News

London's top stocks are lower in early deals on what could be the busiest reporting day ever.

A raft of companies have announced results to keep in line with a rule change that requires companies to release interims before the end of August.

Kazakhmys is the biggest faller so far as poor weather and changes in the timing of sales hit first half revenue and earnings at the miner. Iron ore pellet producer Ferrexpo on the other hand had a sparkling first half, with revenue and earnings sharply higher.

Tour operators TUI Travel, Thomas Cook and German airline Lufthansa are in "early discussions" to merge Condor, Germanwings and TUIfly Germany.

Full year earnings came in weaker than expected at Guinness brewer Diageo due to rising costs and lower consumer spending. Earnings per share for the 12 months to 30 June rose 7% to 59.3p, shy of forecasts

Engineering and project management firm Amec raised its margin target for 2010 and said it saw record trading performance in the first half with continuing strength in energy end markets.

The acquisition of rival Alfred McAlpine helped construction and support services firm Carillion post first half results slightly ahead of expectations.

Oil and gas exploration and production company SOCO International is once again generating operating cash inflows after selling its sole producing asset earlier this year.

Profit before tax from continuing operations fell 29% to £3.6m at Branston pickle and Hovis bread Premier Foods in the first half.

Soaring fuel costs have sent Aer Lingus into the red at the half way stage and the Irish low cost airline expects to report a loss for the full year.

Marketing communication firm Aegis has achieved a "good" result for the half year but said the trading environment is becoming tougher with its revenue outlook for the second half less certain.

High oil prices and an increase in production sent first half net profit up to $71.2m at Premier Oil, 247% better than the previous year.