LONDON (ShareCast) - Footsie has slipped into the red ahead of the start of trade on Wall Street, where US shares are expected to open lower.

Schroders is the best performing blue-chip. 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.

In contrast Admiral Group is the worst performer. The insurer’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 be reflected in market results until 2008, adding that it will also be a much tougher year for its comparison website Confused.com.

The bleak news about Confused.com did no favours to competitor Moneysupermarket.com which was already under pressure after a broker downgrade yesterday.

Cable & Wireless is also on the slide as investors expressed disappointment that there will be no news on the much-rumoured demerger plans at today’s investor presentation. The telecoms firm 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.

Hedge-fund titan Man Group is firmer after broker Evolution Securities upgraded the stock to a “buy”.

The future is looking a lot brighter for RHM owner Premier Foods after it 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.

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.

It’s been a good morning to get a handle on conditions in the building trade.

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.

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.

Door and window maker Heywood Williams saw profits suffer at its US division due to the well publicised problems in the US housing market and warned that 2008 is likely to be a tough year.

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

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.

Cancer diagnostic group Genetix recovered a bit of lost ground today on news that revenue grew 48% in 2007 and the announcement of a maiden dividend.

Business transformation consultancy Axon Group saw strong revenue growth in all parts of its business in 2007. The shares fell sharply after the group said market conditions are becoming tougher even though it has seen no evidence of a slow-down in demand for its services in 2008. Altium Securities responded by cutting its stance on the stock to “hold” from “buy”, and trimming its price target to 550p from 650p.

Electronic tagging specialist Dmatek reported a 5% rise in full year pre-tax profits and said it is looking to improve organic growth rates in 2008.

Lavendon is on the up after the hydraulic lift rental specialist said pre-tax profit rose 178% in 2007, with trading since the year-end in line with expectations.

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

Shares in hospital washer-disinfector supplier DawMed doubled as it won a major contract from the East Kent Hospitals NHS Trust.

QuestAir Technologies hits the heights after it upped its financial guidance for 2008 revenue following a new deal with ExxonMobil and announced cost cutting measures aimed at saving $1.25m a year.

Total Produce, spun off from Irish fruit distributor Fyffes, is blooming. The food producer has boosted full year adjusted pre-tax profit by 7.9%, ahead of expectations.

Industrial metals company Ferrexpo was marked higher after Citigroup initiated coverage on the stock with a “buy” recommendation and a price target of 430p.

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