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U.S. stocks had a big rally after three days of consolidation leaving the major indexes close to years highs BOC Group Industrial reported a three percent fall in annual profits down to 418.9 million pounds with Analysts forecasts ranged from 400 to 420 million. Barratt Developments said that its strong sales performance had continued into its new financial year. He said sales reservations since July 1 had grown and that the firm had already secured over 70 percent of its projected sales for the full year. Marconi Corp said that half-year losses had narrowed from last year but its markets remained hard to predict. Its operating loss for the six months ended September narrowed to 149 million pounds from 485 million a year ago, helped by rising sales. Invensys selling a large chunk of its assets to tackle debt, posted a seven percent fall in first-half core operating profit at the lower end of forecasts. The company said its core operating profit for the six months to the end of September was 70 million pounds with analysts had forecast 69 million to 83 million. BT Group reported a two percent decline in second quarter turnover but said it would start a share buyback programme and boost its dividend. Reduced interest payments and cost cuts helped the company boost underlying earnings per share by 19 percent to 4.4 pence and underlying pre-tax profit by seven percent to 529 million pounds, both at the top end of expectations. They announced an interim dividend of 3.2 pence per share and said the full-year payout would represent 50 percent of earnings. Yell, yellow pages said its underlying first-half earnings rose 13.3 percent, leaving it on track to meet full-year expectations. Somerfield said its group like-for-like sales were up 0.9 percent in the first half, an improvement on the first quarter as store refits helped drive sales. Capital Radio reported an 18 percent drop in annual profits but said forecasts for December indicated six months of growth. Royal Mail back in the black in for the first time in 3 years with a profit of 3 million pounds. |
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