10 The Sunday Times May 17, 2020 BUSINESS

Liam Kelly LETTERS

£400m purchase of can use them. Debenhams’ Send your letters, including should be adopted as a model and, most importantly, to they were highly successful. Sharon’s fury at leaky John Lewis ’s retail parks, administrators have decided full name and address, to secure prime premises. create jobs. After the war, new death though only a cynic would to take out all the fixtures to: The Sunday Times, Luke Johnson has In London, hundreds of duties and the defence budget If you’re launching a leak cross, because we’ve had a suggest the two were in any and fittings. It leaves Next 1 London Bridge Street, demonised a whole class of small businesses faced with commitment were significant inquiry via a recorded video couple of leaks to the press of way connected. without functioning beauty London SE1 9GF. Or email: companies and people. Many 100%-300% rent rises in the economic factors. message, be prepared for really sensitive information.” Hammerson’s plan halls, meaning its deal with [email protected] are pension funds. Some, like past few years have banded Let us not forget also that that to leak, too. Take note, White, 53, was put out by seemed to catch Debenhams, Hammerson is probably Letters may be edited myself, are individuals. And, together under the East End while Germany was having its Dame Sharon White, a Press Association story which is in a “light touch” dead. That, in turn, leaves yes, others are commercial Trades Guild and Guardians industrial sector retooled at chairwoman of the John about the potential closure of administration, on the hop: Atkins with yet more yolk enterprises seeking to make of the Arches groups to Allied expense, Britain’s Lewis Partnership. some stores, which was the chain is still leaseholder dribbling over his specs. Not Landlords bad, tenants money. Some are closed to campaign for an overhaul of aircraft and motor industries In a video selfie recorded followed by a Sky News on all five stores. Chairman quite the beauty treatment good? It’s not that simple the idea of turnover rents, the commercial property were being decimated as the on her phone and sent to the report that former Mark Gifford was said to be Next had in mind. According to Luke Johnson, others are open — but market. We are calling for an defence budget declined. retail mutual’s partners, the Sainsbury’s executive James unamused, and an exchange we landlords are mean and Johnson’s narrative does little end to market-manipulation Nicky Samengo-Turner, former Ofcom boss comes Bailey would become the of legal letters ensued. unimaginative, but offer to encourage the partnership practices such as non- Gloucester across like an exasperated new boss of Waitrose. The upshot is that Finally, a little “goodies” (“Time to end the he claims to crave. disclosure agreements, teacher admonishing a class White has tasked chief Debenhams has decided to abuse of tenants”, May 10). David Fotheringham, by email land-banking and upward- US arrogance has helped of unruly children. information security officer keep two of the stores, at the win for Tinkler We are lazy, but out-negotiate only reviews, and a move to to shape China’s attitude “It takes a lot to make me Carole Drape with finding Bullring in Birmingham and A victory at last for Andrew our tenants. We are bullying. Many small business tenants turnover-based rents that In his always interesting cross,” White begins. “And in the mole — or moles. “If we Silverburn in Glasgow. The Tinkler, the colourful We are cynical. Yet it is will agree with Luke Johnson. recognise social and column, Irwin Stelzer told the last couple of days I have find the leaker of either of other three will shut for good former boss of the Stobart Johnson (and many retailers) The commercial property community value. how 70 years ago Arthur found myself getting really these stories, there will be — but that doesn’t mean Next mini-conglomerate. who see company voluntary market is very far from a fair As many of our members Vandenberg proclaimed that consequences,” says White. An employment tribunal arrangements as a procedure playing field: upward-only know to their cost, landlords politics stops at the water’s The question now is: will for constructive dismissal not to secure the interests of rent clauses, unscrupulous have a big, legally endorsed edge — a consensual approach JUST SAYING . . . White launch a leak inquiry FUNNY BUSINESS brought against him by his creditors in a balanced way, negotiating tactics and stick — and will use it. to foreign policy that broke into the leak of the video former Stobart Capital but to cut off certain aggressive behaviour curb Sarah Marks, chief executive, up two years later in a nasty It is a mega- announcing the leak inquiry? business partner, Ian landlords chosen at the our ability as business owners Buttonbag, and organiser, East debate about who was Soanes, has failed. tenant’s discretion and to to trade sustainably, innovate End Trades Guild, London responsible for the loss of recession. Much of the judgment hamstring others. After all, China to the communists It is a recession And for Atkins’s focuses on the relationship landlords deserve all they get Entrepreneurial families (“The coming clash with the between Tinkler, 56, and and other creditors should be TWITTER POLL were economic bedrock Chinese”, May 10). to end all Next trick . . . Soanes, 50, during a bid to protected. In saying that “the private What an insight that gives Has your local supermarket buy the Stobart airline from Retailers are victims, Yes No sector had not covered itself into the American psyche of recessions, run out of eggs? It’s probably the group and lead a wave of innocent and naive about the in glory in the 1930s”, David that time: to lose something, in terms of not down to stockpiling — it’ll consolidation in the regional leases they freely signed in Smith arguably overlooks a you must first consider that be hapless Hammerson boss airline sector. the open market. They have 23% 77% number of factors (“Wartime you own it. Did it not occur to its scale David Atkins breaking them They fell out over alleged no expertise and no lessons on deficits, debt and US politicians that the over his head repeatedly. conflicts of interest. professional advisers. the size of the state”, May 10). government of China was a Accident-prone Atkins, 54, Having failed to oust We landlords fail to do Post-Industrial Revolution matter for its own people? appeared to pull a rabbit out chairman Iain Ferguson and homework on tenant businesses in sectors from Perhaps China’s attitude to of a hat this month when the reinstate himself to the financials — so when a tenant banking, food and brewing to America today has been shopping centre landlord board in 2018, Tinkler gave fails to pay, it’s our fault for confectionery, steel, tobacco partly shaped by that announced a deal to re-let up on his campaign of not investigating the tenant’s and glass were the products arrogance. At least Donald Paul Johnson, director the beauty halls in five agitation and dumped his business. No new businesses of entrepreneurial families Trump has improved things, of the Institute for Fiscal Debenhams stores to Next. stake in January. Perhaps the should be offered a lease, and Tesco removed Ocado from such as Fry, Vestey, Cadbury, in that America is no longer Studies, warns of the The news came the day tide is turning for him. any that are struggling should its list of competitors used Henderson, Pilkington, Willis trying to rule the world — and effect of the coronavirus after private equity firm liam.kelly@ not be allowed to expand or to calculate comparative and Hanbury, the likes of no one much cares what it on the UK economy Orion walked away from a sunday-times.co.uk even move premises. returns, which boosted its which we have not seen thinks anyway. Patisserie Valerie’s accounts bosses’ pay. Was that right? since. They were private and David Thorpe, New Malden DATABANK INSIDE THE CITY JILL TREANOR THE WEEK IN THE MARKETS THE ECONOMY Consumer prices index current rate prev. month FTSE 100 DOLLAR 1.5% 1.7% — which would have cost and 50% of profits. Even so, FTSE 100 USD > GBP M&S lost £130m — and rule out a Credit Suisse assumes M&S is 8,000 CPI including housing current rate prev. month payout for the new financial making savings through $1.21 1.5% 1.7% year, saving £210m. Analysts furloughing, estimating most V 0.03 in the 7,000 12-month high: $1.33 Retail prices index current rate prev. month at UBS do not expect a of the 25,000 staff in clothing low: $1.15 dividend for 2022, either. and home store operations 2.6% 2.5% EURO Rowe has also promised an have been put on the job- 5,799.77 6,000 Average weekly earnings on prev. month on last year bargain EUR > GBP update on the “very retention programme. 136.21 H:7,686.6 £545 0.4% 2.8% significant measures” taken This saves £70m over three 2.29% L:4,898.8 V U basement to cut costs and protect months. A further 45,000 5,000 €1.12 Unemployment current rate prev. month FTSE 250 V 0.02 cashflow from the impact of staff are employed in the food 2019 2020 12-month high: €1.20 1.36m 4.0% 3.9% Marks & Spencer will unveil the virus. While M&S’s debt operation, where sales may low: €1.06 Source: Re initiv Manufacturing output on the year on last month details of a transformation was downgraded to junk as have been hit by the closure RISERS FALLERS YEN programme dubbed “never the crisis began to unfold in of its cafés and a fall in Kingfisher: 171.3p U 9.7% on stores Hyve: 12.3p V 34.4% on continuing YEN > USD V 9.7% V 4.6% the same again” on March, its banking syndicate demand for “food on the go”. reopening : 161.4p woes : 33.5p V 26.1% on Retail sales on the year on last month Wednesday. has relaxed covenants on a A deal to provide food for U 9.1% on gold rush Hargreaves mounting losses Firstgroup: 48.8p Lansdown: £16.33 U 8.5% on new V 21.3% on analyst note Countryside ¥107.32 V 5.8% V 5.1% That sounds like a £1.1bn revolving credit Ocado deliveries from 15,660.77 customers Fresnillo: 737.6p U 8.3% Properties: 306.2p V 20.5% on profit U 0.74 statement of the obvious, facility. M&S has also been September will not come a 587.17 H:22,108.3 on Chinese recovery Vodafone: 121p plunge Land Securities: 523.4p V 18.7% 12-month high: ¥112.11 7.1% on dividend payout on portfolio writedown low: ¥102.34 given the dramatic effect approved to use the Bank of moment too soon. 3.61% L:12,829.7 U UK trade latest 3 mths prev. 3 mths latest 12 mths balance (£bn) Covid-19 is having on England’s Covid-19 corporate A plan to close 100 stores OIL -4.8 +8.0 -8.6 businesses of all sizes and financing facility. by 2022 has already been DOLLARS/BARREL DOW JONES FTSE EUROFIRST Gross domestic latest quarter prev. quarter annual change sectors, especially retailers. M&S will have been announced, but this may well HANG SENG product Details of this scheme to cushioned by its ability to not be enough in the longer 23,685.42 23,797.47 1,283.36 $32.50 V 2% U 0% V 1.6% 0.53 change ways of working and keep trading from its near- term. Any disposals will be 645.90 H:29,551.4 432.70 H:30,081.6 49.01 H:1,690.8 U Budget deficit latest month prev. month year-to-date 2.65% L:18,591.9 1.79% L:21,696.1 3.68% L:1,096.5 12-month high: $73.40 (PSNB) in £bn accelerate a turnaround 1,000 stores to sell food, complicated by the fact that low: $15.98 -3.0 -0.8 -48.7 programme put in place which in more normal times 26% of the estate is freehold NASDAQ SHANGHAI SENSEX GOLD when Archie Norman became makes up about 65% of sales and 55% is on long leases. 9,014.56 2,868.46 31,097.73 DOLLARS/TROY OZ chairman in 2017 will come Booted out of the FTSE 100 106.76 H:9,817.2 26.88 H:3,115.6 544.97 H:41,952.6 alongside full-year results. Marks & Spencer last year, M&S shares have 1.17% L:6,860.7 0.93% L:2,660.2 1.72% L:25,981.2 $1,744.07 10-YEAR BOND YIELDS % It means that profits — the been “one of the worst- U 30.29 consensus ranges from 400p performing across the entire S&P 500 CAC 40 ALL ORDS 12-month high: $1,744.07 variation 12 months 2,863.70 4,277.63 5,492.80 low: $1,268.45 high low £387m to £437m, versus 300 European retail sector”, £523.2m last year — may well according to Barclays. There 66.10 H:3,386.2 272.01 H:6,111.2 4.80 H:7,255.2 BITCOIN UK 0.23 W 0.00 1.22 0.16 be a sideshow. Dividend 200 is no end in sight: M&S is 2.26% L:2,237.4 5.98% L:3,754.8 0.09% L:4,564.1 DOLLARS US 0.64 0.03 2.55 0.50 hopes have already been 100 structurally flawed and the NIKKEI DAX S&P TSX V dashed. The virus has forced retail world is changing at $9,441.99 20,037.47 10,465.17 14,638.90 JAPAN 0.00 W 0.00 0.10 -0.29 chief executive Steve Rowe to 0 exponential pace. V 262.43 141.62 H:24,116.0 439.31 H:13,789.0 327.66 H:17,970.5 12-month high: $13,796.49 abandon the final payment 2017 2018 2019 “Never the same again” low: $3,615.27 0.70% L:16,358.2 4.03% L:8,441.7 2.19% L:11,172.7 Price at 4pm Saturday GERMANY -0.53 W 0.00 0.02 -0.84 for the current financial year Source: Re initiv can cut both ways. Sell.

TOP 200 COMPANIES

Rank by Market cap Price Change 52-week Mkt Cap Rank by Market cap Price Change 52-week Mkt Cap Rank by Market cap Price Change 52-week Mkt Cap Rank by Market cap Price Change 52-week Mkt Cap Yield P/E Yield P/E Yield P/E Yield P/E on week high low (£m) on week high low (£m) on week high low (£m) on week high low (£m) 46 3i Group 766.0 +1.0 1189.0 529.8 4.8 - 7453.2 8 Diageo 2743.0 –35.0 3625.5 2200.0 2.5 21.4 64110.5 190 602.0 –22.0 807.0 528.0 1.9 13.8 1221.7 186 632.0 –54.5 867.0 501.5 2.6 10.1 1330.0 125 268.5 +4.0 317.8 185.0 3.7 - 2393.5 142 Diploma 1716.0 –53.0 2134.0 1296.0 1.5 31.4 1943.2 90 Land Securities 523.4 –120.4 1001.5 514.6 8.8 - 3880.9 50 Sage 639.2 –2.8 820.4 534.8 2.6 26.3 6971.0 53 Admiral 2287.0 –128.0 2508.0 1887.0 4.0 15.4 6724.6 96 Direct Line Insurance 264.4 –16.2 348.0 227.3 8.0 9.1 3607.9 35 Legal & General 184.1 –20.9 318.4 138.6 9.1 6.1 10985.6 86 Sainsbury, J 187.2 –5.4 235.8 174.9 5.9 110.2 4154.5 196 459.0 –0.4 869.2 314.3 5.9 9.1 1175.6 166 Domino’s Pizza 353.4 +6.4 353.4 221.2 2.7 42.1 1633.5 19 Lloyds Banking Group 28.5 –2.8 67.2 27.7 11.4 8.4 20082.8 187 898.5 –76.5 1258.0 651.0 1.8 15.3 1285.4 127 711.0 –22.0 880.0 536.0 1.8 - 2337.6 153 Dunelm 897.0 –25.5 1404.0 659.5 3.1 16.1 1814.2 15 London 8026.0 +198.0 8542.0 5146.0 0.8 68.0 28207.2 47 Schroders 2725.0 –66.0 3443.0 2098.0 4.2 15.5 7339.5 20 Anglo American 1433.8 –33.2 2266.0 1091.8 6.0 6.9 19543.6 139 EasyJet 499.3 –32.1 1552.0 475.0 11.7 5.7 1982.2 140 Man 131.9 –1.7 175.1 96.4 5.7 9.5 1955.4 48 Schroders N/V 2090.0 –60.0 2635.0 1478.0 5.4 11.9 7339.5 43 Antofagasta 807.0 +1.2 984.0 612.0 4.2 16.4 7955.9 121 571.5 –13.5 729.8 449.6 2.6 17.5 2550.7 164 Marks & Spencer 85.0 –10.1 259.4 85.0 15.9 18.5 1658.3 37 Scottish Mortgage 698.5 +15.0 717.1 449.5 0.5 - 10162.2 120 Ashmore 361.4 –19.8 570.0 307.2 4.6 14.4 2575.9 94 Evraz 249.6 –20.4 709.4 203.4 33.4 2.9 3624.0 199 Marshalls 571.5 –28.5 876.0 519.5 2.1 20.4 1143.3 40 Segro 796.0 –26.4 935.0 659.4 2.5 10.1 8818.5 38 Ashtead 2209.0 –7.0 2774.0 1300.0 1.8 12.5 9925.2 18 Experian 2401.0 –200.0 2898.0 1882.0 1.6 37.1 21808.2 149 252.6 +0.6 415.3 238.2 3.1 14.8 1862.2 171 127.3 –2.9 167.7 102.5 - 30.2 1570.1 117 Asos 2677.0 –149.0 3670.0 1050.0 - 50.2 2670.7 98 F&C Investment Trust 640.0 –8.0 789.0 463.0 1.7 - 3470.4 138 255.0 –2.7 697.4 217.0 6.6 9.0 1990.8 67 Severn Trent 2396.0 –21.0 2696.0 1905.5 3.9 19.2 5701.5 30 Associated British Foods 1624.0 –142.0 2708.0 1607.5 2.8 14.6 12856.8 31 Ferguson 5670.0 –30.0 7602.0 4086.0 2.8 17.4 12741.6 84 Melrose 87.9 –8.1 248.5 74.4 5.4 97.6 4268.5 170 Signature Aviation 189.5 +9.3 327.5 64.6 7.1 62.8 1570.6 137 Assura 74.9 –3.4 84.0 60.7 3.7 22.0 1992.3 145 FeverTree Drinks 1647.5 –170.5 3015.0 892.2 0.9 30.1 1913.3 183 Mercantile Investment Trust 169.4 –13.0 279.1 116.7 3.2 - 1340.8 88 Smith (DS) 295.2 –17.8 394.8 254.7 5.5 13.3 4051.4 1 Astra 8671.0 +112.0 9004.0 5824.0 2.5 111.5 113784.5 161 Finsbury Growth & Income 781.0 –5.0 966.0 595.0 2.1 - 1681.7 111 M&G 109.2 –22.5 251.4 93.7 - 2.7 2837.2 29 Smith & Nephew 1525.5 –132.0 1990.0 1152.5 1.8 29.5 13344.2 74 Auto Trader 502.0 +22.2 607.6 364.7 1.3 22.5 4843.9 27 Flutter Entertainment 10130.0 +380.0 10130.0 5512.0 2.0 55.6 14668.9 181 International 407.1 –69.8 2160.0 311.6 24.6 - 1362.3 76 Smiths 1211.0 –39.0 1769.5 814.6 3.7 34.5 4798.1 60 Aveva 3763.0 –147.0 5315.0 2846.0 1.1 105.6 6077.7 189 Frasers 244.0 –7.8 518.0 182.6 - 9.8 1267.2 58 Mondi 1296.0 –65.0 1846.0 1183.0 5.3 9.1 6292.8 65 Smurfit Kappa 2450.0 –64.0 3010.0 1944.0 3.5 14.5 5844.9 39 Aviva 229.2 –18.1 438.4 211.0 13.2 3.6 9002.2 69 Fresnillo 737.6 +56.6 921.2 527.0 2.9 36.2 5435.3 160 Moneysupermarket 315.2 –11.6 417.7 227.2 3.5 18.0 1691.5 128 1166.0 +27.0 1260.0 898.0 1.3 31.3 2316.5 148 368.9 –30.6 646.6 323.5 8.1 9.4 1865.2 185 G4S 86.2 –10.7 221.5 69.9 11.2 34.5 1337.8 80 Morrison Supermarkets 189.7 +2.6 211.1 164.2 3.5 14.8 4562.4 109 2550.0 –133.0 3005.0 2132.0 2.5 12.6 2959.0 25 BAE Systems 496.5 –15.7 669.0 438.9 4.6 10.8 15962.3 143 5905.0 –90.0 7350.0 3590.0 2.6 29.4 1929.4 192 Murray International 935.0 –36.0 1299.5 658.0 5.7 - 1210.0 52 Spirax-Sarco 9128.0 –242.0 9466.0 7330.0 1.1 40.5 6730.7 176 Comms 246.0 –8.5 266.0 147.4 1.4 25.8 1504.9 163 242.4 –16.8 293.4 189.6 2.0 15.1 1672.6 134 Genus 3198.0 –78.0 3672.0 2506.0 0.8 268.7 2081.6 188 206.4 –14.6 476.0 90.4 7.4 7.5 1267.5 198 Bankers 905.0 –13.0 1038.0 689.0 2.3 - 1158.5 4 Glaxo Smith Kline 1647.8 –26.8 1846.0 1374.6 4.8 18.0 82671.5 32 SSE 1223.5 –12.0 1686.5 1008.0 8.0 7.3 12717.0 14 National Grid 916.8 –4.4 1067.4 778.0 5.2 21.5 32178.0 24 Barclays 97.4 –8.0 192.5 80.2 7.2 9.1 16895.5 21 Glencore 141.3 –6.9 280.2 112.5 10.6 - 18824.6 193 SSP 225.4 –9.2 721.0 150.8 5.1 8.1 1203.3 64 Next 4422.0 –460.0 7340.0 3390.0 3.7 9.8 5879.0 73 Barratt Developments 478.1 –52.7 878.4 364.7 6.1 6.5 4868.5 178 Units 619.5 –2.0 990.0 371.0 3.0 10.3 1478.3 34 387.0 –26.4 738.6 376.3 4.3 9.1 12214.4 28 Ocado 1954.5 +90.5 2100.0 1064.0 - - 13952.6 158 Beazley 323.4 –58.6 628.0 323.4 3.6 9.7 1713.9 156 Grainger 260.0 –3.6 338.0 207.4 2.0 13.1 1751.5 83 St James’s Place Capital 797.8 –51.4 1199.5 660.0 6.0 28.5 4281.1 101 Pearson 425.0 –24.6 927.0 423.5 4.5 12.5 3197.7 107 2423.0 –258.0 4310.0 1879.0 6.2 5.7 2988.5 172 1540.0 –50.0 2476.0 1300.0 2.3 20.7 1557.8 77 Standard Life Aberdeen 209.8 –9.7 336.9 174.0 10.3 23.8 4786.4 78 Pennon 1114.5 +18.0 1202.5 697.8 3.7 20.1 4692.4 72 Berkeley 4009.0 –259.0 5474.0 3131.0 0.7 10.0 5039.6 169 619.8 –49.6 966.0 550.0 2.0 27.4 1573.5 191 287.0 +1.8 382.2 193.0 4.3 13.4 1219.3 54 Persimmon 2099.0 –183.0 3298.0 1534.5 11.2 7.9 6694.4 6 BHP 1413.2 +36.6 2049.0 939.8 4.8 10.1 71466.5 82 GVC Holdings 747.2 –45.6 939.0 323.7 4.5 - 4354.3 108 Tate & Lyle 638.0 –7.0 801.4 530.2 4.6 13.0 2988.4 194 Personal Assets 43300.0 +200.0 44050.0 37650.0 1.3 - 1184.4 167 915.0 –105.0 1240.0 697.5 3.6 9.4 1606.0 42 Halma 2143.0 –90.0 2244.0 1667.0 0.7 45.1 8135.8 79 Taylor Wimpey 140.4 –11.5 236.2 101.5 5.4 6.8 4610.6 200 228.4 –22.0 314.6 146.4 3.3 23.1 1142.0 99 B&M European 338.0 +7.0 420.9 266.5 2.2 25.8 3382.0 45 1633.0 +128.0 2433.0 1158.0 2.1 29.6 7745.6 17 Tesco 240.0 +2.7 258.9 211.2 2.4 17.9 23504.4 87 Phoenix 575.4 –30.0 803.0 467.5 8.1 66.9 4151.7 85 Boohoo 356.9 +9.9 370.4 157.5 - 82.8 4168.7 165 Hays 98.0 –6.7 183.5 92.0 4.1 10.1 1644.2 118 1038.5 –51.0 1720.0 650.0 4.5 21.5 2618.5 182 1272.5 –24.5 1299.5 522.0 12.3 10.9 1354.5 9 BP 296.5 –19.4 560.5 233.7 11.1 - 60069.4 106 HICL Infrastructure 166.0 –3.0 183.0 133.8 5.3 - 3093.6 131 Tritax Big Box Reit 126.0 +1.5 159.7 85.9 5.3 9.1 2150.8 123 Polar Capital Technology Trust 1822.0 –8.0 1888.8 1041.5 - - 2462.4 7 British American Tobacco 3049.5 +72.5 3507.0 2382.0 6.7 12.2 69961.7 62 2455.0 –18.0 2556.0 1580.0 1.3 16.3 5954.4 175 Tui 261.4 –3.6 1081.5 254.0 23.3 4.2 1539.4 44 Polymetal International 1685.0 +41.0 1700.0 811.4 2.2 22.1 7949.7 105 British Land 334.2 –54.8 638.8 313.8 9.4 - 3097.0 124 699.8 –101.4 1777.0 666.4 4.6 54.9 2423.4 177 UDG Healthcare 593.5 –24.0 832.5 464.0 2.2 31.9 1488.7 152 689.0 –18.5 1068.0 601.0 4.2 22.7 1838.3 91 1129.0 –18.0 1340.0 768.0 1.9 34.5 3778.2 147 Primary Health Properties 154.0 –3.0 165.6 126.2 3.6 - 1874.1 184 1885.0 –85.0 2292.0 1515.0 2.7 28.2 1338.1 36 BT 107.7 +2.8 209.5 101.4 14.3 4.9 10643.1 102 Howden Joinery 524.4 –20.2 732.6 400.0 2.2 15.1 3131.1 16 Prudential 1049.5 –73.5 1506.0 710.8 4.6 18.5 27380.0 2 Unilever 4131.0 +48.0 5324.0 3726.0 3.3 22.8 108101.1 66 Bunzl 1710.0 –20.5 2183.0 1277.0 3.0 16.4 5759.2 5 HSBC 399.7 –13.0 672.5 395.6 9.6 17.6 81399.6 159 QinetiQ 301.2 –7.4 387.8 249.4 2.2 13.6 1710.7 122 Unite Group 696.5 –123.5 1339.0 634.5 4.3 - 2532.7 70 Burberry 1319.0 –66.0 2345.0 1085.0 3.2 15.2 5338.1 110 IG Group 774.0 –14.0 793.0 474.8 5.6 19.2 2859.5 130 Quilter 118.9 –5.2 174.7 97.6 4.2 - 2228.9 61 United Utilities 886.0 –13.6 1061.0 759.0 4.5 16.6 6041.5 195 Capital & Counties Properties 138.7 –20.3 270.5 135.5 1.1 - 1176.7 129 IMI 821.0 –1.0 1206.0 674.8 5.0 14.5 2234.9 10 Reckitt Benckiser 7034.0 +386.0 7102.0 5150.0 2.5 - 49947.5 162 1936.0 –37.0 2540.0 1786.0 3.1 18.1 1676.2 57 Carnival 885.8 –51.2 4080.0 605.0 17.7 4.2 6293.9 26 Imperial 1628.5 +1.5 2213.0 1276.4 11.9 15.4 15412.3 174 Redrow 441.2 –32.2 848.0 313.2 7.0 5.0 1553.9 168 Vistry 731.5 –78.5 1478.0 510.0 7.8 6.7 1592.8 136 176.4 +9.5 176.4 84.3 2.5 48.9 2039.7 151 Inchcape 468.6 –23.0 720.0 420.0 5.7 6.0 1842.9 12 Relx 1783.0 –76.0 2099.0 1482.5 2.4 23.2 34434.9 13 Vodafone 121.0 +8.1 165.2 98.0 6.6 - 32390.3 133 36.0 –3.9 95.9 30.2 27.5 - 2103.9 59 Informa 414.0 –40.3 892.0 363.7 5.3 17.2 6218.8 135 Renewables Infrastructure 126.8 –0.6 139.2 95.8 5.9 - 2076.3 126 Weir 903.0 –59.6 1598.0 666.2 5.2 - 2344.3 173 Close Brothers 1027.0 –58.0 1663.0 926.5 6.4 8.0 1554.1 63 Intercontinental Hotels 3237.0 –357.0 5738.0 2385.5 2.8 20.5 5912.6 115 Renishaw 3728.0 +16.0 4310.0 2276.0 1.6 57.0 2713.6 97 Whitbread 2667.0 –191.0 5152.0 2105.0 3.8 11.2 3588.6 55 Coca Cola HBC 1813.0 –83.5 3074.0 1494.0 2.7 16.1 6600.5 103 Intermediate Capital 1071.0 –86.0 1877.0 559.5 4.2 15.2 3110.7 41 Rentokil Initial 469.1 –13.0 525.4 340.1 1.0 30.8 8698.7 179 160.0 –8.8 235.5 130.0 2.9 - 1379.3 23 Compass 1090.0 –197.0 2138.0 1002.0 3.5 15.6 17311.2 49 Intertek 4458.0 –264.0 6170.0 4164.0 2.3 23.1 7194.9 81 Rightmove 502.0 –18.8 701.2 400.1 1.4 25.8 4383.0 116 2604.0 –86.0 4496.0 2006.0 - 8.0 2677.0 157 1506.0 +11.0 1920.0 935.0 2.0 21.0 1719.0 100 International Airlines Group 169.4 –21.0 671.0 168.2 15.5 2.4 3365.1 11 Rio Tinto 3922.0 +196.5 4976.5 2968.0 6.4 10.6 48895.2 197 Wood 170.9 –9.3 553.6 135.4 15.5 21.6 1170.2 89 Convatec 202.4 –13.8 220.4 138.3 2.1 541.2 4049.0 119 International Public Partnerships 161.2 +1.6 171.2 128.2 4.3 15.1 2596.6 114 RIT Capital Partners 1732.0 –138.0 2185.0 1252.0 - - 2716.6 51 WPP 557.6 –47.4 1077.5 483.7 10.8 10.0 6832.4 180 306.2 –78.8 540.5 269.0 4.1 8.2 1377.9 112 ITV 69.9 –3.4 156.5 54.4 11.4 5.9 2815.4 75 Rolls-Royce 249.7 –37.4 941.2 247.0 4.7 - 4821.7 146 Worldwide Healthcare 3455.0 +105.0 3500.0 2159.5 0.8 - 1900.2 144 Cranswick 3690.0 +16.0 4000.0 2488.0 1.5 26.0 1929.3 150 IWG 211.8 –4.6 469.0 114.0 3.1 24.6 1846.3 132 241.8 –10.0 341.2 191.3 2.5 22.4 2110.1 22 CRH 2272.0 –94.0 3100.0 1574.0 2.7 13.4 17831.0 71 JD Sports 520.0 –34.2 881.4 293.2 0.3 19.6 5060.8 33 Royal Bank Of Scotland 104.4 –9.7 261.0 101.8 5.3 4.0 12626.0 Price/earnings ratios are based on historic data, with yield and p/e values 56 Croda 4933.0 –33.0 5375.0 4070.0 1.8 28.6 6358.1 154 John Laing 363.4 –1.0 400.8 290.0 1.5 18.0 1792.5 3 Royal Dutch Shell A 1228.0 –92.6 2612.0 970.8 11.5 8.3 95875.2 calculated from the most recent reported dividends and earnings per share, 68 DCC 5694.0 –134.0 7496.0 3878.0 2.4 23.5 5603.0 93 Johnson Matthey 1919.5 –35.5 3404.0 1683.5 4.4 9.6 3714.9 Royal Dutch Shell B 1175.6 –88.0 2622.0 916.8 12.0 8.0 using trailing 12-month figures. 52-week highs and lows are end of day. 113 2718.0 –84.0 3068.0 2168.0 1.2 97.8 2796.2 141 Kaz Minerals 411.5 –2.8 615.2 269.1 1.9 4.7 1944.1 155 Royal Mail 175.9 +6.2 250.5 124.3 14.2 5.4 1759.5 nc = no change Data provided by Morningstar. Any enquiries please contact: 104 2772.0 –128.0 4282.0 2690.0 2.4 14.1 3103.1 95 Kingfisher 171.3 +15.1 229.7 124.1 6.3 19.7 3614.6 92 RSA Insurance 361.4 –32.2 597.0 326.9 5.9 11.1 3738.8 [email protected]