London afternoon: Lloyds left behind

Share prices moved sideways over the lunch time session, but at least they were moving; the London Stock Exchange, which recently switched over to a new computer system, suffered an embarrassing glitch which resulted in the exchange shutting down for most of the morning.Shares have been lifted by reports Saudi Arabia is prepared to increase crude supplies. The kingdom has entered "active talks" with European oil companies on how to meet the shortfall caused by the turmoil in Libya.Miners are among the top risers as the outlook for global growth improves. Platinum specialist Lonmin, Kazakh pair Kazakhmys and Eurasian Natural Resources plus Anglo American, Vedanta and Rio Tinto are posting good gains.State-controlled Lloyds Banking is lower even though it swung back into an underlying profit last year as impairment charges almost halved and retail net margins improved. Pre-tax profits were £281m, down from £1bn, but on a continuing basis profits were £2.2bn against a loss of £6.4bn. Market forecasts had been for a profit between £1-1.8bn.The first set of results from International Airlines Group (IAG), the company formed by the merger of British Airways and Iberia, showed the group made a profit last year, despite higher fuel costs. The pro-forma results for 2010 are based on full year figures from Iberia and nine-month figures from British Airways, and showed 2010 revenue rose 10% to €14,798m from €13,456m in 2009. Profit before tax was €84m, compared to a loss of €1,158m in 2009.Defence firm Cobham has won a contract with US aircraft maker Boeing to provide hose and drogue aerial refuelling systems. The systems will be used on the US Air Force's new KC-46A tanker aircraft it has ordered from Boeing in a $30bn contract.Rupert Murdoch's NewsCorp is close to clearing the way for its proposed takeover of all of the satellite broadcaster BSkyB, according to reports. The Financial Times reported that NewsCorp "is close to an agreement with regulators addressing concerns about its bid." The paper cited people close to the discussions saying that a deal might involve NewsCorp having to sacrifice Sky News. Profits more than doubled last year at instruments group Spectris as recovery from the general recession came through much stronger than anticipated. Pre-tax profits soared to £120m, up from £54.2m, on sales of £902m, up from £787m. On an adjusted basis profits were over 90% better at £132m.A strong performance from its Grosvenor Casino business helped bingo hall and casino operator Rank hit the top end of forecasts last year, though business has been more mixed in 2011. Profits in 2010 rose to £55.2m from £48.5m, with all four of its business showing an improvement. Group revenue rose to £567.8m (2009: £540.0m) helped by an 11.2% increase in revenue from food and drink. The dividend rises to 2.4p from 1.35p.Online betting and wagers on gaming machines drove growth in revenue at bookmaker William Hill last year. Net revenue in 2010 grew 7% to £1,071.8m from £997.9m the year before, a touch above market consensus of £1,070m. Profit before tax soared 60% to £193.3m from £120.9m but was below market consensus of £214m.Insurer Brit is making a low key exit key from the stock market with pre-tax profits and premiums both lower. Brit, which in October agreed an offer made by Apollo Management and CVC Capital Partners, said gross written premium fell by 9.8% to £1.53bn, a reduction of 9.8% or 10.4% at constant currency. Combined ratio excluding the effect of foreign exchange on non-monetary items deteriorated to 97.1% (2009: 94.0%) affected by significantly higher charge for major claims during the year.Revenue and profits at property web site Rightmove came in a shade shy of market expectations, though the results still set new records for the group despite a tough year for the UK housing market. Revenue in 2010 rose from £64.5m in 2009 to £81.6m in 2010, a bit lower than the £82.2m the market had been expecting. Profit before tax rose from £36.5m to £52.2m, versus expectations of £53.3m. The current year has got off to an encourage start with average spend per advertiser expected to rise further over the coming months. "Overall advertiser numbers are stable, at similar levels to late 2010," said Rightmove chairman Scott Forbes.Berendsen, the former Davis Service Group, posted profits of £34.6m, down from £61.7m, on sales of £986m, up 2%. One -off costs totalled £62.5m. Stripping those out underlying profits rose by 6% to £97.1m.Hochschild Mining has significantly increased the estimates of reserves at its Inmaculada gold-silver project in Peru. There is a 59% increase in Measured & Indicated Resources to 76m silver equivalent ounces, a 29% increase in silver equivalent grades to 498 g/t, and a 12% increase in total resources to 128.3m silver equivalent ounces.On a similar theme, Salamander Energy has upped its reserves estimates on the Bualuang field in Thailand. It now says the field holds 14.6m gross proved barrels, up 111% on its previous estimate and 27m proved and probable, up 38%.Aurelian Oil & Gas says that the second well at Trzek on its 90%-owned Siekierki project in Poland is shows an initial production more than double the first well drilled and tested in 2007.Support services and construction group Interserve has confirmed that it is the potential bidder that is in advanced talks with the outsourced services provider Mouchel.Uniq shareholders have voted overwhelmingly in favour of a reconstruction that will leave the convenience foods supplier's pension fund owning 90.2% of the company. The pension scheme will also receive a cash injection from Uniq of £14m. The plan will remove the pension buy-out deficit of more than £400m.