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Morning Eyecatchers: Lloyds TSB H1 pre-tax down 70%
Aviva agrees £1 billion reattribution offer, Next hits guidance, but remains very cautious and Cadbury interims up 46%.
Markets
* Lloyds TSB pre-tax profit on continuing basis £1.573 billion, down 19%; statutory pre-tax profit £599 million, down 70%; income up 9% excluding market dislocation; Tier 1 capital ratio 8.6%; core Tier 1 ratio 6.2p; dividend 11.4p, up 2%; sees lower level of growth in UK economy hitting business; has not materially revised strategy in view of economic trend; well positioned for lower growth
* Aviva first-half IFRS operating profit up 7% to £1.23 billion; dividend up 10% to 13.09p; agrees £1 billion reattribution offer; life and pensions sales up 11% to £17.283 million; sees UK market subdued in second-half but on rack for continued growth; sees market conditions remaining challenging into 2009
* RSA settles GM litigation; sees no effect on earnings
* Xstrata record first-half production for ferrochrome, platinum and coking coal; first-half coal production recovered strongly from adverse weather; sees significantly stronger second-half performance across portfolio
* Kazakhmys maintains target for full-year copper cathode production in line year-on-year; copper in concentrate and cathode production up significantly; recovering from severe weather seen in first quarter ; second quarter copper in concentrate up 13% to 90.6 thousands tonnes vs first quarter; copper cathode production up 8% to 81.6 thousand tonnes
* Tullow Oil C1 well, Block CB-on-1 India failed to encounter hydrocarbons
* Admiral first-half pre-tax £100.3 million vs £86.3 million; interim dividend 26p vs 20.6p
* Allied Irish Banks first-half pre-tax €1.28 billion vs £1.32 billion; continues to operate effectively in current challenging environment; interim dividend €0.306, up 10%; expedcts good operating performance to continue through 2008; lowers adjusted full-year earnings per share forecast to €1.85 to €1.90 vs €2.059 a year ago
* RAB Capital end-June assets under management $5.9 billion vs $7.2 billion at end December; first-half pre-taxprofit £12.5 million vs £22.7 million; sees no respite from challenging environment before year-end; balance sheet and cash flow strong
* Arbuthnot Banking first-half pre-tax profit £700,000 vs £5.4 million; maintains interim dividend at 10.5p despite profit fall; too early to give indication of second-half trading performance
* Provident Financial first-half pre-tax profit £51.3 million vs £38.2 million; well placed for further profit growth in second half; funding and liquidity remain strong
* Travis Perkins frst-half pre-tax falls 3% to £124.5 million vs £128.6 million; adjusted pre-tax profit £223 million, up 46%; adjusted eps 74.4p vs 72.2p; maintains 14.5p dividend; 2008 more challenging; sees markets weakening further; sees further growth when more favourable conditions
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