Flying Brands Share News (FBDU)

Footsie has moved higher as retailers come into focus on a busy day on the company news front.Tesco reaffirmed its position as the UK's supermarket powerhouse as profits last year surged to nearly £3.2bn with underlying growth of more than 10%. Total sales in the year to end February rose by 6.8% to £62.5bn stripping out petrol. Including fuel, the underlying growth rate rises to 8.5%.The Primark clothing chain was once again the star of the show as Associated British Foods reported better than expected first-half profits. Group pre-tax profit came in at £330m in the 24 weeks ended 27 February compared with £178m last year and better than expectations of around £317m. Luxury fashion label Burberry expects to post pre-tax profits ahead of expectations for the year to March 31 after shoppers rushed to stock up on fashions for the coming spring and summer. The outfitter famous for the checked pattern displayed on its clothing said sales totalled £327m in the fourth quarter, compared with analysts' estimates of about £310m, taking Burberry's sales for the half year period to £707m.Online fashion store ASOS gave mixed update. Sales continued to slow in the final weeks of the year to March, though a pick-up in April means it is now more confident over 2010 than previously. Shares in flowers and gifts retailer Flying Brands slumped 26% after it warned that meeting company profit expectations for the year will be a considerable challenge, after continued pressure at its Garden division. Away from retail, Royal Bank of Scotland continues to improve on hopes that the problems afflicting Goldman Sachs could mean it get a windfall. Other banks are also higher on hopes that Goldman could have its wings severely clipped by the current fraud allegations. Tullow Oil said its Dahoma-1 exploration well in the West Cape Three Points licence only encountered water bearing reservoirs. Angus McCoss, Exploration Director, said: "Dahoma-1 is the first of 12 wells in our deepwater Ghana Exploration and Appraisal campaign not to encounter hydrocarbons." Lager firm SABMiller's financial performance for the year remains in line with expectations with organic lager volumes level with last year and full year soft drinks volumes up 2%. The group said consumer demand has affected by poor global economic conditions throughout the year although some of the emerging markets showed signs of recovery towards the end of the financial year.Publisher Reed Elsevier said, as expected, it should report a modest reduction in adjusted operating margin in 2010 due to a weak revenue environment and increased investment in legal markets. The group said advertising and promotion and certain other markets remain difficult although the rate of revenue decline is slowing as comparatives get easier.Confectionery retailer Thorntons warned it now expects profit before tax and exceptional items to be below previous expectations as a mixture of bad winter weather and increased competition from supermarket hurt sales.