London pre-open: Early dip expected

Footsie is expected to slip back even after the Dow Jones in the US closed at an 18-month high.

Bakery and sandwich chain Greggs saw full-year profits come in slightly better than expected and said it is well placed to achieve a year of further progress in 2010. Pre-tax profit came to £48.8m the 53 weeks ended 2 January 2010, from £49.47m the year before. The market consensus for pre-tax profit was £46.43m.

Things started looking up for estate agent Savills in the second half of 2009, particularly in the Asia Pacific region and in the UK residential market. The company's revenue eased to £560.7m in 2009 from £568.5m in 2008, with all business activities showing a decline except for Property Management, where fees earned rose 12.4% to £215.2m from £191.4m the year before.

SIG, which supplies insulation, roofing and specialist construction products, sustained a sharp fall in profits in 2009 amid a severe downturn in the construction sector. Underlying pre-tax profits fell to £60.6m from £137.3m the previous year as sales dropped to £2.74bn from £3.05bn.

Electronic components distributor Premier Farnell reported full year sales and underlying profits for fiscal 2009 that were slightly ahead of expectations after a return to year on year growth in the fourth quarter. Revenue for the year to end-January fell 10% to £795.3m from £804.4m in 2008 but was ahead of market consensus of £784.6m.

Power systems developer Rolls-Royce has won its second contract in two years from the Gas Authority India Limited (GAIL). The UK company has won a $90m contract to supply four RB211 packages to be used on the 500 kilometre Vijaipur-Dadri Bawana pipeline running from Vijaipur to Dadri. The award of the contract follows on from a $130m contract from GAIL in 2008 for six RB211 packages.