LONDON (ShareCast) - London’s blue chips have opened firmer with Schroders leading the way on the back of year end results.

The fund manager saw profits for the year rise 35% though it said the difficult market conditions will have a “less favourable” impact on its business.

Admiral’s 2007 pre-tax profits came in better than expected but the group’s shares are lower after it said improved premiums in the UK car insurance markets would not hit market results until 2008, adding that it will also be a much tougher year for its comparison website Confused.com.

Telecoms firm Cable & Wireless set new growth targets today for the next five years and reiterated its EBITDA guidance for 2007/08.

Oil services company Wood Group has reported a 42% increase in full year pre-tax profit as surging energy prices drive continued growth across its three divisions.

RHM owner Premier Foods has cut its dividend by nearly 50%, re-negotiated its banking covenants and agreed additional banking facilities to alleviate the pressure it is under from soaring wheat prices'.

Sub-prime lender Provident Financial grew profits by 10.7% in 2007 and has made a strong start to 2008, it said Tuesday.

Jardine Lloyd Thompson is confident it can deliver profitable growth in 2008 after the insurance broker reported a better than expected 8% increase in full year underlying profit.

Builders merchant Travis Perkins put in a solid performance in 2007, but cautioned that the current year has slowed with like-for-like sales well down on last year.

Profits soared 52% to a new record at Michael Page in 2007, in line with forecasts, leaving the specialist recruitment company confident about prospects for the group.

UK power generator Drax has announced the departure of finance boss Gordon Boyd during the second half of 2008 and said 2007 earnings dropped as a warm winter hit electricity wholesale prices.

Plant hire firm Ashtead Group saw third quarter profits jump as it said all three of its divisions continued to perform well in the period.

Irish building materials group CRH reported a 19% rise in full year pre-tax profits and said it expects earnings and profit growth in 2008.

Online gaming group Sportingbet swung back into profit in the first six months despite results going against it.

Global Radio has upped its indicated bid for GCap Media for a second time and is now offering 225p per share cash, about £370m, for the Capital Radio owner.

Printed products group 4imprint posted good figures on an underlying basis and said the current year has started better than last year.

PVC door maker Vista Group has agreed an offer of 19.5p cash per share from Purple Spot, valuing the company at around £3m.

• News Channel