10 The Sunday Times May 19, 2019 BUSINESS

Liam Kelly LETTERS

windy it was -20C, but Send your letters, including relationship, but the role the Investments could be the Leslau hobbles into the spotlight Moya chills Winnipeg is -35C in winter.” SIGNALS full name and address, state should play in custodian of the stakes. AND NOISE . . . to: The Sunday Times, developing industrial sectors, If done properly, this could Despite their reputation, Leslau who scooped the live with penguins 1 London Bridge Street, and to what extent it should lead to true and long-term property tycoons can be big- auction prize: to be an extra Also at Kensington Palace Norris unlikely to London SE1 9GF. Or email do things that the private partnerships between hearted — even generous. in a new film about Frankel, was Dame Moya Greene, [email protected] sector alone cannot. government and industry. The great and the good of the the legendary thoroughbred, former boss of . be on the buses Letters may be edited As business minister, I had The system already works real estate world raised more unbeaten in its 14-race career. Having retired from the Guess who said this of the joy many meetings with well in other countries, such than £400,000 for children’s Yet Leslau, 59, is currently postal service in September of travelling by car, as companies that wanted as France and Germany. charity Variety last Tuesday sporting a crutch after last year, she went on a world opposed to public transport: Give the government equity “government support” for After 25 years in business at the Props awards bash. complications from a hip tour, taking in Antarctica. “You have your own in return for grant aid them or their industry. I myself, I think there is scope Among others, Bruce replacement. “It’s a hobble- She was there with her company, your own With or without Brexit, we quickly realised what they for the government to take on Ritchie, former chairman of on role,” muses one wag. surgeon husband, Roger temperature control, your cannot build a strong really wanted was taxpayers’ an investment arm, the scandal-hit charity Springall, whose passion is own music — and don’t have economy unless there is money for projects that were generating more money for behind the Presidents Club, wildlife photography. He to put up with dreadful co-operation between perfectly reasonable, but public services and better dug deep at the Hilton on The smartest managed to take some snaps human beings sitting business and government. In entirely for the benefit of economic value for the Park Lane. Ritchie, 54, won of penguins. “I was standing alongside you.” my years as business their shareholders. taxpayer. We must overcome entry for five to the Royal royal in the room there, looking adoring,” Step forward Steven minister, I became frustrated There is a government the old cliché that private Parks half marathon — now To Kensington Palace, where Greene, 64, laughs. Norris, the former Tory Former press baron Conrad by a pattern across Whitehall aversion to going beyond sector equals good, and that would be a sight — but it the Chartered Management But wasn’t it cold? “No, transport minister now being Black has won a presidential that favoured consultation simply giving grants, which I public sector equals bad. was Prestbury founder Nick Institute hosted its annual I’m Canadian! When it got touted as potential chairman pardon from Donald Trump over regular and direct believe comes from a fear of Richard Harrington, dinner on Wednesday. The of ailing bus and rail giant over his conviction for fraud. engagement. Involvement incompetence. Also, Conservative MP for Watford Countess of Wessex was First Group by activist Did writing a flattering book with business is managed on ministers fear accusations of l For the full version go to: JUST SAYING . . . unveiled as its new royal FUNNY BUSINESS investor Coast Capital. Not a help, asks Tom Bower an ad-hoc basis, and even favouritism. Why shouldn’t thesundaytimes.co.uk patron, taking over from great look for someone who that varies greatly depending the taxpayer be rewarded Not many people Prince Philip. wants to turn around a NEWS REVIEW, PAGE 26 on the secretary of state. when government Electric cars could put During her speech, the public transport provider. We need a permanent investment develops projects brake on power plants would do the countess — who worked in structure that allows business that make money? At the Your article about electric PR before marrying Prince TWITTER POLL and departments across Advanced Propulsion Centre cars repeated myths that arduous hours Edward — recalled a trip to Aston Villain just Whitehall to operate within a in Warwick, for example, I have been regurgitated for and arduous the Maltese stock exchange Better capitalism Rare act clear framework. A formal saw excellent examples of years (“Drivers plugging into on International Women’s too good to drop structure would transcend government grants being an electric future”, last tasks they do Day last year. After ringing Prufrock is pleased to report political cycles. used by companies to week). Had the writer asked for free the bell she was taken to the that McCarthy & Stone 43% 57% The Cabinet Office, as the develop ground-breaking the simple question, “What boardroom, where she chairman Paul Lester has not prime minister’s secretariat, technologies. uses the most electricity, an realised that only men were fired chief executive John should set up quarterly The general feeling has electric car or a diesel car?”, on the board — so asked if Tonkiss, even though Lester’s meetings between the prime been that the UK’s reward for I’m sure the story would have they had plans to appoint beloved West Bromwich minister, business secretary, putting GDP into research ended up different. We would any female members. After Albion were dumped out of chancellor and national and development is high-paid be able to mothball three some awkward looks, they the Championship play-offs business organisations. The employment and taxes for power stations if everyone Lloyds chairman Lord told the Countess that this by Aston Villa, who Tonkiss secretariat should then the benefit of all. But I think switched to electric cars as Blackwell defends the would require getting rid of supports. “Unfortunately Is Julian Richer’s decision ensure all other departments these grants could be we would no longer need to bank’s executive pay, someone to create a space. he’s going to have to stay,” to gift his retailer Richer and interested parties are converted into equity in the generate 5,600GW to refine such as boss Antonio “Why don’t you just bring sighs Lester, 69, “because Sounds to staff a path to well co-ordinated. This would businesses. There would have petrol and diesel fuel. That’s Horta-Osorio’s £6.3m, in another chair?” Sophie, he’s doing a good job.” better capitalism, or just avoid the endless duplication to be ring-fencing, so that enough electricity to charge including £573,000 in lieu 54, asked. “Sometimes it’s liam.kelly@ a rare act of generosity? of meetings we have now. partial ownership of firms 23m electric vehicles to drive of pension contributions not rocket science.” sunday-times.co.uk @ST_Business The real issue, however, is does not affect government 20 trillion miles. not the structural contracts. UK Government Antony Read, Leicester DATABANK INSIDE THE CITY EMMA DUNKLEY THE WEEK IN THE MARKETS THE ECONOMY Consumer prices index current rate prev. month FTSE 100 FTSE 100 DOLLAR represent about 88% of new its loan book, which would USD > GBP 1.9% 1.9% Buy-to-let loans. These tend to yield far free up cash to lend and help 8,000 CPI including housing current rate prev. month more than other mortgages. it nab greater market share. $1.27 1.8% 1.8% Paragon is charging ahead Strong lending growth 7,600 V 0.03 lender and analysts predict healthy does not mean that Paragon is 12-month high: $1.36 Retail prices index current rate prev. month low: $1.24 growth figures in its half-year dishing out loans without 7,200 2.4% 2.5% EURO results on Wednesday. solid checks. Analysts point 7,348.62 Average weekly earnings on prev. month on last year shines in EUR > GBP A spate of acquisitions, to the low level of late 145.33 H:7,903.5 6,800 including Titlestone, a payments in its buy-to-let 2.02 L:6,536.5 £528 V0.2% U3.2% the gloom property development book as a sign of quality. 6,400 €1.14 Unemployment current rate prev. month financer it snapped up last Paragon is also raking in FTSE 250 V 0.02 2018 2019 12-month high: €1.18 1.30m 3.8% 3.9% What a time to be a banker. July, and Iceberg, a legal the cheap funding through low: €1.10 Source: Thomson Reuters Manufacturing output on the year on last month The economic outlook is specialist finance broker, deposits, which snowballed YEN uncertain, regulation is have helped buoy Paragon’s to £5.6bn in the first quarter. RISERS FALLERS Allied Minds: 75p U 29.3% on Thomas Cook: 11.8p V 47.9% on being YEN > USD U1.2% U0.9% mounting, interest rates are commercial lending, with the The dividend has grown activist campaign Metro Bank: 677p dubbed “worthless” Sirius Minerals: Retail sales on the year on last month low, and rising competition amount of new loans more solidly each year over the U 26.9% on successful cash call 15.8p V 18.1% on analyst downgrade Genus: £28.40 U 17.5% on pig- Stobart: 120.6p V 14.5% on new ¥110.03 U6.7% U1.1% from a flood of start-ups in than doubling in the first past decade. Shares have 19,498.61 breeding deal Sophos: 385p U 13.9% chairman : 124.3p V 10.6% U 0.09 the mortgage market is quarter against a year earlier. climbed 20% this year and 131.81 H:21,371.5 on beating expectations Greggs: £20.38 on dividend cut AJ Bell: 425p V 10.2% 12-month high: ¥114.54 on sentiment low: ¥104.96 squeezing profit margins. Unlike other specialist closed at 462.8p on Friday. 0.68 L:17,054.7 U 13.7% on vegan sausage roll boom UK trade latest 3 mths prev. 3 mths latest 12 mths However, the gloom has lenders or “challengers”, this As more banks look to join OIL balance (£bn) -18.3 -9.4 -44.1 left shares in Paragon bank has already come of age, forces to increase scale — DOLLARS/BARREL DOW JONES HANG SENG FTSE EUROFIRST Gross domestic latest quarter prev. quarter annual change Banking Group looking having been founded in 1985. OneSavings and Charter 25,764.00 27,946.46 1,500.96 product cheap, some analysts say — As a result, analysts expect Court Financial Services $72.21 U0.5% U0.2% U1.8% 178.37 H:26,951.8 603.78 H:31,521.1 19.53 H:1,560.3 1.36 hovering below the book Paragon to gain approval recently confirmed merger U Budget deficit latest month prev. month year-to-date 0.69% L:21,712.5 2.11% L:24,540.6 1.32% L:1,291.0 12-month high: $86.74 (PSNB) in £bn value. Even against the drab from the City watchdog over plans — suggestions are low: $49.93 -1.7 -0.4 -24.7 backdrop, Paragon is emitting the next year to keep a swirling that Paragon could NASDAQ SHANGHAI SENSEX GOLD a few rays of light. smaller capital buffer against make an attractive target. 7,816.29 2,882.30 37,930.77 DOLLARS/TROY OZ For starters, the company, It is not all rosy. If the 100.66 H:8,176.1 56.91 H:3,288.5 467.78 H:39,487.5 run by chief executive Nigel Paragon Banking Group economy takes a turn for the 1.27% L:6,190.2 1.94% L:2,440.9 1.25% L:33,291.6 $1,276.50 10-YEAR BOND YIELDS % Terrington, is still expanding worse, its heavy exposure to V 10.77 its lending and growing its net 550p the buy-to-let property S&P 500 CAC 40 ALL ORDS 12-month high: $1,345.45 variation 12 months interest margin — a key market would probably lead 2,859.53 5,438.23 6,460.20 low: $1,179.16 high low 21.87 H:2,954.1 110.79 H:5,657.4 67.10 H:6,489.1 measure of profitability for to a rise in defaults — and BITCOIN UK 1.03 V 0.10 1.75 0.97 banks — at a time when others 450 crush profits. At the moment, 0.76% L:2,346.6 2.08% L:4,556.0 1.05% L:5,478.4 DOLLARS are coming under strain. though, with strong lending NIKKEI DAX S&P TSX US 2.39 V 0.07 3.26 2.34 Paragon recently growth, cheap(ish) shares, 21,250.09 12,238.94 16,401.75 $7,378.98 intensified its focus on 350 and merger activity picking U 494.42 JAPAN -0.06 V 0.01 0.17 -0.13 94.83 H:24,448.1 179.11 H:13,204.3 104.20 H:16,672.7 12-month high: $11,767.58 mortgages for professional 2018 2019 up in the sector, Paragon is at 0.44% L:18,948.6 1.49% L:10,279.2 0.64% L:13,776.9 low: $3,167.82 Price at 5pm Saturday GERMANY -0.10 V 0.06 0.65 -0.13 buy-to-let investors, which Source: Thomson Reuters the front of the pack. Buy.

TOP 200 COMPANIES

Market cap ranking Price Change 52-week Mkt Cap Market cap ranking Price Change 52-week Mkt Cap Market cap ranking Price Change 52-week Mkt Cap Market cap ranking Price Change 52-week Mkt Cap Yield P/E Yield P/E Yield P/E Yield P/E V on week high low (£m) V on week high low (£m) V on week high low (£m) V on week high low (£m) 40 Group 1077.5 +35.0 1088.5 756.2 3.2 - 10410.5 112 Derwent London 3320.0 +32.0 3328.0 2761.0 1.9 16.7 3706.7 192 Jupiter Fund Management 364.0 +6.2 488.0 287.6 5.0 11.7 1666.0 153 Royal Mail 238.2 –5.6 556.0 234.1 10.1 25.9 2382.0 158 3i Infrastructure 279.5 –0.5 288.5 220.9 3.1 - 2259.2 6 3348.0 +102.5 3350.5 2523.5 2.0 27.9 79607.0 101 Just Eat 622.0 –43.0 883.4 533.8 - 51.4 4240.3 123 RPC 788.4 –1.8 834.8 632.2 3.5 12.8 3208.1 74 Admiral 2105.0 +48.0 2281.0 1870.0 3.8 15.4 6124.5 190 Diploma 1509.0 –21.0 1634.0 1150.0 1.7 29.6 1708.8 144 Kaz Minerals 559.6 –18.6 1076.0 436.7 0.9 6.2 2637.4 77 RSA Insurance 565.2 +11.0 681.8 496.6 3.6 17.9 5829.0 164 Aggreko 815.0 –0.8 882.0 641.8 3.3 16.6 2087.4 98 Direct Line Insurance 323.5 +10.4 376.2 304.9 6.4 9.8 4448.1 92 Kingfisher 228.2 –14.8 318.1 205.4 4.7 22.4 4815.3 53 Sage 746.8 +31.8 746.8 525.6 2.1 27.6 8113.6 146 Alliance Trust 776.0 +15.0 789.0 672.0 1.8 - 2563.9 185 Dunelm 876.0 +29.0 912.5 482.8 3.0 21.1 1769.0 65 Land Securities 884.2 –19.0 965.1 791.8 5.2 - 6556.0 99 Sainsbury, J 201.2 –10.5 341.5 201.2 5.1 17.2 4441.1 20 Anglo American 1964.4 +71.6 2226.0 1464.6 4.1 9.1 27601.4 106 easyJet 1025.0 –9.0 1796.0 973.0 4.0 11.4 4071.4 32 Legal & General 277.6 +6.6 291.2 223.7 5.6 9.4 16547.6 48 3093.0 +17.0 3488.0 2334.0 3.7 17.2 8374.6 50 Antofagasta 835.6 nc 1149.0 727.2 0.6 20.7 8237.9 140 Electrocomponents 619.8 +2.4 761.6 480.0 2.1 16.7 2751.1 13 60.3 –0.7 67.0 50.0 8.7 11.0 42678.0 49 Schroders N/V 2450.0 +55.0 2720.0 1962.0 4.7 13.6 8374.6 121 Ashmore 466.6 +11.8 488.0 337.0 3.6 23.2 3325.6 156 Entertainment One 465.0 +11.6 483.4 278.8 0.3 93.0 2306.4 30 London Stock Exchange 5288.0 +216.0 5288.0 3867.0 1.0 38.9 18485.2 57 Scottish Mortgage 523.0 +9.0 568.3 441.4 0.6 - 7741.0 44 Ashtead 2052.0 +24.0 2438.0 1586.5 1.7 13.4 9605.4 51 569.0 –17.4 669.0 442.1 14.9 4.4 8212.7 155 Man 152.4 +0.7 196.3 126.8 6.2 11.4 2349.9 56 712.6 +26.6 712.6 585.2 2.4 6.8 7777.8 27 2571.0 +61.0 2836.0 2041.0 1.8 22.2 20353.9 25 2300.0 +117.0 2320.0 1728.5 1.5 34.5 20930.5 100 Marks & Spencer 267.8 –3.4 314.5 242.4 7.0 148.8 4351.8 96 1923.5 –38.0 2091.0 1770.0 4.5 17.5 4566.5 169 Aston Martin Lagonda 870.0 +11.0 1810.0 818.8 - - 1983.6 109 F&C Investment Trust 705.0 +22.0 741.0 616.0 1.6 - 3832.9 150 Mediclinic International 340.7 –3.3 686.0 301.3 2.3 - 2511.4 97 Smith (DS) 327.0 –12.6 513.4 292.2 4.4 13.9 4483.9 9 Astra Zeneca 5875.0 +183.0 6525.0 5182.0 3.7 40.3 77065.9 36 Ferguson 5420.0 –94.0 6556.0 4749.0 2.7 17.9 12573.9 104 Meggitt 526.6 –8.2 572.0 458.0 3.1 23.1 4091.4 35 Smith & Nephew 1630.0 +18.0 1640.0 1258.0 1.8 27.4 14258.1 80 Auto Trader 585.2 +13.0 591.4 351.2 1.0 31.2 5437.8 187 Finsbury Growth & Income 899.0 +22.0 899.0 740.0 1.7 - 1739.3 47 Melrose 177.6 –4.7 247.0 146.3 2.5 - 8628.3 76 Smiths 1498.0 –0.5 1801.0 1279.5 3.0 20.5 5931.3 79 3420.0 +184.0 3446.0 2284.0 0.8 94.7 5516.2 81 Fresnillo 731.0 +6.2 1340.0 724.8 4.4 19.6 5386.7 194 Mercantile Investment Trust 209.1 +0.2 226.0 168.0 3.0 - 1657.5 159 Smith WH 2052.0 +38.0 2186.0 1697.0 2.6 24.4 2219.4 33 419.9 +4.8 552.0 364.6 6.7 11.1 16442.8 120 G4S 215.0 +4.7 282.0 175.9 4.5 41.3 3335.9 108 Merlin Entertainments 375.1 +5.8 410.5 307.1 2.0 16.7 3841.3 86 2177.0 –59.0 3292.0 1934.0 3.7 - 5170.6 145 Babcock International 516.8 –3.0 862.4 472.8 5.7 10.9 2612.9 180 Genus 2840.0 +422.0 2992.0 2098.0 0.9 - 1847.3 66 Micro Focus International 1908.6 +123.6 2067.0 1184.0 4.6 11.4 6551.8 177 Softcat 940.0 +39.5 940.0 565.0 1.3 29.8 1863.6 34 BAE Systems 466.0 –3.3 676.4 445.5 4.7 14.9 14922.4 8 Glaxo Smith Kline 1555.0 +53.0 1621.6 1418.0 5.1 19.8 77560.1 70 1704.5 +47.0 2236.0 1584.0 3.4 11.2 6259.6 178 Sophos 385.0 +47.0 639.0 298.2 1.0 - 1856.0 196 Balfour Beatty 238.6 –4.2 311.1 230.6 1.7 12.2 1646.3 14 276.7 –4.2 400.4 269.0 5.7 14.7 38114.2 171 Moneysupermarket 363.8 +5.8 372.1 264.0 2.9 22.6 1951.5 131 Spectris 2559.0 –65.0 2908.0 1966.5 2.3 16.3 2963.8 68 Spirax-Sarco 8680.0 +555.0 8700.0 5900.0 1.0 28.7 6394.3 22 158.7 +1.2 211.1 146.1 4.1 8.0 27368.3 160 Grafton Group Units 930.0 +22.0 937.0 630.0 1.8 14.7 2212.6 173 Monks Investment Trust 879.0 +24.0 891.0 710.0 0.2 - 1921.4 71 613.6 +11.8 625.8 434.0 4.3 8.6 6223.6 197 Grainger 257.8 +3.4 291.0 205.8 2.0 13.7 1578.0 198 Sports Direct International 293.6 –0.8 436.1 233.2 - 35.4 1573.1 88 Morrison Supermarkets 210.9 –4.5 269.4 210.9 2.9 20.8 5045.4 137 BBA Aviation 269.6 –2.2 350.0 207.0 4.0 30.1 2789.2 200 Greencoat UK Wind 136.8 –0.6 143.2 120.0 5.1 - 1550.5 39 SSE 1041.0 –71.5 1440.5 1032.5 9.1 37.5 10771.8 165 National Express 404.2 –6.6 433.2 361.4 3.5 15.2 2068.4 130 Beazley 566.5 +33.0 608.0 492.6 2.1 56.4 2997.4 172 Greene King 623.0 +23.6 704.4 472.8 5.3 12.4 1931.3 127 SSP 697.0 +13.0 779.8 644.4 1.5 26.5 3100.1 19 National Grid 818.1 –17.4 889.2 748.7 5.6 8.3 27912.1 113 Bellway 2967.0 +2.0 3422.0 2419.0 4.8 6.8 3654.0 167 Greggs 2038.0 +245.0 2074.0 942.0 1.6 31.6 2061.6 24 677.2 –2.6 770.3 519.8 2.0 46.6 22361.0 55 Next 5780.0 +154.0 6202.0 3991.0 2.8 13.4 7879.7 90 Berkeley 3780.0 +70.0 4321.0 3226.0 2.4 7.9 4876.8 166 Great Portland Estates 761.0 +5.0 773.6 652.3 1.6 33.5 2065.1 75 St James’s Place Capital 1128.0 +27.0 1240.5 914.0 4.1 34.8 5985.7 85 NMC Health 2493.0 –145.0 4120.0 2192.0 0.5 31.8 5202.2 5 BHP 1794.8 +51.8 1944.2 1490.6 5.2 13.8 90763.0 114 GVC Holdings 626.6 +29.4 1170.0 507.5 5.0 - 3646.1 67 263.5 –2.5 423.9 224.9 9.4 - 6437.3 46 Ocado 1242.5 –96.5 1435.0 749.8 - - 8692.0 186 Big Yellow Group 1058.0 +2.0 1062.0 852.5 2.9 14.4 1763.6 61 Halma 1825.0 +69.0 1825.0 1237.0 0.8 41.4 6928.5 111 Tate & Lyle 800.4 +26.0 800.4 598.0 3.6 17.0 3742.5 191 Page Group 517.0 –5.5 623.5 432.2 2.5 16.0 1698.5 107 B&M European 385.2 –1.1 426.3 278.6 1.9 18.3 3854.2 161 Hammerson 287.7 –12.1 560.2 287.7 9.0 - 2204.6 78 177.6 +0.4 205.0 129.3 2.8 8.9 5824.5 69 Pearson 802.8 +0.4 1027.5 777.6 2.2 10.6 6273.2 4 BP 556.0 +31.8 598.3 485.9 5.6 14.8 113150.3 38 2419.0 +121.0 2433.0 1633.0 1.3 47.7 11473.8 179 Templeton Emerging Markets 742.0 –8.0 792.0 649.0 2.0 - 1855.7 132 Pennon 700.6 –22.8 812.4 684.2 5.5 13.6 2946.1 10 2957.5 +118.5 4222.5 2375.0 6.6 11.2 67838.4 163 Hays 149.1 +1.9 212.0 135.7 2.6 12.7 2172.6 23 239.4 –2.7 266.2 189.6 1.5 17.7 23445.6 134 Pershing Square Holdings 1351.5 –18.8 1412.7 988.9 - - 2930.6 84 558.6 –11.4 693.8 523.0 5.4 27.4 5303.0 135 HICL Infrastructure 158.6 –6.8 170.1 140.0 5.1 - 2868.7 117 Travis Perkins 1379.5 –1.0 1475.5 970.0 3.3 - 3478.3 63 Persimmon 2117.0 +22.0 2880.0 1859.5 11.1 7.5 6743.0 152 Britvic 936.5 +28.5 956.0 745.0 2.9 21.2 2484.7 102 1739.0 –11.5 2025.0 1317.0 1.6 19.0 4207.6 149 Tritax Big Box Reit 149.0 +1.4 155.7 129.0 4.4 8.6 2543.4 89 Holdings 691.7 +13.9 724.8 518.5 6.5 10.4 4988.6 29 BT 202.8 –6.1 264.6 202.8 7.6 8.9 20118.6 93 Hiscox 1659.0 +94.0 1711.0 1418.0 1.9 47.7 4775.1 91 Tui 828.2 +0.4 1810.5 713.2 7.5 8.9 4869.0 122 BTG 835.0 +0.5 853.0 475.0 - 142.0 3233.5 115 Homeserve 1095.0 +24.0 1166.0 842.0 1.7 37.4 3640.9 181 Polar Capital Technology Trust 1370.0 +68.0 1386.0 1066.0 - - 1833.4 124 Tullow Oil 227.2 +14.1 276.0 165.1 - 49.0 3186.5 60 2119.0 –6.0 2551.0 2060.0 2.2 21.7 7130.8 125 Howden Joinery 527.2 +8.0 539.0 416.4 2.1 16.9 3183.0 110 814.8 +38.4 894.0 597.2 4.5 13.1 3830.8 193 UDG Healthcare 667.0 +3.0 940.0 551.0 1.6 572.0 1659.6 58 1852.5 –69.0 2325.0 1623.5 2.2 23.6 7622.3 2 HSBC 654.7 +2.7 745.7 600.8 6.0 12.4 132486.3 94 Paddy Power Betfair 5886.0 –92.0 9110.0 5525.0 3.4 24.5 4598.7 3 4796.5 +187.0 4796.5 3931.0 2.8 15.4 126064.0 195 Caledonia Investments 3000.0 –30.0 3060.0 2650.0 1.9 - 1647.6 184 IG Group 483.4 –14.1 954.5 478.0 8.9 8.6 1783.0 12 Prudential 1665.0 +53.0 1954.5 1340.0 2.9 14.3 43284.8 148 Unite Group 968.0 +15.0 969.0 797.5 2.6 10.7 2551.2 170 Capital & Counties Properties 229.9 –11.3 308.9 226.3 0.6 - 1956.0 143 IMI 977.8 –4.8 1242.0 870.0 4.1 15.7 2660.6 189 QinetiQ 303.6 +3.4 311.4 239.9 2.1 13.9 1724.3 83 779.2 –18.0 873.6 682.4 5.1 14.4 5313.3 175 Capita 113.6 –5.2 169.1 102.2 - 6.4 1894.7 26 2162.0 –2.5 2987.5 2129.0 8.7 13.3 20684.7 142 Quilter 142.2 –1.6 156.6 110.6 - 15.1 2704.2 182 Victrex 2066.0 –154.0 3408.0 2052.0 2.9 18.0 1785.1 17 Carnival 4039.0 +90.0 5000.0 3659.0 3.7 12.3 28936.9 154 Inchcape 566.5 –30.0 799.0 486.6 4.9 49.3 2352.1 11 Benckiser 6255.0 +110.0 7155.0 5593.0 2.7 20.5 44277.6 16 Vodafone 124.3 –14.7 199.1 124.3 10.9 - 33284.0 82 Centrica 93.5 +0.9 163.6 92.6 12.8 29.2 5341.9 43 773.8 +23.8 859.0 605.8 2.7 39.3 9686.4 168 Redrow 572.0 –6.0 639.0 23.0 5.1 6.2 2014.5 105 Weir 1575.0 –28.0 2325.0 1240.0 2.8 72.9 4088.7 103 Cineworld 303.1 –10.2 323.6 245.0 2.3 17.2 4156.0 151 Inmarsat 537.8 +1.8 632.2 356.6 2.8 - 2493.1 15 Relx 1807.0 +65.0 1807.0 1491.5 2.2 25.3 35287.2 54 4551.0 +31.0 5114.0 3883.0 2.2 19.1 7912.1 199 City of London Investment Trust 417.0 +7.5 442.5 376.0 4.5 - 1568.4 45 Intercontinental Hotels 5063.0 +213.0 5227.4 4155.8 1.7 33.5 9216.3 183 Renewables Infrastructure 123.4 –1.4 125.6 104.6 5.3 - 1783.2 176 Witan Investment Trust 1062.0 +14.0 1138.0 948.0 2.4 - 1877.0 157 Close Brothers 1505.0 –21.0 1660.0 1406.0 4.2 11.3 2277.7 116 Intermediate Capital 1204.0 +35.0 1209.0 899.0 2.5 12.1 3495.8 133 Renishaw 4032.0 –248.0 5685.0 3670.0 1.5 22.9 2934.4 118 Wizz Air 3384.0 +33.0 3797.0 2329.0 - 17.2 3472.6 139 Cobham 115.1 +0.7 131.7 96.8 - 37.1 2752.1 52 5086.0 –38.0 6014.0 4387.0 1.6 29.1 8208.5 59 387.0 +4.5 391.1 284.8 1.0 - 7156.9 129 Wood 450.5 +3.2 796.4 438.0 2.0 - 3070.3 41 Coca Cola HBC 2864.0 +132.0 2864.0 2244.0 1.7 26.4 10394.1 42 International Airlines Group 509.0 +10.4 726.6 489.3 4.9 5.8 10100.1 87 568.2 +11.2 573.1 420.9 1.1 32.1 5056.0 188 Workspace 960.0 –14.5 1165.0 789.5 2.8 11.1 1731.7 18 Compass 1800.0 +93.0 1825.0 1483.0 2.1 24.4 28552.7 162 International Public Partnerships 155.0 –6.8 163.4 141.4 4.5 15.9 2182.8 7 4673.0 +261.0 4771.5 3486.0 5.1 7.6 79252.0 37 WPP 962.8 +0.2 1360.5 800.4 6.2 11.4 12149.5 138 Convatec 141.6 –4.9 239.0 118.6 3.3 16.4 2785.1 119 Investec 493.4 +16.0 594.8 423.4 4.9 9.5 3365.6 126 RIT Capital Partners 2035.0 –10.0 2130.0 1892.0 - - 3161.4 28 CRH 2518.0 +63.0 2857.0 1971.5 2.4 16.4 20313.5 95 ITV 114.0 –5.3 180.4 111.8 6.9 9.8 4589.0 31 Rolls-Royce 937.0 +18.4 1094.0 759.2 1.2 - 17845.4 Price/earnings ratios are based on historic data, with yield and p/e values 64 Croda 5135.0 +65.0 5447.7 4576.0 1.7 27.8 6606.5 128 IWG 343.5 +6.3 345.4 199.8 1.7 29.6 3075.6 147 Rotork 293.0 –4.4 361.4 235.7 1.9 27.9 2554.9 calculated from the most recent reported dividends and earnings per share, 141 CYBG 190.6 +0.6 364.2 173.9 1.6 - 2731.5 73 JD Sports 634.6 +14.6 635.6 318.5 0.3 24.6 6176.1 21 Royal Bank Of Scotland 227.6 –5.3 296.0 203.0 2.4 18.1 27519.4 using trailing 12-month figures. 52-week highs and lows are end of day. 62 DCC 6988.0 +398.0 7565.0 5555.0 1.8 25.9 6866.3 174 John Laing 389.6 +11.6 402.0 264.2 1.4 6.2 1920.7 1 A 2536.0 +109.5 2748.5 2213.0 5.7 11.7 205920.4 nc = no change Data provided by Morningstar. Any enquiries please contact: 136 Dechra Pharmaceuticals 2760.0 +98.0 3168.0 2014.0 0.9 117.8 2832.6 72 3192.0 +33.0 3823.0 2620.0 2.5 18.4 6177.6 Royal Dutch Shell B 2541.5 +108.5 2841.0 2227.0 5.7 11.7 [email protected]