 @ 11,255
THE NASDAQ COMP CLOSED UP 51 @ 2549
Exchange Rates
GBP – USD 1.55
GBP – EUR 1.18
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