RAMSEY CROOKALL & CO

MORNING REPORT

31 AUGUST 2010

London has been dragged lower by last night’s slump on Wall Street, where the Dow Jones fell 140 points as traders digested disappointing personal income and spending data.

Bunzl is one of the better performers after half-year results bang in line with expectations. A recovery in North American revenues offset ongoing weakness at the distribution and outsourcing group’s business in the UK & Ireland. Profit before tax, intangible amortisation and acquisition related costs increased 8% to £125.1m.

Elsewhere, BTG, the specialty pharmaceuticals outfit, expects product revenue to be higher than expected this year after doing a deal to become the sole supplier of a pair of life-saving drugs from 1 October. Nycomed US Inc’s contract as the exclusive distributor of CroFab and DigiFab in the US expires on 30 September, but it’s allowed to keep selling whatever supplies it has left for another six months.

And Online gaming giant 888 Holdings' trading in August has been significantly stronger than in July but it was not all good news for shareholders, as the company cancelled its interim dividend. Total operating income in the first half of 2010 rose to $130.2m from $117/9m the year before. Underlying earnings tumbled to $12.6m from $20.6m.

THE FTSE 100 AT 9.30 IS DOWN 46 @ 5155

THE DOW JONES CLOSED DOWN 140 @ 10,009

THE NASDAQ COMP CLOSED DOWN 33 @ 2119

Exchange Rates

GBP – USD 1. 5424

GBP – EUR 1. 2163