News

London's top stocks are expected to open slightly lower Friday morning with traders predicting Footsie will shed 10 points in early dealings.

Specialist thermal processing firm Bodycote has announced the terms of its revised plans to return cash to shareholders. Shareholders will receive one "B" share each for every existing ordinary share held on 8 December which they can redeem for 40p cash, or they can forgo the "B" shares and take an equivalent amount in dividend payments instead.

Irish drug supplier United Drug reported a 13% jump in full year pre-tax profit but said it is facing a more difficult economic environment. "The group continues to see opportunities to expand the business, both organically and through acquisition, although we are facing into a much more difficult economic environment with continued uncertainty in global financial markets," said the group.

Theme park queue systems specialist Lo-Q has upped its forecast of profit this year thanks to a boost from the strength of the US dollar. Lo-Q, which supplies systems to theme park operator Six Flags in the US now expects results for 2008 "will be significantly ahead of market expectations, with profit before tax expected to be no less than £1.85m".

London based brewer and pubs group Fuller Smith and Turner hass nudged the interim dividend up despite a small dip in pre-tax profits. Profit before tax excluding exceptional items eased to £12m in the 26 weeks to 27 September from £12.1m in the corresponding period of last year.

West Coast Capital, the vehicle of Scottish entrepreneur Tom Hunter, has dropped its plans to bid for Flying Brands, the Jersey-based home shopping group. "Following West Coast Capital's announcement earlier today that it has been unable to reach agreement with the board of Flying Brands on the terms of a recommended bid for the company, the board confirms that it is no longer in talks with West Coast Capital or any other party regarding an offer for the company," Flying Brands said.

Power supplier to the electronics industry XP Power said trading since the half year has been satisfactory and it expects to meet market forecasts for the year ending 31 December. "Despite the economic outlook, I am happy to be able to announce that we remain on track for the full year," said chief executive Duncan Penny.

In the press, the Telegraph reported that last-ditch talks to rescue Woolworths are close to collapsing after the troubled retailer's lenders refused to sign up to a deal.