Date: Wednesday 26 May 2010
The mood is much better in London this morning after last night’s spirited fight back in the US, where a loss of nearly 300 points became one of just 22 by the close.Banks and miners are leading the recovery having been the worst affected by yesterday's sell-off. Lloyds, Royal Bank of Scotland and Barclays are all well ahead.
Kazakhmys and Rio Tinto are the best of the miners. Rio Tinto chief executive Tom Albanese upped the pressure on the Australian government over its proposed resources "Super-Tax" as he said it is the "number one sovereign risk" faced by the company anywhere in the World.
Cable&Wireless Worldwide, demerged from Cable & Wireless in March, posted earnings in line with forecasts and says market conditions are improving. EBITDA was up to £431m for the year to 31 March from £326m in 2009. Revenue was little changed at £2.265bn.
Luxury retailer Burberry revealed a 23% increase in full year adjusted pre-tax profit as it opened more shops and saw strong growth in raincoats and shoes. Profit rose to £214.8m for the year ended 31 March from £174.6m a year ago. Sales were up 7% to £1.3bn. The full year dividend jumps 17%.
Stockbroker and investment manager Brewin Dolphin saw profits and funds under management move ahead at the half-way stage. Interim profit before tax rose 37% to £15.2m, while total managed funds grew to £23bn at the end of March from £20.5bn at the end of last September. "At this stage there is every indication that the performance of our business will continue to be resilient," said executive chairman Jamie Matheson.
Cable&Wireless Worldwide, demerged from Cable & Wireless in March, posted earnings in line with forecasts and says market conditions are improving. EBITDA was up to £431m for the year to 31 March from £326m in 2009. Revenue was little changed at £2.265bn.
Luxury retailer Burberry revealed a 23% increase in full year adjusted pre-tax profit as it opened more shops and saw strong growth in raincoats and shoes. Profit rose to £214.8m for the year ended 31 March from £174.6m a year ago. Sales were up 7% to £1.3bn. The full year dividend jumps 17%.Stockbroker and investment manager Brewin Dolphin saw profits and funds under management move ahead at the half-way stage. Interim profit before tax rose 37% to £15.2m, while total managed funds grew to £23bn at the end of March from £20.5bn at the end of last September. "At this stage there is every indication that the performance of our business will continue to be resilient," said executive chairman Jamie Matheson.
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