YP75: Investors secure profits amid fears on Asia and Obama plan

However, despite the relief rally on the final afternoon's trading, the FTSE 100 still dropped by more than 2 per cent during the week as investors continued to secure recent profits amid fears of monetary tightening in Asia and President Obama's banking reform plan.

It was a busy week for company news across Yorkshire with a number of YP75 members updating the market. KCOM Group, the UK telecoms and internet provider, announced a further outsourcing deal, this time with UK phone retailer Phones4U. The deal is for an initial five year period and follows a tie up with telecommunications giant BT Group in 2009. KCOM also confirmed that recent trading performance has been within managements expectations and as a result the group's financial position has strengthened. The company added that they are focused on improving profitability and achieving higher value added recurring revenues.

The long search for a new chief executive is over at William Morrison following the appointment of Dalton Philips, former chief operating officer at Canadian food firm Loblaw Companies Ltd. Mr Dalton, who will take up office in March, has also held senior positions within Wal-Mart and Irish high end department store Brown Thomas. The news is likely to please the investment community as the ongoing search overshadowed last week's trading update which reported further impressive sales growth and continued gains in market share.

Straight plc reported an 11 per cent increase in turnover year on year including growth in both the trade and domestic sales markets. The company, which produces a range of waste and recycling products, confirmed that pre tax profit should meet market guidance and stated that the final quarter of the year saw orders at unprecedented levels.

Filtronic, which manufactures specialist technology for the wireless telecom markets, reported a fall in revenue of 8.7m for the six month period ending November 30, 2009 due to a continued decline in demand for telecom infrastructure. The group made pre-tax profit of 100,000 for the half year.

Despite a difficult final quarter for mining company UK Coal, total production for 2009 is expected to meet previous guidance at about seven million tonnes. The company is potentially looking to open five new surface mines in 2010 and UK Coal is in the process of seeking the relevant planning permission.

Finally, 600 Group, a machine tool manufacturer, has increased orders by 20 per cent for the 14 weeks ending 2009 and as a result revenue was 25 per cent up on the previous quarter. Forward order books remain stable and the group continues to trade in line with management expectations. The Board appear positive for the outlook for the company, stating the 600 Group is well placed to benefit from any further improvements in market conditions.

David Cadwallader, Assistant Investment Manager at Brewin Dolphin, Leeds