Related Companies

• Persimmon
• Bank of Ireland
• Morse
• PartyGaming
• Savills

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• FTSE All-Share
• FTSE 250
• FTSE 350
• FTSE Small Cap
• techMARK 100
• techMARK

Related Sectors

• Household Goods
• Travel & Leisure
• Banks
• Real Estate
• Software & Computer Services

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Date: Tuesday 08 Jul 2008

LONDON (ShareCast) - London is tipped to tumble more than 100 points in early dealings after the US turned down late and Asian stocks also had a tough day.

House builder Persimmon does not expect to announce any significant write down of its land values with its next interim results, but says it has cut 1,100 jobs to save £20m per year. First half sales were £1bn, a reduction of 34% on the first half of last year.

Estate agent Savills says trading conditions for its UK and US Commercial Capital Markets businesses and its UK Residential and Mortgage Broking businesses have continued to deteriorate with volumes down significantly on the comparable period in 2007. These difficult trading conditions have now spread to many parts of Europe, though transactional business in Asia is more resilient. Predictions for the full year are "very difficult".

IT services group Morse says revenues in the second half were higher than the first half but full year revenue performance will be marginally below last year's £257.3m. Operating margins have also not improved as planned. " We have experienced some deterioration in short term services in the final quarter of the year as clients have reduced discretionary spend," it added.

Online gamer PartyGaming says gross revenues have fallen since April due to seasonality and competition from Euro 2008. Casino perfromed strongly, offset by a weaker than expected performance in poker and sports betting. Overall revenues were slightly lower than expected.

In the papers,the Telegraph reports Bank of Ireland has slashed commercial lending, telling some British customers it has shut its doors to new business for three months.

• News Channel