10 The Sunday Times June 16, 2019 BUSINESS

Liam Kelly LETTERS

Regiment last year. Send your letters, including scale (but one that had a huge have had the same chatting staff and not one of I am appalled at your D-Day spirit in the Square Mile “When most people my full name and address, impact on my personal life), I experience as I did. At the them spoke or even noticed decision to reinstate Luke age are leaving their military to: The Sunday Times, can sympathise. M40 Beaconsfield services, us. Luckily, a Johnson as a columnist in The property industry has over-50s insurer and cruise involvement, I’m actually 1 Bridge Street, No matter the scale, if you which I visit fortnightly, I had is next door: great food, your Business section. got used to gloom — falling operator last week after coming into it,” Dorfman, London SE1 9GF. Or email have put your heart and soul several bad experiences at reasonable prices and keen, You should have waited until valuations, a meltdown in presiding over a mega profit 66, told the crowd at The [email protected] into an endeavour, when the their outlet. I describe the attentive staff. the outcome of the inquiries the retail market and warning, leaving the share Sunday Times Profit Track Letters may be edited proverbial hits the fan, if you worst (and last). We have sat there every into the collapse of Patisserie stagnant deal flow — but price — down more than 100 awards dinner last week. care, it will hurt. This country The service station was fortnight since, enjoying Valerie and his role in the there was a rare triumph in 60% this year —under water. His 91-year-old mother, Luke Johnson: blameless of “shopkeepers” owes a debt busy, but Patisserie Valerie lunch rather than afternoon administration of that the face of adversity on It’s a place Batchelor Anita, was excited to hear victim, or asleep on the job? to all those who are prepared had fewer customers than coffee and cake, watching the company. Wednesday night. knows well. For a year the news, and asked if he I would like to thank Luke to take a risk. staff on duty. We approached Patisserie Valerie Titanic slip Mervyn Bradlow, London SW7 Save the Children had during the Cold War, he would be called up if war Johnson for his honest and Hugo Cheston, Stow-on-the- the counter, where four or below the waves, a richly been due to hold its Summer served on HMS Conqueror, broke out. “I said, ‘Ma, if courageous article (“My very Wold, Gloucestershire five members of staff were merited failure. Shame on Welcome back. The best in the City fundraiser at a hunter-killer submarine. they’re depending on me, public disaster with Patisserie having a great time chatting Johnson. business writing. Mansion House, arranged by they’ve got a bigger problem Valerie”, last week), about Johnson says Patisserie to each other. John Bishop, Worcester Roger Ward, Old Coulsdon, Amanda Richards, wife of than that’,” he laughed. the effect that the collapse of Valerie’s collapse “happened We asked if we might Surrey former Hammerson boss Don’t panic, Patisserie Holdings had on so suddenly”, and its order. We were told to sit Johnson was executive John Richards. him and his family. downfall was “horribly rapid down; it was waiter service. I chairman of Patisserie Valerie Johnson shines a light on the As the 150 or so guests Colonel Dorfman Thames Water: I may not entirely share and unexpected”. and there is something dark side of arrived, an electrical fire Speaking of the military, Sir Johnson’s political and No, it wasn’t, Mr Johnson: distasteful about his being entrepreneurship. Any broke out in the Mansion Lloyd Dorfman could soon drought of order business philosophies, but to my local branch was often given the opportunity entrepreneur knows that House kitchens and the fire be donning his fatigues. Who knew utility companies be let down so badly by those deserted when the nearby publicly to blame others, whether you are in charge of brigade barred the doors. The Travelex founder was could be so generous? in whom you place your trust and other implicitly and explicitly, for an already successful According to my man in made an honorary colonel in Thames Water has shelled must be very hard to cope outlets were packed, even on the debacle. So it is hard to company, or embarking on a the penguin suit, rotund the third battalion of the out up to £150,000 to host a with, and an experience that the busiest shopping day know what his future new venture, there are risks. Allsops auctioneer Duncan Princess of Wales’s Royal garden at next month’s no one of integrity deserves prior to Christmas. It couldn’t contributions to your paper Beyond the obvious Moir sprang into action. “He Royal Horticultural Society’s to have inflicted on them. possibly have been making a will be, but they will be a “no financial risks, leaders was like a beachmaster on Hampton Court Palace Also, having been through profit. I wrote and told him so read” for me. gamble with their reputations Normandy in 1944, ushering TWITTER POLL Festival, promoting plants one or two dark periods in an — no reply. Alan Kaye, Newton, and wellbeing. We tend to people into taxis,” he says. such as rosemary and otherwise happy life, I can Perhaps he might in future Carnforth, Lancashire overlook this, which is why The guests were directed to Yes No lavender, which don’t need empathise with the feelings take an occasional look at Johnson’s candid column last Plaisterers Hall, where the much water. Johnson describes — what is actually happening on Johnson appears to apportion week was so important. Lord Mayor pulled a few Thames, which sacked particularly his sense of the ground. all the blame to those around People who lead big strings to ensure a three- 74% 26% boss Steve Robertson last vulnerability and reluctance Peter Watts, Maidstone him who were engaged to companies are well aware of, course meal and a set from month after he failed to cut to venture into the outside support him in and often well-equipped to Pixie Lott. Nicely done. leakage rates, has been world. At such times, the I read Luke Johnson regularly his role and not to accept that deal with, the ups and downs keeping lots of gardens dry support of one’s family is of in your Business pages, his failure to govern the of business, but that’s not lately. Some 100,000 vital importance. growing to like him as the business properly ultimately always the case. Saga chief takes residents of southwest Dominic Ion, Wirral, voice of the rational and led to its demise. Developing the resilience London were left without Merseyside reasonable man in business. said we knew what we His stance is reminiscent of to overcome disasters is a dive again water last week after a pipe However, his lengthy wanted; please take the order that of the recently departed therefore a task major Lance Batchelor, the Saga chairman Patrick burst. A spinner sighs: What a pleasure to see Luke confession last week of and we will sit down and Theresa May, with her business leaders should take outgoing chief executive of O’Sullivan has blasted its “Shouldn’t every water Johnson back in the Business dismal failure was a wait. They refused and said dogged conviction that her on before the unravelling of Saga, has been holed below former private equity company promote less pages writing honestly about misguided attempt at they would come to us and failure to progress on Brexit their professional lives is even the waterline. The owners for “over-egging” water usage?” his trials and tribulations. self-exculpation. take the order. was due to the inadequacies on the horizon. defenestrated boss, 55, its potential. Are buyout liam.kelly@ Having recently Had he had the sense to try We sat down and waited. of her colleagues. Sam Gilpin, managing walked the plank from the firms bad for businesses? sunday-times.co.uk experienced a business being a customer of Patisserie And waited. After 10 minutes Fiona Hudson, Stocking director and head of Europe, disaster on a much smaller Valerie incognito, he might we left. We walked past the Pelham, Hertfordshire YSC Consulting, London 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 once the dust settles. Nabbing Further branch closures USD > GBP 2.1% 1.9% Scaled-up the Virgin brand is a huge could be on the cards to trim 8,000 CPI including housing current rate prev. month boost for CYBG’s drive to its 237-strong network. $1.26 2.0% 1.8% attract customers. The bank “Their record on ripping 7,600 V 0.02 challenger is planning on dropping its out costs is exemplary,” said 12-month high: $1.34 Retail prices index current rate prev. month low: $1.24 Clydesdale brand and Ian Gordon at Investec. 7,200 3.0% 2.4% EURO switching to Virgin for retail Integrating Virgin will not 7,345.78 Average weekly earnings on prev. month on last year sharpens EUR > GBP customers in the next few be easy, however. As TSB 13.84 H:7,793.5 6,800 years. Duffy is still demonstrated when it tried to 0.19% L:6,536.5 £532 U0.6% U3.1%

its axe considering whether to roll switch data to parent bank 6,400 €1.12 Unemployment current rate prev. month out the Virgin label for Sabadell last year and left FTSE 250 W 0.00 2018 2019 12-month high: €1.18 1.30m 3.8% 3.9% Challenger banks were meant business customers, most of thousands of customers low: €1.10 Source: Thomson Reuters Manufacturing output on the year on last month to shake up the Big Four and whom are based in the north unable to access their online YEN inject a much-needed dose of of England and Scotland. accounts, tech migration is no RISERS FALLERS Oxford Instruments: £12.18 U 12.2% on Ted Baker: 905.5p V 32.7% on profit YEN > USD V0.8% V3.9% competition into the stale He is likely to reveal more mean feat. CYBG has also — beating expectations Centamin: 109.4p warning Pendragon: 17.9p V 23.3% on Retail sales on the year on last month banking market. about the bank’s strategy at embarrassingly — been U 10.5% on precious metals demand slashing used-car prices Thomas Cook: Chemring: 170.2p U 9.5% on continuing 15.2p V 19.7% on takeover bid Kier: ¥108.55 U5.2% U1.1% Their impact has been an event for investors on rejected twice for a grant 19,118.34 momentum Ferguson: £55.66 U 9.1% on 130.8p V 18.8% on plans to sell U 0.37 underwhelming. Barclays, Wednesday. Analysts believe from the £775m RBS fund to 114.05 H:21,353.2 activist taking stake ASA International: housebuilding division Provident 12-month high: ¥114.54 Financial: 445p V 14.4% on cash fears low: ¥104.96 HSBC, Royal Bank of Scotland he could unveil more cost- increase competition in small 0.59% L:17,054.7 381p U 8.2% on growing loan book UK trade latest 3 mths prev. 3 mths latest 12 mths and Lloyds still dominate. cutting: as it stands, the Virgin business banking. OIL balance (£bn) -15.6 -12.9 -44.6 Clydesdale and Yorkshire deal is already predicted to Another headwind is that DOLLARS/BARREL DOW JONES HANG SENG FTSE EUROFIRST Gross domestic latest quarter prev. quarter annual change Banking Group (CYBG), owner save CYBG £150m a year by its lending is concentrated in 26,089.61 27,118.35 1,490.84 product of Virgin Money, is one of the 2021. Digital banking will be a the UK mortgage market, and $63.29 U0.5% U0.2% U1.8% 105.67 H:26,951.8 153.07 H:30,778.0 5.31 H:1,541.3 1.30 few to have made a dent. key focus, and CYBG hopes to margins are under pressure. U Budget deficit latest month prev. month year-to-date 0.41% L:21,712.5 0.57% L:24,540.6 0.36% L:1,291.0 12-month high: $86.74 (PSNB) in £bn Unlike most of its rivals, work with a number of The mis-selling of payment low: $49.93 -5.8 +0.1 -5.8 CYBG has scale, which is vital Virgin’s consumer brands to protection insurance and NASDAQ SHANGHAI SENSEX GOLD for reducing costs. It has a broaden its reach. other conduct issues from the 7,796.66 2,881.97 39,452.07 DOLLARS/TROY OZ chunky asset base, with a past still haunt CYBG’s shares. 54.56 H:8,176.1 54.18 H:3,288.5 163.83 H:40,312.1 £61bn mortgage book that CYBG Duffy will no doubt put on 0.70% L:6,190.2 1.92% L:2,440.9 0.41% L:33,291.6 $1,350.18 10-YEAR BOND YIELDS % makes up the bulk of its a good show and broadcast U 4.33 £73bn total lending. By 350p the bank’s grand “fintech” S&P 500 CAC 40 ALL ORDS 12-month high: $1,350.18 variation 12 months comparison, rival challenger ambitions. Any good news 2,886.98 5,367.62 6,633.60 low: $1,179.16 high low 13.64 H:2,954.1 3.57 H:5,601.4 108.40 H:6,668.3 Metro has a total loan book of would be a boost to the share BITCOIN UK 0.85 U 0.03 1.75 0.81 just £15bn. 250 price, which has slumped 0.47% L:2,346.6 0.07% L:4,556.0 1.66% L:5,478.4 DOLLARS Under David Duffy, CYBG from 364p last August to 179p. NIKKEI DAX S&P TSX US 2.08 W 0.00 3.26 2.05 scaled up by acquiring Virgin With shares trading below 21,116.89 12,096.40 16,301.91 $8,787.25 Money last year for £1.7bn. 150 book value, and with cost- U 832.63 JAPAN -0.13 V 0.01 0.17 -0.13 232.18 H:24,448.1 51.02 H:13,170.1 70.95 H:16,672.7 12-month high: $11,767.58 Analysts expect Duffy to go 2018 2019 slashing on the horizon, this 1.11% L:18,948.6 0.42% L:10,279.2 0.44% L:13,776.9 low: $3,167.82 Price at 5pm Saturday GERMANY -0.26 W 0.00 0.58 -0.27 on the acquisition trail again Source: Thomson Reuters challenger is a 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) 42 3i Group 1025.0 –30.5 1088.5 756.2 3.4 - 9972.7 113 Derwent London 3204.0 –42.0 3328.0 2761.0 1.9 16.1 3577.6 74 Johnson Matthey 3093.0 –50.0 3781.0 2620.0 2.6 17.9 5986.0 Royal Dutch Shell B 2516.5 –14.0 2780.5 2227.0 5.8 11.6 154 3i Infrastructure 283.0 –7.0 292.0 220.9 3.3 - 2293.5 7 Diageo 3418.5 +11.5 3430.0 2523.5 1.9 28.5 81142.3 187 Jupiter Fund Management 386.1 +11.1 465.6 287.6 4.7 12.4 1767.2 170 Royal Mail 199.9 +4.1 512.4 194.5 12.0 21.7 1999.5 73 Admiral 2078.0 –12.0 2281.0 1870.0 3.9 15.2 6045.9 186 Diploma 1578.0 +43.0 1634.0 1150.0 1.6 31.0 1786.9 99 Just 627.0 +37.4 883.4 533.8 - 51.8 4275.2 123 RPC 791.6 –0.4 834.8 632.2 3.5 12.8 3221.4 169 Aggreko 780.8 –4.4 882.0 641.8 3.5 15.9 1999.8 95 Direct Line Insurance 323.3 –4.7 366.5 304.9 6.4 9.8 4445.4 140 Kaz Minerals 565.2 +45.2 914.2 436.7 0.9 6.3 2663.8 76 RSA Insurance 569.0 –1.2 681.8 496.6 3.6 18.0 5868.7 145 Alliance Trust 778.0 +7.0 789.0 672.0 1.8 - 2569.9 182 Dunelm 904.0 –13.5 928.5 482.8 2.9 21.8 1825.7 97 Kingfisher 207.6 –1.8 318.1 205.4 5.2 20.4 4380.6 49 Sage 760.4 +5.8 772.0 525.6 2.2 26.5 8262.4 18 Anglo American 2110.5 +136.7 2226.0 1464.6 3.8 9.8 29654.2 111 easyJet 929.0 +19.0 1796.0 854.8 6.3 19.1 3690.1 70 Land Securities 841.6 –7.8 965.1 791.8 5.8 - 6240.1 98 Sainsbury, J 193.9 –3.5 341.5 193.9 5.3 21.8 4287.8 48 Antofagasta 859.0 +54.0 1028.5 727.2 0.6 21.2 8468.6 137 Electrocomponents 615.0 –6.0 761.6 480.0 2.2 18.5 2729.8 33 Legal & General 266.7 –3.3 291.2 223.7 5.9 9.0 15897.9 53 Schroders 2929.0 –33.0 3268.0 2334.0 3.9 16.3 7978.5 116 Ashmore 482.4 +3.8 490.4 337.0 3.5 23.9 3438.3 174 Entertainment One 384.0 –19.0 483.4 336.4 0.4 76.8 1905.4 13 Lloyds Banking Group 57.7 +0.1 66.6 50.0 9.1 10.5 40837.7 54 Schroders N/V 2405.0 nc 2585.0 1962.0 4.7 13.4 7978.5 45 Ashtead 1949.0 –5.0 2438.0 1586.5 1.7 12.7 9088.2 40 Evraz 696.0 +63.0 696.0 442.1 12.2 5.4 10045.7 29 London Stock Exchange 5446.0 +34.0 5464.0 3867.0 1.0 40.0 19037.6 56 Scottish Mortgage 516.1 +5.6 568.3 441.4 0.6 - 7662.4 28 Associated British Foods 2463.0 –61.0 2836.0 2041.0 1.8 21.3 19498.9 25 Experian 2408.0 +8.0 2408.0 1728.5 1.4 36.2 21938.3 157 Man 144.1 –1.5 187.1 126.8 6.6 10.8 2217.8 55 Segro 719.0 +3.6 723.6 585.2 2.3 6.9 7860.5 153 Aston Martin Lagonda 1020.6 +12.4 1810.0 818.8 - - 2327.0 109 F&C Investment Trust 696.0 –1.0 741.0 616.0 1.6 - 3784.0 115 Marks & Spencer 216.0 –4.5 300.8 216.0 8.2 108.3 3510.1 195 Serco 136.1 +5.7 136.5 84.1 - 22.7 1665.0 6 Astra Zeneca 6215.0 +187.0 6525.0 5182.0 3.5 42.6 81526.9 36 Ferguson 5566.0 +218.0 6556.0 4749.0 2.6 18.4 12908.5 158 Mediclinic International 299.8 –12.3 547.0 299.8 2.6 - 2209.9 89 Severn Trent 2040.0 –38.0 2091.0 1770.0 4.2 18.6 4847.3 83 Auto Trader 561.4 –35.0 606.0 388.5 1.0 29.9 5216.7 189 Finsbury Growth & Income 888.0 –7.0 899.0 740.0 1.7 - 1737.3 104 Meggitt 511.2 –0.4 572.0 458.0 3.2 22.4 3971.8 90 Smith (DS) 350.1 +21.3 513.4 292.2 4.1 14.9 4800.9 68 Aveva 3930.0 +32.0 3956.0 2284.0 1.0 188.0 6338.8 93 Flutter Entertainment 5888.0 +28.0 8510.0 5525.0 3.4 24.5 4602.6 50 Melrose 169.6 –1.1 235.7 146.3 2.6 - 8237.2 35 Smith & Nephew 1703.5 +10.5 1703.5 1258.0 1.7 28.7 14901.2 32 Aviva 408.6 –8.4 514.8 364.6 6.9 10.8 16003.4 72 Fresnillo 839.8 +27.8 1173.0 724.8 3.8 22.5 6188.4 199 Mercantile Investment Trust 204.6 –1.9 226.0 168.0 3.0 - 1621.7 75 Smiths 1483.5 –1.0 1763.5 1279.5 3.0 20.3 5873.9 152 Babcock International 464.6 –15.4 846.8 416.7 6.3 9.8 2349.0 121 G4S 211.6 –3.1 282.0 175.9 4.6 40.7 3283.2 106 Merlin Entertainments 377.8 +3.9 410.5 307.1 2.0 16.8 3868.9 163 Smith WH 1959.0 –47.0 2186.0 1697.0 2.8 23.3 2118.8 34 BAE Systems 484.7 +8.7 676.4 443.9 4.5 15.5 15523.1 198 Games Workshop 5045.0 +373.0 5085.0 2800.0 2.6 26.9 1639.7 63 Micro Focus International 1974.4 +35.4 2067.0 1184.0 4.4 11.8 6778.2 79 Smurfit Kappa 2374.0 +94.0 3292.0 1934.0 3.4 - 5638.5 197 Balfour Beatty 238.4 –2.0 297.2 223.4 1.7 12.2 1645.0 191 Genus 2608.0 –42.0 2992.0 2098.0 1.0 - 1696.6 159 Millennium & Copthorne Hotels 680.0 +5.0 680.0 436.0 0.6 92.0 2208.6 178 Softcat 941.0 +11.0 967.0 565.0 1.3 29.8 1865.5 177 Sophos 386.4 –14.4 639.0 298.2 1.0 - 1865.6 21 Barclays 149.0 –2.1 195.0 146.1 4.4 7.5 25692.1 9 Glaxo Smith Kline 1584.4 +19.2 1621.6 1418.0 5.1 20.2 79029.2 67 Mondi 1726.5 +48.0 2236.0 1584.0 3.3 11.3 6340.4 78 Barratt Developments 561.6 –3.4 625.8 434.0 4.7 7.9 5696.2 14 Glencore 272.0 +11.1 387.1 254.6 5.8 14.4 37273.7 126 Spectris 2632.0 –52.0 2848.0 1966.5 2.2 16.8 3051.1 167 Moneysupermarket 385.4 +3.9 393.3 264.0 2.7 23.9 2067.4 138 BBA Aviation 263.0 –0.4 350.0 207.0 4.1 29.4 2720.9 162 Grafton Group Units 897.0 +19.0 937.0 630.0 1.8 14.2 2140.0 66 Spirax-Sarco 8700.0 +140.0 8870.0 5900.0 1.0 28.8 6409.0 171 Monks Investment Trust 884.0 +1.0 891.0 710.0 0.2 - 1933.5 129 Beazley 566.5 +0.5 599.0 492.6 2.1 56.4 2997.4 164 Greencoat UK 139.6 +0.2 143.2 122.6 5.0 - 2117.6 38 SSE 1122.0 +1.5 1400.0 1008.0 8.4 40.4 11585.9 92 Morrison Supermarkets 197.8 +2.1 269.4 195.2 3.2 19.6 4733.4 117 Bellway 2757.0 –60.0 3281.0 2419.0 5.2 6.3 3395.6 175 Greene King 610.4 –45.8 704.4 472.8 5.4 12.1 1892.3 130 SSP 650.0 –27.0 779.8 644.4 1.6 24.8 2891.5 168 National Express 392.8 –2.4 433.2 361.4 3.5 14.8 2010.1 94 Berkeley 3530.0 –36.0 4220.0 3226.0 2.5 7.4 4554.2 155 2246.0 +24.0 2246.0 942.0 1.5 34.8 2272.0 23 Standard Chartered 676.4 –15.6 715.1 519.8 2.0 46.6 22137.0 20 National Grid 833.4 +10.5 889.2 748.7 5.6 18.9 28435.5 5 BHP 1910.0 +85.8 1944.2 1490.6 4.9 14.6 96588.7 172 Great Portland Estates 712.8 +7.6 773.6 652.3 1.6 41.7 1921.1 81 St James’s Place Capital 1042.5 –2.0 1216.5 914.0 4.4 32.2 5535.3 58 Next 5514.0 –202.0 6136.0 3991.0 2.9 12.7 7416.3 190 Big Yellow Group 1023.0 –2.0 1062.0 852.5 3.0 13.9 1705.3 112 GVC Holdings 624.4 –7.4 1170.0 507.5 5.0 - 3633.3 65 Standard Life Aberdeen 271.9 –3.5 397.3 224.9 9.1 - 6585.3 91 NMC Health 2299.0 +99.0 4120.0 2192.0 0.6 24.6 4798.3 120 B&M European 329.8 –15.0 426.3 278.6 2.2 15.6 3299.9 57 Halma 1989.5 +97.5 2004.0 1237.0 0.7 45.1 7553.0 114 Tate & Lyle 754.2 +12.8 800.4 622.6 3.8 19.5 3526.7 52 Ocado 1159.5 +46.5 1435.0 749.8 - - 8196.7 4 BP 538.9 –12.9 598.3 485.9 5.8 14.4 109658.9 161 Hammerson 282.5 +5.7 547.6 266.9 9.2 - 2164.8 85 Taylor Wimpey 155.6 –1.9 192.2 129.3 3.1 7.8 5103.3 192 Page Group 510.5 +6.0 623.5 432.2 2.5 15.8 1677.1 10 British American Tobacco 2885.5 –128.5 4222.5 2375.0 6.8 11.0 66187.4 47 Hargreaves Lansdown 1870.0 –69.5 2433.0 1633.0 1.7 36.9 8869.8 176 Templeton Emerging Markets 756.0 –6.0 792.0 649.0 2.1 - 1884.3 69 Pearson 798.6 –1.0 1027.5 769.2 2.2 10.6 6240.5 84 British Land 539.2 +1.8 691.0 523.0 5.7 - 5105.1 156 Hays 153.4 +1.1 212.0 135.7 2.5 13.0 2237.2 24 Tesco 224.4 –5.0 266.2 189.6 1.6 16.6 21976.6 124 Pennon 759.0 –0.8 812.4 684.2 5.1 14.7 3191.7 151 Britvic 888.5 –26.5 956.0 745.0 3.2 19.9 2357.5 133 HICL Infrastructure 158.6 +1.6 170.1 140.0 5.2 - 2840.8 118 Travis Perkins 1314.5 +24.5 1465.0 970.0 3.5 - 3314.4 131 Pershing Square Holdings 1332.0 –15.9 1427.1 999.0 - - 2887.9 26 BT 206.3 –0.9 264.6 193.8 7.3 9.6 20470.9 103 Hikma Pharmaceuticals 1645.5 +38.0 2025.0 1376.0 1.6 18.0 3986.1 146 Tritax Big Box Reit 150.1 –0.7 155.7 129.0 4.4 8.6 2562.2 122 BTG 834.5 –0.5 853.0 475.0 - 141.9 3239.9 88 Hiscox 1688.0 +1.0 1711.0 1418.0 1.8 48.5 4866.3 71 Persimmon 1945.5 –95.5 2701.0 1859.5 12.1 6.9 6197.0 96 Tui 750.2 +7.0 1742.5 698.0 8.3 8.1 4410.4 59 Bunzl 2165.0 –14.0 2551.0 2059.0 2.2 22.1 7289.9 102 Homeserve 1259.0 –4.0 1263.0 849.0 1.6 39.0 4186.3 87 Phoenix Group Holdings 686.4 –7.8 724.8 518.5 6.6 10.3 4950.4 136 Tullow Oil 196.0 –5.6 266.3 165.1 - 42.3 2749.6 61 Burberry 1741.5 –40.5 2325.0 1623.5 2.4 21.3 7165.6 128 Howden Joinery 499.1 –3.9 539.0 416.4 2.2 16.0 2998.1 188 Polar Capital Technologies 1306.0 –8.0 1386.0 1066.0 - - 1747.8 183 UDG Healthcare 732.0 +13.5 878.0 551.0 1.7 92.2 1822.0 194 Caledonia Investments 3050.0 +10.0 3060.0 2650.0 1.9 - 1675.1 3 HSBC 645.6 –5.3 731.4 600.8 6.1 12.2 130650.5 101 Polymetal International 896.0 +16.2 896.0 597.2 4.1 14.4 4212.6 2 Unilever 4973.5 +59.5 4973.5 3931.0 2.7 15.9 130716.0 185 Capital & Counties Properties 212.5 –2.5 296.5 210.4 0.7 - 1809.0 165 IG Group 570.0 +12.0 954.5 474.8 7.6 10.1 2102.4 12 Prudential 1601.5 –22.5 1837.5 1340.0 3.0 13.7 41635.0 149 Unite Group 950.0 –4.5 973.5 797.5 2.6 10.5 2507.6 193 Capita 100.5 –6.1 169.1 100.5 - 5.7 1676.9 142 IMI 969.0 +8.2 1242.0 870.0 4.1 15.5 2636.7 196 QinetiQ 290.2 +4.4 312.4 256.6 2.2 14.5 1648.2 80 United Utilities 824.2 –10.6 873.6 682.4 4.8 15.2 5620.1 19 Carnival 4033.0 +105.0 5000.0 3659.0 3.8 12.2 28891.9 30 Imperial Brands 1976.6 –96.4 2987.5 1871.0 9.5 12.2 18910.9 143 Quilter 137.2 +0.1 156.6 110.6 - 14.6 2609.1 184 Victrex 2100.0 +46.0 3408.0 1950.0 2.8 18.3 1814.8 82 Centrica 91.5 –4.3 163.6 91.1 13.1 28.6 5230.6 147 Inchcape 617.0 +1.5 799.0 486.6 4.5 53.7 2554.7 11 Reckitt Benckiser 6526.0 +131.0 7155.0 5593.0 2.6 21.4 46257.2 16 Vodafone 128.0 –1.9 191.0 123.3 10.2 - 34211.4 107 Cineworld 279.3 –13.4 323.6 247.4 2.5 15.9 3831.9 41 Informa 800.0 +8.4 859.0 605.8 2.6 40.6 10014.4 173 Redrow 545.0 –18.0 639.0 23.0 5.4 5.9 1919.4 108 Weir 1473.5 –8.0 2022.0 1240.0 3.0 68.2 3825.2 200 City of London Investment Trust 419.0 +1.0 439.0 376.0 4.4 - 1582.1 148 Inmarsat 546.4 +5.4 632.2 362.8 2.8 - 2533.0 15 Relx 1908.5 +36.5 1908.5 1491.5 2.1 26.7 37205.0 51 Whitbread 4715.0 –5.0 5114.0 3883.0 2.2 19.8 8197.8 166 Close Brothers 1388.0 –30.0 1660.0 1374.0 4.5 10.4 2101.3 43 Intercontinental Hotels 5229.0 +14.0 5229.0 4155.8 1.7 34.6 9518.5 180 Renewables Infrastructure 127.6 –0.4 128.4 107.2 5.2 - 1843.8 179 Witan Investment Trust 209.0 nc 227.6 189.6 2.4 - 1844.7 150 Cobham 103.6 –0.1 131.7 96.8 - 33.4 2477.1 105 Intermediate Capital 1325.0 –16.0 1360.0 899.0 2.3 13.3 3896.6 134 Renishaw 3854.0 –54.0 5650.0 3670.0 1.6 21.9 2804.9 110 Wizz Air 3625.0 +91.0 3797.0 2329.0 - 18.0 3719.9 39 Coca Cola HBC 2906.0 –6.0 2941.0 2244.0 1.7 26.8 10538.0 46 Intertek 5534.0 +102.0 6014.0 4387.0 1.4 31.7 8931.5 60 Rentokil Initial 389.8 +11.3 391.1 284.8 1.0 - 7208.7 139 Wood 397.8 –4.9 796.4 389.9 2.2 - 2711.2 17 Compass 1911.5 +67.0 1911.5 1483.0 2.0 25.9 30321.6 44 International Airlines Group 460.7 –6.1 726.6 449.1 5.4 5.2 9141.7 86 Rightmove 573.1 –6.9 585.1 420.9 1.1 32.4 5099.5 37 WPP 960.4 –28.0 1301.0 800.4 6.2 11.4 12119.2 135 Convatec 141.3 +0.2 239.0 118.6 3.4 16.4 2794.0 160 International Public Partnerships 148.6 +0.8 163.4 141.4 4.7 15.2 2207.1 8 Rio Tinto 4770.0 +251.5 4806.0 3486.0 5.0 7.7 80830.3 27 CRH 2524.0 –25.0 2812.0 1971.5 2.4 16.4 20277.4 119 Investec 476.0 +8.6 568.0 423.4 5.0 9.2 3313.4 125 RIT Capital Partners 2045.0 –10.0 2130.0 1892.0 - - 3176.9 Price/earnings ratios are based on historic data, with yield and p/e values 64 Croda 5240.0 +40.0 5447.7 4576.0 1.6 28.4 6741.6 100 ITV 105.2 –3.3 180.4 105.2 7.5 9.1 4236.7 31 Rolls-Royce 891.8 –17.6 1094.0 759.2 1.3 - 16984.8 calculated from the most recent reported dividends and earnings per share, 144 CYBG 179.4 +0.4 364.2 173.9 1.7 - 2571.0 127 IWG 337.5 –5.5 346.0 199.8 1.8 29.1 3022.1 141 Rotork 303.4 +5.6 361.4 235.7 1.8 28.9 2645.8 using trailing 12-month figures. 52-week highs and lows are end of day. 62 DCC 6944.0 +88.0 7390.0 5555.0 1.8 24.8 6825.6 77 JD Sports 591.6 –29.8 635.6 318.5 0.3 22.0 5757.6 22 Royal Bank Of Scotland 212.4 –2.1 270.4 203.0 2.6 16.9 25681.7 nc = no change Data provided by Morningstar.Any enquiries please contact: 132 Dechra Pharmaceuticals 2782.0 +24.0 3168.0 2014.0 0.9 118.7 2855.6 181 John Laing 373.6 –5.6 402.0 264.2 1.5 6.0 1841.8 1 Royal Dutch Shell A 2515.0 –8.0 2694.5 2213.0 5.8 11.6 203418.1 [email protected]