10 The Sunday Times December 20, 2020 BUSINESS

Liam Kelly

first. BDO said the RICS’s finished with milder tickings- by Paul Marcuse. This is success of TV drama Strike Bosses of the rickety treasury, reserves and off over interbank transfer where the four NEDs sat. and the West End play Harry investment policies were processes and the Many of the RICS’s 134,000 Potter and the Cursed Child. “not properly version- implementation of actions. members are already The reason for the RICS are on the ropes controlled, appear to be out The report was not shared irritated at having to pay fees dividend damage pre-dated of date and have never been beyond the RICS’s audit to an organisation that seems the pandemic: higher costs The Royal Institution of annual fees of about £540 are communicated to the committee until four NEDs to do little more than chase squeezed pre-tax profits at Chartered Surveyors (RICS) now due — more details of treasury team”, who “just got hold of it, tried to speak them endlessly about “CPD” Brontë — which Rowling runs responded to last weekend’s the report their institution follow instructions ... and to then president Chris — continuing professional with her long-time agent Neil revelation that four non- has strangely failed to share. rely on their own experience Brooke about it — and had development. Those who Blair, 54 — from £7.2m to executive directors had been The 152-year-old body, from previous ... roles”. their contracts terminated pressed £500,000-a-year £4.8m. However, newly filed dismissed for trying to raise which sets professional The second was banking. for their efforts. chief executive Sean accounts reveal that the alarm over a report standards in the property The accountants found many The RICS’s governance Tompkins for answers on “stringent cash conservation critical of its treasury industry and offers of the organisation’s global structure is convoluted. A governance last week were measures are in place” until management by saying the qualifications, asked the branches had opened bank governing council, now referred to the official RICS theatres are able to reopen. matter “had already received accountancy firm BDO to accounts without putting the chaired by Brooke, reports to statement, which said that it While the divi has fallen, appropriate scrutiny over a examine its treasury UK on the mandate. Of 35 the privy council. Beneath was “financially sound”. Prufrock is sure Rowling, 55, year ago”. “Nothing in this management in late 2018. international branches, the the governing council are If Brooke and chums are so will not be short of cash this article is new,” it said. BDO’s report, which went to RICS was able to produce several boards, including the confident the treasury issue Christmas: she has a £795m This came as a surprise to four people, including then mandates for just nine. management board, chaired has had appropriate scrutiny, fortune, according to The Prufrock: before publication, finance director Andrew “For the 26 remaining why are they afraid of an Sunday Times Rich List. the RICS had tried to claim McManus, gave the lowest locations, the institution is independent inquiry? This [email protected] the information was possible “no assurance” neither sure of how many fusty, self-interested body confidential and implied that rating for the effectiveness of bank accounts are in could do with a shake-up. it might sue. Given its newly the RICS’s controls. It looked existence nor how much TWITTER POLL relaxed attitude, the RICS at six areas, four of which it funds they hold,” the report Bubble Going mainstream will surely not object if we flagged as “high priority”. said. BDO warned that this Harry Potter’s give members — whose Documentation was the Chris Brooke, chairman of the RICS’s governing council exposed the RICS to the withering divi “potential misappropriation” 64% 36% 6 For those struggling to get into a festive mood, Bank of of funds. Many are having to grapple England staff may have just the ticket. They run a Christmas JUST SAYING . . . It was no more reassuring with hits to their income this quiz on their Bank Underground blog. This year’s head- on cashflow forecasting, year — even famous authors. scratchers include: why is the 2008-9 financial crisis still saying the directors “may JK Rowling has seen her pushing up the price of Christmas trees? Four options: Nordic As chief executive of the FCA find themselves in significant dividend from Brontë Film governments’ 10-year emergency stimulus for tree farmers between 2016 and 2020, I cashflow difficulties post- and Television, which has ended; Lehman Brothers creditors accidentally executed December 2018, which they develops and produces a futures contract for trees that they cannot sell; post-crisis apologise to London Capital are unable to resolve in adaptations of her Harry After Bitcoin broke through regulatory reforms prevented suppliers hedging against price sufficient time” — or on bank Potter and Cormoran Strike the $20,000 mark, do you uncertainty; or, a shortage of mature trees caused by farms & Finance bondholders account reconciliations, novels, plunge from £12.9m think it’s a bubble about to going out of business in the crisis. (Spoiler alert: it is the last Bank of England governor Andrew Bailey warning of the “risk of to £2.4m. burst — or a currency that’s one.) More cheerful is: which country is the world’s biggest says sorry to more than 11,000 people errors, manipulation or Sales soared 33% to £18m finally going mainstream? exporter of Brussels sprouts? (Hint: it’s not Belgium.) who invested in the collapsed bond firm undetected fraud”. BDO Payout pinch: JK Rowling last year, powered by the @ST_Business DATABANK INSIDE THE CITY SAM CHAMBERS THE WEEK IN THE MARKETS THE ECONOMY Consumer prices index current rate prev. month FTSE 100 DOLLAR The main attraction (other Group empire show it is finally FTSE 100 USD > GBP 0.3% 0.7% than a bombed-out share accepting it cannot stop the CPI including housing current rate prev. month There’s 8,000 price) is M&S’s timely jump rot without some bold action. $1.35 0.6% 0.9% into online food through last Declining clothing sales are U 0.03 still time year’s £750m acquisition of made all the more painful by 12-month high: $1.36 Retail prices index current rate prev. month 7,000 low: $1.15 a 50% stake in Ocado’s retail M&S’s long, inflexible leases, 0.9% 1.3% business, which grew sales by which add up to a £2.5bn EURO for Marks 6,529.18 Average weekly earnings on prev. month on last year EUR > GBP 35% last quarter as shoppers liability that will not ease 17.57 H: 7,674.6 6,000 shunned supermarkets significantly until a tranche 0.27% L: 4,993.9 £560 U 0.9% U 2.7% Unemployment current rate prev. month to sparkle because of Covid-19. of sale and leaseback 5,000 €1.10 M&S’s market value of agreements expires in 2026. FTSE 250 U 0.01 12-month high: €1.20 1.69m 4.9% 4.8% As Archie Norman unveiled £2.6bn implies that the City Although M&S still throws 2020 low: €1.06 Source: Thomson Reuters Eikon Manufacturing output on the year on last month yet another turnaround plan has, understandably, given off enough cash to fund the YEN for Mark & Spencer, the up on its perennially liabilities, its older, asbestos- RISERS FALLERS Signature Aviation: 368.9p U 45.9% : £30.60 V 18.7% on profit YEN > USD V 7.1% U 1.7% chairman surveyed sceptical underperforming clothing ridden stores are in the on takeover tussle Polypipe: 568p warning : 77.1p V 14.8% on Retail sales on the year on last month analysts and journalists in business, where the virus forefront of investors’ minds. U 24.3% on earnings upgrade Dixons Nigeria changes : 38.9p V 14.3% front of him and quipped that has turned steady decline That could encourage Carphone: 213.5p U 21.4% on profits on education sale Astra Zeneca: £75.08 ¥103.32 U 2.4% V 3.8% 20,116.29 boost Lagonda: £16.54 V 8% on Alexion deal Petrofac: 153.6p V 0.69 the retailer’s middle name into something resembling Norman, 66, to shore up the U 16.7% on sentiment AO World: V 7.7% on analyst downgrade 12-month high: ¥112.11 494.14 H:22,108.3 low: ¥102.34 was “False Dawn”. freefall. Shore Capital, house balance sheet with a sale of 2.52% L:12,829.7 415.5p U 16.1% on lockdown boost Source: Refinitiv/AJ Bell UK trade latest 3 mths prev. 3 mths latest 12 mths More than two years later, broker to M&S, has forecast the rest of its international OIL balance (£bn) +1.73 +12.85 +27.79 his remarks appear prescient: that like-for-like sales over the business or even revive a DOLLARS/BARREL DOW JONES FTSE EUROFIRST Gross domestic latest quarter prev. quarter annual change M&S’s shares have more than peak festive trading period much-discussed plan to spin HANG SENG product halved to 134p, its dividend will be down 28% on last year. off the clothing business. 30,179.05 26,498.60 1,528.72 $52.26 U 15.5% V 19.8% V 9.6% 2.29 has been canned and the M&S’s interest in acquiring Critics of the M&S/Ocado 132.68 H:30,303.4 7.27 H:29,056.4 19.99 H:1,690.8 U Budget deficit latest month prev. month year-to-date 0.44% L:18,591.9 0.03% L:21,696.1 1.32% L:1,096.5 12-month high: $71.75 (PSNB) in £bn pandemic has tipped the Jaeger, Victoria’s Secret and tie-up point to the dismal low: $15.98 -22.3 -28.6 -214.9 faded high street giant into even parts of Sir Philip margins in selling food online NASDAQ SHANGHAI SENSEX GOLD the red for the first time in its Green’s collapsed Arcadia and argue that the complex 12,755.64 3,394.90 46,960.69 DOLLARS/TROY OZ 94 years as a plc. technology means it cannot 377.77 H:12,764.8 47.71 H:3,451.9 861.68 H:46,960.7 Not everybody, though, M&S scale up quickly enough to 3.05% L:6,860.7 1.43% L:2,660.2 1.87% L:25,981.2 $1,884.24 10-YEAR BOND YIELDS % has abandoned hope on the meet surging demand, which U 38.63 latest attempt to revive the 250p is being mopped up by S&P 500 CAC 40 ALL ORDS 12-month high: $2,052.50 variation 12 months retailer that brought us supermarket chains. 3,709.41 6,924.10 low: $1,475.03 high low 200 5,527.84 chicken kievs and packaged Despite its drawbacks, the 45.95 H:3,722.5 20.29 H:6,111.2 37.70 H:7,255.2 BITCOIN UK 0.25 U 0.08 0.87 0.08 sandwiches. The Analyst, a 150 venture gives Norman a real 1.25% L:2,237.4 0.37% L:3,754.8 0.55% L:4,564.1 DOLLARS well-regarded City research 100 growth story to sell for the NIKKEI DAX S&P TSX US 0.95 U 0.06 1.94 0.50 house known for its timely first time in years. And with $23,469.22 “sell” calls on Wirecard and 50 the shares having taken a 26,763.39 13,630.51 17,534.63 U 5,091.95 JAPAN 0.01 W 0.00 0.10 -0.15 Carillion, this month urged its 2020 battering, potential rewards 110.87 H:26,894.3 516.21 H:13,789.0 14.29 H:17,944.1 12-month high: $23,642.66 0.42% L:16,358.2 3.94% L:8,441.7 0.08% L:11,228.5 low: $3,615.27 GERMANY -0.57 U 0.07 -0.17 -0.84 clients to buy M&S shares. Source: Thomson Reuters Eikon outweigh the risks. Buy. Price at 3pm Saturday

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3005.0 2132.0 2.3 15.2 3.3 28 Associated British Foods 2249.0 +6.0 2708.0 1607.5 0.0 39.1 17.8 26 Ferguson 8874.0 +236.0 8874.0 4086.0 1.7 28.8 20.0 92 M&G 197.8 +11.2 251.4 93.7 9.1 N.A 5.1 60 Spirax-Sarco Engineering 11290.0 -195.0 11915.0 7710.0 1.0 49.7 8.3 178 Assura 76.6 +4.3 84.5 65.2 3.3 22.5 2.0 149 Fevertree Drinks 2315.0 +33.0 2536.0 892.2 0.7 56.6 2.7 190 Man 133.1 +5.9 162.4 96.4 5.5 11.9 1.9 33 SSE 1482.0 +81.5 1686.5 1072.5 9.2 14.5 15.4 195 Aston Martin Lagonda Global 1654.0+1583.2 1706.4 30.7 0.0 N.A 1.9 192 Fidelity China Special Situations 373.5 -6.0 388.0 185.0 1.1 3.1 1.9 151 Marks & Spencer 133.6 +3.9 219.0 85.0 0.0 N.A 2.6 81 St. James’s Place 1128.5 +43.5 1196.0 660.0 1.8 21.6 6.1 4 Astra Zeneca 7508.0 -652.0 9320.0 6221.0 2.7 53.6 98.5 193 Finsbury Growth & Income Trust 864.0 -2.0 925.0 611.0 1.9 N.A 1.9 177 279.2 +4.0 415.3 238.2 0.0 N.A 2.1 37 Standard Chartered 465.7 -9.6 738.6 336.8 0.0 24.8 14.7 86 Auto Trader 589.0 +30.0 607.6 364.7 0.0 35.6 5.7 24 Flutter Entertainment 14900.0 +0.0 15490.0 5512.0 0.9 145.2 24.3 121 435.0 +3.4 697.4 217.0 0.0 N.A 3.4 76 Standard Life Aberdeen 286.2 +11.3 336.9 174.0 7.5 N.A 6.3 88 Avast 535.5 +42.3 600.0 270.6 2.1 33.6 5.5 156 Frasers 475.0 +43.8 518.0 182.6 0.0 21.1 2.5 62 Melrose Industries 169.3 +14.4 248.5 74.4 0.0 N.A 8.2 77 Stars N.A N.A. 39.3 19.3 N.A N.A 6.2 49 Aveva 3209.0 +14.0 5315.0 2846.0 1.2 206.2 9.2 59 Fresnillo 1139.5 +13.5 1357.5 527.0 1.2 57.5 8.4 58 Mondi 1746.5 +6.5 1816.0 1183.0 3.9 13.4 8.5 200 437.4 +3.2 450.0 193.0 0.0 77.1 1.9 138 1330.0 -4.0 1334.0 647.0 0.2 5.4 3.0 41 Aviva 326.1 +10.1 424.5 211.0 1.8 5.9 12.8 111 G4S 254.1 -0.3 256.0 69.9 0.0 231.2 3.9 133 Tate & Lyle 663.0 +2.8 801.4 530.2 4.5 12.6 3.1 18 National Grid 867.6 -7.2 1067.4 799.7 5.6 N.A 30.5 94 B&M European Value Retail 509.8 +15.7 534.6 266.5 1.9 13.6 5.1 117 10910.0 +700.0 11460.0 3590.0 1.2 50.1 3.6 83 Taylor Wimpey 161.5 +11.0 236.2 99.2 0.0 13.2 5.9 27 Natwest 157.4 +7.0 248.7 93.3 0.0 24.9 19.1 32 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283.4 0.0 N.A 79.0 11 Reckitt Benckiser 6454.0 -180.0 7960.0 5150.0 2.7 N.A 46.0 189 WH Smith 1490.0 -79.0 2654.0 700.5 0.0 17.6 1.9 61 Bunzl 2450.0 -12.0 2603.0 1277.0 2.1 21.6 8.3 134 Hutchison China MediTech 424.0 -6.0 528.0 258.0 0.0 N.A 3.1 197 Redrow 538.0 +44.8 848.0 313.2 0.0 16.4 1.9 78 Whitbread 3075.0 -6.0 4898.0 2049.0 0.0 N.A 6.2 67 Burberry 1820.5 +5.5 2329.0 1085.0 0.0 354.6 7.4 131 IG 859.0 +35.0 864.5 563.4 5.0 13.2 3.2 13 Relx 1801.0 -19.5 2099.0 1482.5 2.5 27.5 34.8 141 William Hill 269.1 +0.5 312.2 36.7 0.0 15.7 2.8 30 Carnival 1371.5 -47.5 3712.0 605.0 5.4 N.A 16.8 126 IMI 1198.0 +45.0 1207.0 674.8 2.8 21.2 3.3 167 Renewables Infrastructure 126.8 +0.4 139.6 100.0 5.3 35.4 2.2 114 4534.0 -156.0 4884.0 2006.0 0.0 N.A 3.9 155 43.4 -0.1 93.5 30.2 0.0 N.A 2.5 36 Imperial Brands 1573.0 -4.5 2045.5 1219.0 8.8 9.9 14.9 105 Renishaw 5760.0 -35.0 5905.0 2276.0 0.014545.5 4.2 104 WM Morrison Supermarkets 174.6 -3.4 204.1 161.8 3.9 16.0 4.2 188 Ceres Power 1138.0 +106.0 1142.0 236.0 0.0 N.A 2.0 154 Inchcape 648.5 +3.5 720.0 420.0 0.0 230.6 2.6 45 Rentokil Initial 524.4 +28.7 571.0 340.1 0.0 40.2 9.7 163 Worldwide Healthcare Trust 3730.0 +10.0 3805.0 2210.0 0.7 4.3 2.3 173 Close Brothers 1386.0 +66.0 1634.0 926.5 2.9 19.1 2.1 63 Informa 533.0 -22.8 870.2 354.4 0.0 N.A 8.0 84 Rightmove 662.6 +18.6 701.2 400.1 0.0 43.0 5.8 44 WPP 814.0 +35.0 1077.5 483.7 1.2 N.A 10.0 54 Coca Cola HBC 2386.0 +84.0 2883.0 1494.0 2.3 23.1 8.7 57 InterContinental Hotels 4647.0 -131.0 5240.0 2385.5 0.0 N.A 8.5 5 Rio Tinto 5654.0 +108.0 5654.0 2968.0 5.0 17.4 95.0 21 Compass 1406.0 -44.0 1990.0 1002.0 0.0 133.1 25.1 98 Intermediate Capital 1667.0 +73.0 1877.0 559.5 3.2 30.7 4.9 130 RIT Capital Partners 2060.0 +94.0 2155.0 1346.0 1.7 113.5 3.2 146 2388.0 +158.0 2508.0 935.0 0.5 23.6 2.7 66 International Airlines Group 156.4 +0.1 671.0 91.0 5.5 N.A 7.8 46 Rolls-Royce 114.0 -3.1 704.4 69.6 0.0 N.A 9.5 108 ConvaTec 205.4 -2.4 220.4 147.0 2.1 224.4 4.1 147 International Public Partnerships 168.0 -2.0 176.6 128.2 4.3 29.1 2.7 142 317.8 +21.8 341.0 191.3 1.2 30.0 2.8 164 440.0 +39.6 540.5 269.0 0.0 N.A 2.3 47 Intertek 5872.0 +48.0 6440.0 4164.0 1.8 36.0 9.5 3 Royal Dutch Shell 1381.2 -13.6 2309.0 900.0 5.1 N.A 106.7 Price/earnings ratios are based on historic data, with yield and p/e values 199 Cranswick 3542.0 +144.0 4076.0 2922.0 1.8 21.2 1.9 187 194.0 +12.6 455.5 127.1 2.8 35.0 2.0 128 Royal Mail 324.9 -10.0 349.6 124.3 0.0 147.8 3.2 calculated from most recent reported dividends and earnings per share, using 22 CRH 3162.0 +196.0 3167.0 1574.0 2.4 18.9 24.8 160 ITM Power 426.5 +50.5 426.5 65.0 0.0 N.A 2.3 70 RSA Insurance 677.0 +1.4 678.0 326.9 1.2 22.0 7.0 trailing 12-month figures. P/E is not calculated when last twelve months EPS is 52 Croda International 6334.0 -50.0 6660.0 4070.0 1.4 39.4 8.8 102 ITV 107.3 +9.8 152.9 54.4 0.0 14.3 4.3 175 RWS 534.0 -11.0 747.0 413.0 1.7 31.6 2.1 less than or equal to zero. 52-week highs and lows are end of day. Excludes 90 DCC 5450.0 +36.0 7204.0 3878.0 2.7 18.8 5.4 124 IWG 335.0 +4.4 469.0 114.0 0.0 N.A 3.4 148 S4 Capital 506.0 -6.0 534.0 110.0 0.0 N.A 2.7 exchange-traded funds. nc = no change. N.A. = not applicable. Source: Refinitiv