London pre-open: Flat start expected

A flat start is expected from the Footsie as investors mull a series of updates from the retail sector.Pre-tax profits soared at Next in 2009 after the desperate consumer environment the fashion retailer feared at the beginning of the year failed to materialise. Pre-tax profits climbed to £505.3m from £428.8m the previous year on revenues that climbed to £3.41bn from £3.27bn.B&Q and Castorama chain owner Kingfisher raised its dividend for the first time in five years as profits bounced back in 2009. Debt also tumbled and the group has now expanded its capital investment plans. Chief executive Ian Cheshire said that while the group remains cautious on the outlook for consumer demand across Europe, "Recognising our improved profitability, cash generation and future growth prospects I am delighted that the final dividend payment will be increased, the first dividend growth for our shareholders in five years." Money raised on the London Stock Exchange's markets in the 11 months to end-February was down on the previous year's record levels, but March has seen some signs of improvement in the new issue pipeline. Money raised on the company's exchanges totalled £74bn. Around £54bn was raised on the London exchange, while in Italy the figure was £17bn.