London open: Footsie higher as retailers reassure

Footsie has opened steadily as investors mull the implications of the Budget and 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. 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.Tour operator Thomas Cook echoed bullish comments from rival TUI and reports a steady increase in bookings for the Summer as consumer confidence recovers.Water company United Utilities said its regulated business is on track to deliver a modest increase in underlying operating profit in the current financial year. Designer fashion group Ted Baker revealed a 10% hike in 2009 pre-tax profit and said it is encouraged by trading since the start of the current financial year. Pre-tax profit rose to £19.5m for the 52 weeks ended 30 January 2010 from £17.8m before. Revenue rose 7.2% to £163.6m.Menswear retailer Moss Bros saw losses narrow in the year to January 30 after seeing an improvement in trading in the second half of the year. The company, which specialises in suits, posted a pre-tax loss of £3.9m before exceptional items, compared with £5m the previous year. Revenues slipped to £128.7m from £129.7m.