12 The Sunday Times April 29, 2018 BUSINESS

Andrew Lynch LETTERS

woods. In 2013, as Standard Butlins after seeing the sun Send your letters, including people who receive pensions numbers. Employment data ‘Cashley’ does the decent thing Chartered’s chief executive, shine on almost eight SIGNALS full name and address, or are paying a contribution does not include the 64m he had to announce a $1bn glorious years of growth, and AND NOISE . . . to: The Sunday Times, for their future pensions. Americans who, once they do Is Johnston Press boss Ashley the payout until a “sound write-down following the with a successor reportedly 1 London Bridge Street, These people have done not sign on, are not counted. Highfield feeling the sting of financial base [is] achieved”. emerging bank’s dire waiting in the wings. London SE1 9GF. Or email nothing wrong, but they are I am no economist, having the Norwegian raider laying For the owner of the performance in South Korea. Last Monday, Hendry- [email protected] the ones penalised for the studied the subject only since siege to the beleaguered i newspaper, The Scotsman Pickup, 45 tomorrow, Letters may be edited actions of the directors, who 2008. But if I believe half of newspaper publisher? and The Yorkshire Post, relinquished control to Café invariably get off scot-free, what I read, I hope your In October, colourful locked in talks with creditors Buongiorno, Rouge co-founder Karen avoiding any penalties. They optimism comes true. financier Christen Ager- over a £196m debt pile, that Jones. By Thursday he was Luke Johnson was spot on usually even get to keep their Alan McRae, Alvdalen, Sweden Hanssen dubbed Highfield as could be some time. Or never campeggiatori! being measured up for his with Sorrell observation bonuses. “Cashley” over the £556,000 at all. What a gent! Jon Hendry-Pickup must red coat as new chief I write very few letters in Victor H Parness, London Don’t let penny-pinching he trousered in 2016. have had his parachute well executive of Butlins. Hi-de-hi! support of newspaper employers get away with it His “pay” has increased packed when he wielded the columns, but I could not You can call me a cockeyed Charles Dickens is long gone, substantially since then, Harry Potter axe last month at almost 100 resist this one. Being of economic optimist . . . but Scrooge is obviously still according to Johnston Press’s Prezzo Italian restaurants. Digital minister’s similar age to Sir Martin It was so nice to read David with us. Iain Dey reported last annual report. After hitting battles the tyrant The former Tesco and The restoration of Battersea Sorrell and brought up not to Smith’s optimistic Economic week in his Agenda column some targets, Highfield Peter Sands, the erstwhile Travelodge executive tech bumble Power Station in south bite the hand that feeds, I Outlook column last week that some employers claim landed a £249,000 bonus last Harry Potter lookalike who announced a company Tricky business doing those London will require 1.7m have had first-hand (“Reasons to be cheerful as they are being unfairly year. However, the 52-year- led Standard Chartered to voluntary arrangement — a selfies, I know from bricks — can we make experience of the rise of rest of the world blooms”). punished by HM Revenue & old has agreed not to collect the top of the hill and all the way to stave off the creditors experience. Hard lines then enough, asks Cherry Maslen many such people in my It is almost diametrically Customs for paying way down again, has run out — on March 23. for MP Margot James, who career engineering career, opposite to articles I have employees who are paid by patience with North Korea’s Three days later, Dermot took three attempts to get HOME, PAGE 6 including one who has been seen elsewhere. I read one the month less than the legal JUST SAYING . . . despot, Kim Jong-un. King stepped down from her and Sir David “mentioned in despatches” in article discussing the world minimum in the longer Fashioned like Paul Pester Attenborough into the the Sorrell saga. debt of $300 trillion. It months of the A personal from the McKinsey mould, Twittersphere last week. TWITTER POLL I completely agree with the started with China and its year, even though the Sands is now executive FUNNY BUSINESS It would be churlish to observations of Luke Johnson huge bubble economy, and annualised average pay per motivation that director of the snappily titled mention that James is digital Yes No last week (“Sorrell & Co are the actions being taken by the hour is “well in excess of the Global Fund to Fight Aids, minister in Her Majesty’s poor adverts for captains of Bank of China. A rock and a [£7.83 an hour minimum] goes beyond Tuberculosis and Malaria. rickety government. industry”). Now we have hard place were mentioned. national living wage”. simply amassing The North Koreans are up 82% 18% engineers such as GKN, Europe did not get a pass. A moment’s thought blows in arms that Sands’s fund has government (local and The German economy and a such niggardly claims out of a fortune pulled its grants. The vice- Que? TSB? national), banks, charities range of factors causing a the water. There are seven minister of public health and the NHS, all awash with German slowdown were the months of 31 days, meaning accused the fund of not even One spin-off from the TSB such chancers. Watch this main focus in Europe. such penny-pinching informing partners Unicef technology meltdown: space as the country The perilous state of the employers are actually and the World Health branch staff reported that continues to subside. southern European cheating their workers for Organisation. the operating system’s error Gordon Pickering, economies does not require most of the year. The fund responded that a messages — with which they Storrington, West Sussex amplification — not to With four months of 30 “unique operating are now well-acquainted — A group of bank bosses mention the problems of the days, only in February can Euan Stirling, the global environment” prevented it are mostly in Spanish. has called for Facebook, It’s the shareholders who’ll European Central Bank, the hourly rate paid in such head of stewardship at from providing “the required Spare a thought for new Google and Twitter to be pay any Barclays damages which has not yet stopped cases be claimed to be Standard Aberdeen level of assurance and risk TSB chairman Richard responsible for censoring So, Amanda Staveley is quantitative easing. anything like “well in excess” Investments, on what management around the Meddings, who had only just “bad actors” on their seeking £1.5bn damages from America is in a mess. Since of the minimum. No, I’m not Persimmon’s deployment of resources”. pulled himself from the systems. Should big tech Barclays (“Staveley ups the the crash of 2008, growth has a Jeremy Corbyn supporter — bonus-controversy Sands, 56, has had his wreckage of Deutsche Bank’s be regulated like banks? ante”, last week). barely beaten inflation. Weird I vote Conservative. More bosses need moments in that neck of the board. Life isn’t fair. @ST_Business It is always shareholders government figures on the power to HMRC’s elbow. who pay. They are primarily economy skew inflation Clive Hall, Tadworth, Surrey DATABANK INSIDE THE CITY JOHN COLLINGRIDGE THE WEEK IN THE MARKETS THE ECONOMY Consumer prices index current rate prev. month FTSE 100 FTSE 100 DOLLAR 2.5% 2.7% a reversal of his predecessor valuing Smiths at £6.3bn. Last USD > GBP Smiths yet Philip Bowman’s strategy. month they fell 10% on the 7,800 CPI including housing current rate prev. month ARS, as he is uncharitably day it reported falling 7,600 $1.38 2.3% 2.5% known in some quarters, first-half profits and missed V 0.02 Retail prices index current rate prev. month to detect promptly set about buying City expectations. 12-month high: $1.44 7,400 low: $1.26 businesses, acquiring Almost three years into 3.3% 3.6% EURO a surge Morpho, a maker of airport Reynolds Smith’s tenure, and 7,502.21 7,200 Average weekly earnings on prev. month on last year scanners, for $710m in 2016. investors are growing 134.04 H:7,792.6 EUR > GBP The engineer, who got impatient. “The time is 1.82% L:6,866.9 7,000 £513 V0.2% U2.8% Unemployment current rate prev. month in sales fed-up waiting for the top job coming when he will be 6,800 €1.14 at GKN to become vacant, has judged by the measurable FTSE 250 W 0.00 M J J A S O N D J F M A 12-month high: €1.19 1.42m 4.2% 4.3% Conglomerates are once put his stamp on Smiths. Its impact of his actions — low: €1.07 again an endangered species. shares surged on this new- including the purchase of Source: Thomson Reuters Manufacturing output on the year on last month YEN General Electric faces a found optimism, and Morpho — rather than RISERS FALLERS YEN > USD U2.5% V0.2% break-up under new boss Reynolds Smith scythed presentations,” wrote Interserve: 106.9p, U 25% on optimism William Hill: 290.9p, V 13.5% on FOBT fears Sportech: 60p, V 7.7% on Retail sales on the year on last month John Flannery; GKN has just through senior management Investec analysts recently. over restructuring Carpetright: 42.7p, U 23.7% on store closures approval monopoly sale GVC Holdings: 900p, ¥109.07 succumbed to a takeover by with gusto. Pensions have He has pinned his hopes Motorpoint: 264p, U 13.8% on strong V 7.3% on government crackdown U1.1% V1.2% 20,271.63 U 1.42 Morgan Sindall: £12.66, V 6.8% on Melrose that will ultimately been de-risked, insuring big on the full-year results, 50.86 H:20,984.8 profits Evraz: 453.6p, U 11.6% on 12-month high: ¥114.72 production growth Nanoco: 45.1p, sector worries Vectura: 81.2p, V 6.7% low: ¥104.55 see the 259-year-old business chunks of its liabilities promising a strong surge in 0.25% L:19,091.6 U 11.5% on supply agreement on absence of Japanese offer UK trade latest 3 mths prev. 3 mths latest 12 mths dismembered. through bulk annuity deals. revenues. OIL balance (£bn) -6.4 -5.9 -27.5 Smiths Group is an outlier. The idea of breaking up This is not a done deal. DOLLARS/BARREL DOW JONES HANG SENG FTSE EUROFIRST Gross domestic latest quarter prev. quarter annual change While everyone else is busy Smiths was put firmly to bed. First-half revenues fell 1%, 24,311.19 30,280.67 1,508.88 product breaking up, the FTSE 100 Lately, though, things have and were 4% lower when $74.64 U0.1% U0.4% U1.2% 151.75 H:26,616.7 137.66 H:33,484.1 11.51 H:1,588.0 engineer is still trying to grow stalled. The shares have currency impacts were U 0.58 Budget deficit latest month prev. month full year 0.62% L:20,553.4 0.45% L:24,358.7 0.77% L:1,415.8 12-month high: $75.47 (PSNB) in £bn its collection of disparate oscillated for the past year included. Medical sales, low: $44.35 1.3 1.3 42.6 businesses. but not really gone anywhere. which were flat in the first NASDAQ SHANGHAI SENSEX GOLD Founded in 1851 as a They ended Friday at £16.01, half, are dependent on the 7,119.80 3,082.23 34,969.70 DOLLARS/TROY OZ watchmaker, it now spans success of new product 26.33 H:7,637.3 10.69 H:3,587.0 554.12 H:36,444.0 five divisions — from John Smiths Group launches. Sales of scanners 0.37% L:5,996.8 0.35% L:3,016.5 1.61% L:29,804.1 $1,322.49 10-YEAR BOND YIELDS % Crane, which makes parts for and other detection V 16.09 the oil and gas industry, to £16 equipment, which tumbled S&P 500 CAC 40 ALL ORDS 12-month high: $1,359.26 variation 12 months Smiths Medical, with 11% in the first half, hinge on a 2,669.91 5,483.19 6,042.90 low: $1,210.29 high low products including catheters surge in orders later this year. 0.23 H:2,872.9 70.36 H:5,567.0 78.50 H:6,256.5 BITCOIN UK 1.45 V 0.04 1.79 0.72 and syringe pumps. 12 Reynolds Smith may have 0.01% L:2,352.7 1.30% L:4,995.1 1.32% L:5,670.7 DOLLARS Its chief executive, Andy killed off the idea of a break- NIKKEI DAX S&P TSX US 2.96 W 0.00 3.04 2.02 Reynolds Smith, 51, was hired up for now, but he needs to $9,326.97 22,467.87 12,580.87 15,668.93 JAPAN 0.05 V 0.01 0.11 -0.01 from GKN in 2015 by 8 start delivering on his U 507.65 305.63 H:24,129.3 184.61 H:16,421.4 2016 2017 40.37 H:13,596.9 12-month high: $19,497.4 chairman Sir George Buckley promises. Until then, hold. 1.38% L:19,144.6 0.32% L:11,726.6 1.19% L:14,785.8 low: $919.5 GERMANY 0.57 V 0.02 0.80 0.23 with a remit to grow Smiths — Source: Thomson Reuters @jcollingridgeST Price at 5pm Saturday

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) 48 3i Group 943.0 +25.2 969.5 793.5 2.8 - 9166.6 93 Direct Line Insurance 373.8 +1.1 411.3 342.1 4.4 11.9 5139.8 13 Lloyds Banking Group 64.8 –0.9 73.1 63.0 4.2 13.5 46694.3 50 Schroders 3289.0 +6.0 3773.0 3079.0 3.0 15.6 8749.0 193 3i Infrastructure 219.6 +2.7 271.7 203.0 3.6 - 1783.0 164 Dixons Carphone 204.1 –6.1 342.0 149.1 - 9.6 2353.9 35 London Stock Exchange 4318.0 +68.0 4318.0 3350.0 1.1 28.8 14940.3 67 Scottish Mortgage 474.6 +11.4 477.8 373.5 0.6 - 6622.7 84 Admiral 1995.5 –1.5 2178.0 1784.0 2.7 17.1 5682.8 195 Domino's Pizza 357.8 +7.8 357.8 263.4 2.3 26.3 1760.4 145 Man 178.6 –5.7 217.7 148.7 4.0 15.8 2898.9 70 Segro 647.0 +18.8 647.0 480.1 2.5 6.6 6459.6 185 Aggreko 734.2 –5.2 983.0 695.4 3.7 17.7 1880.5 73 EasyJet 1606.5 +3.5 1696.0 1151.0 3.3 20.9 6381.1 97 Marks & Spencer 286.6 +6.0 395.5 264.5 6.5 25.1 4656.5 99 Severn Trent 1960.5 +79.0 2553.0 1703.0 4.2 15.9 4627.9 162 Alliance 726.0 +9.0 769.0 683.0 1.9 - 2475.0 150 Electrocomponents 613.8 –0.2 709.0 519.0 2.0 25.6 2710.2 95 Mediclinic International 674.0 –16.6 887.0 507.5 1.2 72.5 4967.4 137 Shaftesbury 1007.0 +12.0 1055.0 921.0 1.5 9.3 3090.4 25 Anglo American 1699.2 –68.0 1843.6 959.4 2.1 9.4 23867.2 69 Evraz 453.6 +46.3 455.1 173.2 4.8 12.8 6495.8 117 Meggitt 476.0 +13.9 526.0 417.1 3.2 10.7 3695.8 16 Shire 3894.0 +72.5 4852.0 2953.5 0.6 11.3 35572.8 47 Antofagasta 954.0 +1.2 1061.0 751.0 1.5 37.9 9405.1 34 Experian 1668.0 +61.5 1705.0 1446.0 1.9 27.1 15336.3 100 Melrose 227.6 –1.6 261.2 198.8 1.5 - 4418.2 26 Sky 1372.5 +60.5 1373.5 900.0 - 29.0 23593.5 143 Ashmore 410.0 –9.4 433.2 332.3 4.1 19.5 2922.2 37 Ferguson 5616.0 –14.0 5702.0 4460.0 1.8 16.7 14212.9 199 Mercantile Investment Trust 2140.0 +15.0 2210.0 1896.0 2.5 - 1718.2 87 Smith (DS) 525.4 +17.6 558.5 421.7 2.9 25.9 5607.1 43 Ashtead 2055.0 –16.0 2152.0 1542.0 1.4 10.4 10259.1 120 Foreign & Colonial 654.0 +10.0 672.0 563.5 1.6 - 3502.5 116 Merlin Entertainments 363.0 +16.8 537.0 318.4 2.0 17.7 3701.1 41 Smith & Nephew 1392.0 +40.0 1431.0 1215.0 1.6 21.5 12176.0 29 Associated British Foods 2700.0 +69.0 3371.0 2389.0 1.4 17.8 21375.2 46 Fresnillo 1281.5 –16.5 1725.0 1159.5 1.8 21.6 9443.3 155 Metro Bank 3302.0 –162.0 4040.0 3242.0 - 262.1 2654.6 75 Smiths 1601.0 –17.5 1685.0 1444.0 2.7 17.3 6331.5 6 Astra Zeneca 5083.0 +107.0 5508.0 4325.0 4.0 29.0 64373.6 109 G4S 261.6 +3.1 341.1 238.4 3.6 16.8 4059.0 90 Micro Focus International 1274.0 –24.5 2739.0 911.8 5.7 24.8 5542.9 176 Smith WH 1955.0 +23.0 2347.0 1664.0 2.5 19.0 2153.6 123 Auto Trader 350.6 +7.6 435.9 319.0 1.5 21.0 3345.4 5 Glaxo Smith Kline 1465.2 +35.2 1722.0 1242.8 5.5 47.3 72056.4 189 Millennium & Copthorne Hotels 564.0 –1.0 625.5 431.9 1.4 14.8 1831.5 62 Smurfit Kappa 3098.0 –38.0 3220.0 2062.0 2.3 19.9 7347.8 122 Aveva 2124.0 –12.0 3054.0 1803.0 1.9 64.4 3424.0 10 Glencore 369.0 –11.6 415.0 276.6 1.4 12.5 53227.3 60 Mondi 2030.0 +16.0 2130.0 1693.0 2.5 16.5 7455.0 165 Sophos 503.5 –10.5 669.5 335.7 0.7 - 2320.5 30 Aviva 525.0 +3.0 542.0 486.5 4.1 34.8 21069.5 192 Grafton Group Units 752.0 –9.0 841.5 685.0 1.9 14.0 1785.2 88 Morrison Supermarkets 240.0 +5.7 252.9 204.1 2.3 15.9 5605.6 129 Spectris 2682.0 –5.0 2834.0 2229.0 2.0 13.7 3193.1 115 Babcock International 741.0 –3.6 969.5 626.2 3.8 11.6 3746.5 172 Great Portland Estates 685.6 –9.2 850.5 665.0 1.7 - 2240.1 179 National Express 396.4 –9.6 412.6 340.9 3.2 16.2 2028.5 103 Spirax-Sarco 5715.0 –90.0 6090.0 5150.0 1.4 26.8 4202.8 31 BAE Systems 613.4 +12.4 677.0 535.5 3.5 23.0 19547.9 151 GVC Holdings 900.0 –61.5 982.0 737.5 - - 2706.0 20 National Grid 841.7 +28.8 1157.5 736.8 5.4 16.9 28298.1 174 Sports Direct International 405.8 +18.4 419.5 284.5 - 14.5 2192.6 181 Balfour Beatty 289.9 –0.8 307.6 253.5 1.0 12.4 1999.6 98 Halma 1222.0 –8.0 1330.0 1053.0 1.1 33.3 4633.6 114 Nex Group 987.0 –3.0 1004.0 558.0 3.9 53.6 3748.0 38 SSE 1383.5 +56.0 1551.0 1182.0 6.6 10.3 14043.3 15 Barclays 208.9 –6.6 217.0 178.9 1.4 61.5 35654.7 102 Hammerson 546.0 +6.0 609.5 434.4 4.5 11.2 4336.5 59 Next 5230.0 +10.0 5320.0 3617.0 3.0 12.2 7691.1 139 SSP 639.8 –7.8 710.4 455.8 0.9 33.3 3040.5 22 Standard Chartered 761.7 –2.7 849.2 700.8 - 44.2 25111.6 85 Barratt Developments 562.0 +2.4 700.0 519.8 4.3 9.1 5659.3 53 Hargreaves Lansdown 1775.5 +39.5 1928.0 1266.0 1.6 37.6 8421.5 61 NMC Health 3600.0 –88.0 3688.0 1987.0 0.3 58.5 7354.3 126 BBA Aviation 320.8 +0.8 368.8 292.5 2.0 31.7 3309.9 191 Hastings 274.2 –7.0 325.0 260.6 3.6 19.3 1803.4 80 St James's Place Capital 1131.0 +21.5 1270.5 1052.0 2.9 47.7 5978.4 125 Ocado 528.2 –9.0 597.6 238.7 - 3301.2 3335.2 131 Beazley 603.0 +17.5 603.0 439.8 1.7 33.4 3170.0 158 Hays 180.4 +0.8 205.0 161.5 1.8 17.4 2616.9 42 Standard Life Aberdeen 364.8 –2.3 446.3 354.5 5.6 12.3 10861.5 40 Old Mutual 254.7 +12.1 257.8 188.0 2.7 32.2 12563.8 107 Bellway 3313.0 +6.0 3792.0 2727.0 3.7 8.4 4068.3 159 HICL Infrastructure 144.4 +1.5 174.6 133.5 5.4 - 2596.6 149 Tate & Lyle 582.4 +23.4 795.0 526.0 4.8 10.9 2712.2 197 Page Group 537.5 –6.0 560.0 440.6 2.2 21.2 1755.4 91 Berkeley 4065.0 +99.0 4240.0 3093.0 3.4 7.4 5498.5 130 Hikma Pharmaceuticals 1324.5 +116.5 1989.0 855.6 1.9 24.8 3187.8 74 Taylor Wimpey 194.0 nc 211.2 174.9 2.4 11.5 6356.0 71 Pearson 822.2 +38.2 822.2 566.5 4.7 16.5 6442.8 17 BHP Billiton 1534.6 +0.2 1660.0 1117.0 4.0 23.6 32410.8 101 Hiscox 1523.0 +56.0 1525.0 1132.0 1.9 169.2 4370.7 182 Templeton Emerging Markets 733.0 +7.0 825.0 656.5 - - 1994.2 144 Pennon 700.0 +43.2 944.0 583.4 5.1 16.0 2915.1 108 B&M European 406.5 +7.1 434.8 335.1 1.4 26.6 4065.0 166 Homeserve 746.0 +9.5 867.0 669.0 2.0 32.0 2317.9 27 Tesco 238.1 –1.3 239.8 166.5 - 42.5 23253.6 173 Pershing Square 941.0 +37.0 1250.0 856.0 - - 2208.1 200 Bodycote 896.5 –16.0 1006.0 739.5 1.8 17.6 1716.4 141 Howden Joinery 476.5 –9.7 501.2 399.5 2.3 16.0 2999.1 187 Thomas Cook 120.0 –2.7 129.5 88.6 0.4 150.0 1843.0 52 Persimmon 2730.0 +13.0 2890.0 2231.0 4.9 11.2 8478.6 3 BP 537.4 +19.2 537.4 439.8 5.5 42.5 107107.4 2 HSBC 719.6 +18.4 796.0 636.5 5.2 20.3 143890.1 152 TP Icap 473.6 +2.6 553.6 439.9 3.6 30.0 2668.0 177 Petrofac 606.2 +6.6 823.5 349.0 6.9 - 2096.9 4 British American Tobacco 4030.5 +330.5 5643.0 3650.0 5.4 2.2 92445.1 138 IG Group 828.5 +38.5 841.0 543.5 3.9 15.8 3048.0 128 Travis Perkins 1270.0 –45.0 1696.0 1216.0 3.6 13.8 3202.0 136 Phoenix Group Holdings 787.0 +12.5 815.0 725.5 6.2 - 3091.8 65 British Land 672.0 +6.0 691.5 590.5 4.4 11.6 6920.3 142 IMI 1098.0 +30.0 1443.0 1013.0 3.5 20.5 2987.0 45 Tui 1639.5 +15.5 1647.5 1109.0 3.4 13.3 9624.5 160 Playtech 814.0 –17.4 1016.0 725.0 3.5 13.1 2583.2 184 Britvic 720.0 +11.0 820.0 661.5 3.4 17.1 1898.3 23 Imperial Brands 2614.5 +212.0 3782.0 2325.0 6.1 17.8 24935.4 133 Tullow Oil 225.8 –5.2 238.7 145.6 - - 3134.1 134 Polymetal International 724.6 +20.8 1069.0 591.0 3.2 12.1 3116.6 24 BT 248.0 +6.2 317.0 218.1 5.8 15.4 24606.3 140 Inchcape 720.0 –3.5 880.5 670.0 3.4 11.3 3002.9 113 UBM 965.5 –0.5 978.5 645.0 2.3 27.7 3805.0 79 Paddy Power Betfair 7115.0 –190.0 8900.0 6665.0 2.5 27.9 6020.7 157 BTG 684.5 +21.0 779.0 592.5 - 36.0 2640.4 124 Indivior 460.7 +24.3 460.7 267.6 - 77.9 3342.1 170 UDG Healthcare 925.0 +8.0 959.0 740.0 1.0 43.0 2297.0 63 Bunzl 2098.0 –32.0 2465.0 1936.0 2.0 22.4 7047.9 77 Informa 736.8 +6.2 761.0 641.5 2.6 29.5 6071.3 12 Prudential 1865.0 –10.0 1981.0 1716.0 2.4 20.0 48252.8 11 Unilever 4051.0 +178.5 4548.5 3695.0 3.1 21.2 49898.9 55 Burberry 1822.0 +87.0 1985.0 1498.0 2.1 26.0 7987.3 198 Inmarsat 379.6 +3.8 844.5 336.4 10.8 12.8 1731.1 89 Randgold Resources 5914.0 +172.0 8190.0 5572.0 1.2 27.4 5558.9 175 Unite Group 825.5 +24.0 825.5 622.0 2.3 8.8 2171.5 163 Capital & Counties Properties 285.8 –0.7 324.8 253.1 0.5 - 2426.6 51 Intercontinental Hotels 4577.0 +207.0 4928.0 3668.0 - 20.3 8695.8 14 Reckitt Benckiser 5658.0 +33.0 8108.0 5443.0 2.9 11.9 39843.9 94 United Utilities 748.8 +31.6 1056.0 656.0 5.2 11.9 5106.1 44 Carnival 4732.0 +59.0 5380.0 4468.0 1.9 17.9 9835.2 132 Intermediate Capital 1086.0 +10.0 1178.0 781.0 2.3 14.6 3152.7 167 Redrow 626.5 –10.0 664.5 540.0 2.7 8.0 2316.8 180 Vedanta Resources 729.0 –13.0 954.0 575.0 5.7 - 2020.0 190 Centamin 156.8 +4.1 176.9 131.8 7.6 22.5 1805.9 56 Intertek 4898.0 –28.0 5425.0 4066.0 1.4 27.8 7904.9 18 Relx 1553.5 +9.5 1782.0 1429.5 2.4 19.1 32153.2 169 Victrex 2678.0 –48.0 2732.0 1832.0 1.8 23.0 2297.9 54 Centrica 152.9 +6.7 209.0 124.1 7.8 25.5 8395.8 39 International Airlines Group 630.2 +19.2 670.0 555.5 3.5 7.7 12906.8 121 Renishaw 4722.0 –208.0 5775.0 3387.0 1.1 25.0 3437.1 8 Vodafone 210.6 +0.6 238.0 190.9 6.2 - 56161.7 119 Cineworld 256.0 –2.6 670.5 97.9 3.4 35.5 3506.3 183 International Public Partnerships 144.2 –1.8 166.6 138.2 4.7 17.2 1946.4 86 Rentokil Initial 306.5 +20.2 335.8 249.0 1.1 8.3 5631.4 96 Weir 2147.0 –54.0 2305.0 1727.0 2.0 29.4 4819.6 168 Close Brothers 1529.0 +12.0 1715.0 1316.0 3.9 11.6 2315.2 154 Intu Properties 196.8 –5.6 279.9 194.4 7.1 13.1 2666.0 105 Rightmove 4567.0 +79.0 4573.0 3889.0 1.2 29.4 4155.5 57 Whitbread 4254.0 +19.0 4298.0 3512.0 2.2 16.5 7801.6 147 Cobham 115.1 –0.9 148.0 113.4 - 32.9 2839.5 110 Investec 578.0 –5.6 648.6 461.4 4.0 12.0 3853.1 9 Rio Tinto 3978.0 –9.0 4172.5 2910.0 4.3 11.1 53353.6 161 William Hill 290.9 –44.2 338.0 240.0 4.3 - 2498.5 49 Coca Cola HBC 2479.0 –17.0 2707.0 2142.0 1.6 24.1 9117.9 78 ITV 149.6 +4.7 211.5 142.4 4.9 14.7 6022.0 135 RIT Capital Partners 1990.0 +36.0 2005.0 1815.0 - - 3107.0 186 Witan Investment Trust 1048.0 +8.0 1108.0 976.0 2.2 - 1878.6 21 Compass 1554.5 +51.5 1757.6 1425.0 2.2 21.8 25565.2 171 IWG 249.5 –13.1 365.2 190.9 2.1 20.3 2271.6 33 Rolls-Royce 839.4 –26.8 981.0 812.0 0.6 3.7 15611.5 188 Wizz Air 3191.0 –69.0 3716.0 1765.0 - 19.5 1834.1 194 Contour Global 264.0 +6.0 300.0 228.0 - 119.0 1770.7 153 Jardine Lloyd Thompson 1218.0 nc 1448.0 1097.0 2.7 22.3 2667.9 146 Rotork 329.5 +30.6 331.6 223.5 1.6 51.5 2868.1 111 Wood 566.2 +14.8 779.0 521.4 4.5 - 3837.2 104 Convatec 215.0 –2.0 344.0 182.0 0.5 36.3 4195.7 112 JD Sports 392.5 +1.0 456.0 303.3 0.4 19.1 3819.9 19 Royal Bank of Scotland 268.4 –5.8 302.4 241.2 - 42.6 32116.7 196 Workspace 1078.0 +60.0 1078.0 840.5 2.0 8.7 1759.3 28 CRH 2571.0 +46.0 2920.0 2338.0 2.3 13.6 21500.9 72 Johnson Matthey 3301.0 +36.0 3503.0 2727.0 2.3 16.8 6388.5 1 Royal Dutch Shell A 2531.5 +34.5 2573.5 2002.5 5.5 22.0 213609.3 36 WPP 1148.5 +2.0 1754.0 1094.0 4.9 8.5 14576.0 81 Croda 4500.0 –87.0 4673.0 3675.0 1.7 25.1 5923.9 178 Jupiter Fund Management 456.7 +2.4 631.4 445.0 3.7 13.6 2090.3 Royal Dutch Shell B 2596.0 +48.0 2609.0 2052.5 5.4 22.5 156 CYBG 300.0 +5.8 340.3 261.9 - 17.4 2653.8 92 Just Eat 766.0 +24.4 890.0 556.5 - - 5209.1 83 Royal Mail 583.0 +23.0 583.0 369.9 4.0 16.3 5830.0 Price/earnings ratios are based on historic data, with yield and p/e values 76 DCC 7000.0 +175.0 7755.0 6475.0 1.6 30.9 6244.1 106 Kaz Minerals 914.6 –9.4 965.8 430.5 - 12.4 4086.9 127 RPC 803.0 +2.2 993.0 720.5 3.0 15.8 3275.5 calculated from the most recent reported dividends and earnings per share, 148 Dechra Pharmaceuticals 2760.0 +14.0 2834.0 1647.0 0.8 60.0 2822.9 68 Kingfisher 302.0 –7.0 368.1 288.0 3.4 11.5 6510.6 66 RSA Insurance 657.6 +4.6 666.5 593.5 2.7 25.2 6724.6 using trailing 12-month figures. 52-week highs and lows are end of day. 118 Derwent London 3159.0 +48.0 3175.0 2580.0 1.7 33.0 3521.5 58 Land Securities 986.4 +14.6 1208.5 906.8 4.3 42.8 7800.0 64 Sage 641.0 +10.2 821.4 598.4 2.3 27.0 6928.4 nc = no change Data provided by Morningstar.Any enquiries please contact: 7 Diageo 2558.0 +93.0 2725.0 2246.5 2.4 20.1 63567.5 32 Legal & General 268.4 –6.8 278.4 246.1 5.5 8.8 15993.0 82 Sainsbury, J 269.8 +5.9 281.7 224.8 3.8 28.1 5907.7 [email protected]