LONDON (ShareCast) - London’s top stocks are due to start with good gains with traders predicting footsie will open up 31 points.

Travel giant TUI Travel delivered a 39% rise in underlying operating profit in the third quarter and said consumer demand for package holidays remains strong.

Underlying profit rose to £65.4m in the third quarter ended 30 June 2008 from £47m the same time a year before. Revenue for the quarter rose 9% to £3.6bn. TUI said it is confident that its expectations for 2008 and 2009 can be achieved.

British Land has reported an underlying pre-tax profit of £74m for the first quarter to 30 June, down from £76m a year ago, but an IFRS loss of £572m versus a £266m profit in 2007. The portfolio valuation is down 5% this quarter, while the Net Asset Value has dropped 10% to 1,212p a share. “While values are marked down in a thin market, our prime assets - buildings and customer contracts - provide strength in difficult times and opportunity when the cycle turns,” said chairman Chris Gibson-Smith.

Rolls-Royce and Goodrich Corporation have signed a letter of intent proposing the formation of a joint venture company, which would develop and supply engine controls for Rolls-Royce aero engines. Under the proposals, each group would own 50% of the joint venture company.

Bellway sold 6,556 home in the twelve months ended 31 July, 14% less than the year before. It doesn't expect widespread land write downs, "but the position is being monitored in light of market conditions." Reservations dropped by around 45% in the second half, while the group's order book of future sales at 31 July was £370m versus £594m last year.

Software group Logica saw adjusted operating profit jump 31% in the six months ended 30 June on revenue 6% higher at £1.77bn, although pre-tax profit more than halved to £13m from £29m last time. "Given the market environment, we remain alert to changes in customer sentiment but our first half performance gives us increased confidence that 2008 pro forma revenue growth will be closer to 4%, compared to our previous guidance of around 3%," said CEO Andy Green.

Electronic payment services group Paypoint says key contracts have been signed or renewed since the year end and UK bill and general payments are running ahead of expectations. But the impact of this is mitigated by lower mobile top-ups and by the delay in Romania of the introduction of the bill payment service. Earnings are in line with market expectations.

Stockbroker Daniel Stewart has narrowed its post tax loss for the year ended 31 March to £2m from £5.4m previously and boosted turnover by 11% to £8.4m. Adjusted pre-tax profit of £2.9m compares with a loss of £4.3m a year ago. It said the new financial year has started "satisfactorily".

In the press, the Financial Times reported that American Airlines, British Airways and Spain’s Iberia are expected to announce Thursday they are applying for antitrust immunity from the US and European competition authorities to form a transatlantic joint venture that would create one of the most powerful forces in the Atlantic aviation market.

• News Channel