10 The Sunday Times March 15, 2020 BUSINESS

Andrew Lynch LETTERS

one in particular, apart from sandwiches — cut out. Send your letters, including of not studying aeronautics? government cannot fall for it. Will Boden tell us the whole story? the government, in his has a grand SIGNALS full name and address, A fable tells of a mouse Dr David Lowry, senior speech at the Non-Executive tradition of revolts over pay. AND NOISE . . . to: The Sunday Times, bent on finding the ocean. He international research fellow, Starling Bank founder Anne was a “thrilling account of Director Awards last week. 1 London Bridge Street, reaches the shore, sees a rock Institute for Resource and Boden has a new book out in entrepreneurship”. Having had a right old London SE1 9GF. Or email pool and returns home Security Studies, Cambridge, November. Banking On It: We’ll never know, since time of it as president of the Whooping is [email protected] contented, failing to see the Massachusetts How I Disrupted an Industry the book never made it to the CBI during the Brexit era, Letters may be edited ocean in front of him. is “the first-hand account of shops. Gossips suggested all Drechsler mused on the over for Gadhia Coronavirus is the rock pool, Business tax system is in one woman’s quest to sorts of dark things. So will merits of changing one’s A brave decision in these Greta is right — and our climate change is the ocean. full accord with the rules rebuild Britain’s broken the new tome be the book we mind. “A year ago,” he said, tempestuous times by Dame leaders have no solutions Eric Wynter, Taunton, David Smith repeats the banking system”. nearly got in 2018? No, says “‘expert’ views were Jayne-Anne Gadhia to leave Greta Thunberg is right, Somerset mantra that the business tax Prufrock can’t help recall Starling. Apparently, “it dismissed as irrelevant. the corporate hug of whether she has solutions or system unduly favours debt that it was nary two ago that wasn’t the right time” for Today, once again in the UK, Salesforce for her fintech not (“Jaguar boss: Greta Don’t fall for Horizon’s finance (Economic Outlook, Boden, 60, was about to Good Bank, Bad Bank. it is expert views we listen to start-up Snoop. offers no ideas over climate outlandish nuclear claims last week). In fact, the tax publish Good Bank, Bad So whether it details the so carefully and respect. When Gadhia, 58, became change”, last week). I read with incredulity the treatment of interest payable Bank: How I Started a fractious relationship They are doing a brilliant job UK chief six months ago, she Our ferry to Spain was claims of Horizon nuclear by businesses is in full accord Revolution and Changed between Starling and rival in respect of coronavirus.” seemed to have drunk the delayed by storms. Breakfast chief Duncan Hawthorne that with its legal position and the Banking Forever. A few Monzo remains unclear. Drechsler, 63, joins the Kool-Aid with Salesforce boss Relative Values: The saw china flying off tables. his company, which is really a commercial accounting rules. review copies went out. board of M&S food supplier Marc Benioff. “He’s inspiring Michelin-starred chef, Ten days later, we shortened Japanese shell company with Interest paid out is a Rachel Botsman of Oxford Greencore in May, where he in every sense of the word,” Marcus Wareing, and his our holiday in southwest no products, could build contractual commitment, Saïd Business School said it Peston made his will have his work — and his she told us at the time. wife, Jane, on falling out with France because of storms — nuclear plants offering power and a cost of doing business “Everyone is whooping Gordon Ramsay, temper huge rain and violent winds. at half the currently projected before profit is earned, rather excuses . . . about it. There can be too tantrums and their recent On the ferry back, the cost from the Hinkley Point C than a distribution from JUST SAYING . . . In his Cudlipp lecture last FUNNY BUSINESS much cynicism here.” burglary ship’s purser exploded: “We plant being built (“Japanese profit. It is the tax treatment week, Robert Peston, the Indeed. used to have long normal offer nuclear power on the of returns to equity that is out political editor of ITV News, MAGAZINE, PAGE 40 periods of weather, even if cheap”, last week). of kilter. It pretty well has to This is the revealed how the Daily Mail there were storms. Now there Making these outlandish be so in a country that has tried to hire him in the 1980s. Life after fighting are none. We cannot sleep, claims on the anniversary of high tax rates on personal budget of “One of the perks offered Dad’s Army TWITTER POLL we are exhausted. There is the disaster at the Fukushima income. In small, closely a government was that they had close hardly any snow in the Alps. Daiichi reactors in Japan on controlled companies, relationships with broking Another financier on the Yes No In the Ariège, the March 11, 2011 — costs $250bn returns on equity are not that gets firms who gave Mail hacks move is Richard Taylor, the temperature in February was (£200bn) and rising — entirely a reward for financial privileged access to offerings former chairman of Barclays’ 21C. It has all changed.” suggests Horizon has not investment and thus things done and placings of new shares at investment bank, who is 47% 53% Greta is right. Have our learnt the full lessons of that. interchangeable with debt the discounted flotation joining Greenhill as UK leaders any solutions? They The regulated asset base finance. They are largely a price — a reward for bullish chairman. Taylor, 54, who seem to be doing next to (RAB) financing mechanism form of remuneration for coverage,” said Peston, 59, replaces Lord ( James) nothing. Horizon advocates transfers proprietorial labour. So the who made his excuses and Lupton, spent eight years at Joan Wadsley, Bristol all financial investment risk tax treatment of profit and left. No more talk of the good Barclays, culminating in the to electricity customers dividends cannot fall too far old days, please. defence of Provident Jaguar Land Rover’s outgoing before a single unit is out of line with income tax Financial from the Dad’s boss, Ralf Speth, accused delivered to a home, allowing rates on high personal Army bid led by its 71-year- FTSE 100 insurer Prudential “Greta Thunberg and the foreign nuclear company earnings without creating big In praise old former boss, John van has set out plans for a Extinction Rebellion of to build plants without having avoidance opportunities. Nor Kuffeler. No wonder he partial float of its US highlighting problems and to pay attention to keeping could large companies easily Rishi Sunak delivers his of experts needed a bit of a break. business. Should it go offering no solutions”. Is this costs under control. be taxed at different, lower first budget as chancellor Paul Drechsler didn’t miss a andrew.lynch@ further and break itself up, not the pilot accusing This is an extraordinarily rates compared with SMEs. of the exchequer chance to pick a fight with no sunday-times.co.uk as an activist is urging? passengers, who have one-sided proposal. Surely Andy Thompson, Worcester reported the plane is on fire, even this nuclear-friendly Park, Surrey DATABANK INSIDE THE CITY SAM CHAMBERS THE WEEK IN THE MARKETS THE ECONOMY Consumer prices index current rate prev. month FTSE 100 DOLLAR 1.8% 1.3% full impact is greater still. Group, an American airports FTSE 100 USD > GBP WH Smith Investors were not in a retailer, for £312m — a deal 8,000 CPI including housing current rate prev. month charitable mood and, in the that should pave the way for $1.23 1.8% 1.4% two days after the warning, the company to expand more V 0.08 seems a 7,000 12-month high: $1.35 Retail prices index current rate prev. month WH Smith’s shares sank by aggressively in the American low: $1.20 almost 30% to £11.19p, market with the benefit of 2.7% 2.2% EURO valuing the chain at £1.3bn. local knowledge. 5,366.11 6,000 Average weekly earnings on prev. month on last year bargain in EUR > GBP That was compared with a The economic shock waves 1,096.44 H:7,727.5 £544 0.2% 3.3% 9.4% drop in the FTSE 100. from coronavirus look set to 16.97% L:5,237.5 U the crisis The worn-out carpets and push struggling businesses 5,000 €1.11 Unemployment current rate prev. month FTSE 250 V 0.05 leaking ceilings in WH Smith’s over the edge — but WH Smith 2019 2020 12-month high: €1.21 1.28m 3.8% 3.8% It’s a tricky weekend for a high street stores earn it can ride out the storm. low: €1.07 Source: Reinitiv Manufacturing output on the year on last month retail stock tip, but here goes. plenty of critics — but not in The retailer generated RISERS FALLERS YEN WH Smith has been the City. The retailer’s £109m of free cashflow last BH Global: £16.85 U 10.5% on currency Premier Oil: 16p V 74% on crude YEN > USD V 3.6% U 0.2% impressively resilient in the ruthless cost-cutting has year and its leverage was just bets AO World: 65.8p U 5.8% on collapse and debt position Finablr: 11.6p Retail sales on the year on last month midst of the high street enabled it to dish out more 0.9 times its underlying possible online sales bounce Ocado: V 71.3% on growing cash crisis Costain: £11.83p U 5.4% on coronavirus 59p V 61.7% on capital raising ¥107.91 U 0.8% U 0.9% bloodbath of the past decade, than £1bn in cash returns to earnings, leaving it with some 15,562.00 stockpiling : 23.8p : 44.2p V 60.2% on closure U 2.61 offsetting the declines in its shareholders since 2007. wiggle room to cope with the 3,184.51 H:22,114.3 U 4.8% on revenue rise BH Macro: fears : 10.9p V 53.5% on $1bn 12-month high: ¥112.39 £28.70 4% on economic bets disposal plans and job cuts low: ¥101.17 shabby shops with gains from Cowling, who used to run dark times ahead. 16.99% L:15,495.5 U UK trade latest 3 mths prev. 3 mths latest 12 mths balance (£bn) a burgeoning travel business. Dixons’ travel business, has But the coronavirus has OIL +14 -5.6 -14.6 But the spread of coronavirus been central to WH Smith’s been a stark reminder of the DOLLARS/BARREL DOW JONES FTSE EUROFIRST Gross domestic latest quarter prev. quarter annual change rapidly turned that strength push into airport retailing. risks involved in travel, which HANG SENG product into a weakness. He was involved in is acutely exposed to shocks 23,185.62 24,032.91 1,167.94 $33.85 W 0% U 0.5% U 1.1% 11.42 Last week, WH Smith, led purchasing airport from terrorist attacks or 2,679.16 H:29,568.6 2,113.76 H:30,280.1 264.51 H:1,691.2 V Budget deficit latest month prev. month year-to-date 10.36% L:21,154.5 8.08% L:22,519.3 18.47% L:1,148.9 12-month high: $75.60 (PSNB) in £bn by Carl Cowling since electronics retailer InMotion global recessions. low: $31.02 +9.8 -4.2 -44.8 November, became the first for £155m in 2018, followed Predicting when the NASDAQ SHANGHAI SENSEX GOLD retailer forced into a profit by a swoop on Marshall Retail impact from coronavirus will 7,874.88 2,887.43 34,103.48 DOLLARS/TROY OZ warning by the outbreak, end is little more than 700.74 H:9,838.4 147.08 H:3,288.5 3,473.14 H:42,273.9 projecting that the pandemic WH Smith guesswork at this stage. But 8.17% L:7,194.7 4.85% L:2,685.3 9.24% L:29,389.0 $1,530.94 10-YEAR BOND YIELDS % would wipe £30m-£40m off there is no reason to believe 137.05 V variation 12 months this year’s underlying pre-tax WH Smith, a mainstay on the S&P 500 CAC 40 ALL ORDS 12-month high: $1,673.86 £30 low: $1,268.45 high low profits, now expected to high street that started as a 2,711.02 4,118.36 5,590.70 come in at about £130m. news vendor in 1792, will be 261.35 H:3,393.5 1,020.75 H:6,111.4 696.80 H:7,289.7 BITCOIN UK 0.42 U 0.18 1.25 0.07 20 8.79% L:2,478.8 19.86% L:4,025.9 11.08% L:4,940.1 DOLLARS The combination of consumed by it. WH Smith US 0.97 U 0.21 2.64 0.32 Donald Trump’s suspension shares could have further to NIKKEI DAX S&P TSX of flights into America from fall but may soon represent 17,431.05 9,232.08 13,716.33 $5,348.28 JAPAN -0.00 U 0.13 0.03 -0.29 Europe and the inevitable 10 something of a bargain — V 3,781.49 3,318.70 H:24,116.0 2,309.79 H:13,795.2 2,458.69 H:17,970.5 12-month high: $13,796.49 decline in footfall on the high 2019 2020 unlike the confectionery it low: $3,615.27 GERMANY -0.55 U 0.17 0.12 -0.91 15.99% L:16,690.6 20.01% L:9,064.7 15.20% L:12,451.1 Price at 4pm Saturday street could mean the virus’s Source: Reinitiv places by the tills. 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) 44 3i Group 730.6 –199.8 1189.0 706.4 4.4 - 7108.8 161 Diploma 1454.0 –395.0 2134.0 1342.0 1.8 26.6 1646.5 88 Johnson Matthey 2057.0 –346.0 3454.0 2005.0 4.2 10.3 3981.0 77 RSA Insurance 432.5 –67.0 597.0 425.8 4.9 17.1 4472.2 120 276.5 –10.0 317.8 229.8 3.7 - 2464.8 91 Direct Line Insurance 276.7 –36.1 366.5 270.5 7.6 8.9 3793.1 184 Kaz Minerals 299.8 –83.2 738.4 269.1 3.2 3.8 1416.4 177 702.5 –109.0 867.0 586.0 2.3 11.6 1478.3 62 Admiral 2011.0 –169.0 2330.0 1887.0 4.5 14.6 5906.0 188 Domino’s Pizza 291.7 +7.7 326.4 221.2 3.3 34.7 1348.3 108 Kingfisher 136.5 –32.5 266.2 136.5 7.9 15.7 2880.3 53 Sage 582.0 –86.0 820.4 560.0 2.9 24.0 6353.2 134 Alliance 638.0 –102.0 880.0 624.0 1.7 - 2099.4 146 Dunelm 930.0 –107.0 1404.0 730.5 2.9 18.6 1880.8 190 644.5 –72.0 807.0 640.5 1.8 - 1308.0 89 Sainsbury, J 179.1 –32.0 240.6 174.9 6.1 105.3 3963.5 21 Anglo American 1335.6 –345.6 2266.0 1234.4 5.9 5.3 18210.4 104 EasyJet 786.8 –213.2 1552.0 786.8 7.4 9.0 3123.6 70 Land Securities 693.8 –103.0 1001.5 693.2 6.6 - 5144.4 58 Schroders 2227.0 –430.0 3443.0 2098.0 5.1 13.4 6036.6 52 Antofagasta 647.6 –94.2 1022.5 612.0 5.3 13.2 6384.4 132 474.3 –120.7 729.8 461.5 3.1 14.5 2116.8 32 Legal & General 193.0 –48.4 318.4 182.9 8.5 6.2 11513.5 59 Schroders N/V 1776.0 –289.0 2635.0 1734.0 6.4 10.7 6036.6 121 Ashmore 337.4 –101.0 570.0 336.2 4.9 13.5 2404.8 98 Evraz 228.8 –40.3 709.4 203.4 36.4 2.7 3322.0 15 Lloyds Banking Group 37.9 –7.8 67.2 37.0 8.6 12.6 26684.8 42 Scottish Mortgage 537.0 –32.0 661.6 449.5 0.5 - 7804.0 38 Ashtead 1831.5 –368.5 2774.0 1701.5 2.2 10.3 8241.9 19 Experian 2145.0 –473.0 2898.0 2003.0 1.8 33.1 19482.8 16 6794.0 –798.0 8542.0 4538.0 0.9 50.0 23761.5 39 Segro 748.0 –101.6 935.0 660.8 2.5 8.6 8202.9 166 Asos 1935.5 –796.5 4066.0 1935.5 - 65.8 1625.0 102 F&C Investment Trust 578.0 –78.0 789.0 564.0 1.6 - 3136.4 172 Man 100.8 –29.8 175.1 100.8 9.1 7.1 1518.7 181 117.4 –28.4 167.7 117.4 - 25.9 1436.2 27 Associated British Foods 1834.5 –317.5 2708.0 1834.5 2.5 16.5 14523.3 31 Ferguson 5494.0–1200.0 7602.0 4800.0 2.9 14.7 12352.2 144 Marks & Spencer 97.4 –56.7 277.5 97.4 13.9 21.2 1900.1 66 Severn Trent 2273.0 –294.0 2696.0 1905.5 4.1 18.2 5408.7 156 Assura 70.0 –6.7 83.5 56.7 3.9 20.6 1689.3 192 FeverTree Drinks 1119.5 –118.0 3199.0 1050.0 1.3 20.4 1300.0 187 Marshalls 674.5 –33.0 876.0 584.5 1.8 24.1 1349.3 163 Signature Aviation 197.8 –52.3 327.5 58.6 6.9 20.1 1637.1 4 Astra Zeneca 6316.0 –926.0 7878.0 5644.0 3.6 48.3 82879.0 199 Fidelity China Special Situations 215.0 –11.5 253.0 202.0 1.5 - 1161.8 125 304.8 –53.1 415.3 293.4 2.6 17.8 2247.0 92 Smith (DS) 275.9 –46.2 394.8 267.9 5.9 12.5 3786.5 83 Auto Trader 447.6 –47.8 607.6 434.6 1.5 20.1 4113.6 178 Finsbury Growth & Income 702.0 –96.0 966.0 686.0 2.0 - 1469.7 99 410.0 –101.6 697.4 399.5 4.1 22.2 3188.0 33 Smith & Nephew 1308.5 –369.5 1990.0 1308.5 2.2 20.9 11444.3 73 Aveva 3082.0 –1184.0 5315.0 2882.0 1.4 86.5 4977.7 71 Flutter Entertainment 6476.0 –1972.0 9456.0 5592.0 3.1 27.6 5074.4 48 Melrose 140.0 –42.9 248.5 140.0 3.3 - 6801.6 85 Smiths 1037.0 –373.0 1769.5 1016.0 4.3 29.5 4108.6 35 Aviva 271.6 –71.4 438.4 271.6 11.1 4.7 10652.5 191 Frasers 250.6 –78.8 518.0 214.0 - 10.1 1306.8 90 M&G 146.2 –43.3 251.4 146.2 - 2.5 3801.1 195 Smith WH 1119.0 –661.0 2654.0 1119.0 4.9 11.5 1287.5 157 333.5 –84.2 646.6 333.5 8.9 8.5 1686.2 87 Fresnillo 543.8 –119.4 921.2 539.6 4.0 26.7 4007.2 185 International 423.9 –261.0 2160.0 423.9 20.7 2.5 1415.6 69 Smurfit Kappa 2232.0 –314.0 3010.0 2096.0 3.9 - 5324.5 24 BAE Systems 522.8 –74.4 669.0 443.9 4.2 12.6 16763.2 180 G4S 92.9 –54.9 234.3 92.9 10.4 37.2 1441.1 50 Mondi 1354.5 –236.5 1846.0 1300.0 5.0 7.8 6576.8 142 978.0 –57.0 1260.0 804.0 1.4 28.4 1943.0 160 Balfour Beatty 238.8 +11.0 293.4 194.2 2.0 14.8 1647.7 153 5280.0 –905.0 7350.0 2800.0 2.9 26.3 1725.2 175 Moneysupermarket 278.1 –30.2 417.7 275.9 4.0 15.9 1492.4 115 2364.0 –250.0 3005.0 2234.0 2.6 57.8 2742.9 57 Spirax-Sarco 8225.0 –405.0 9415.0 6990.0 1.2 27.5 6059.1 23 Barclays 102.4 –28.6 192.5 97.5 6.8 9.5 17741.6 143 Genus 2956.0 –600.0 3644.0 2178.0 0.9 248.4 1923.8 84 Morrison Supermarkets 171.0 –14.3 230.0 164.9 3.9 13.3 4112.6 67 Barratt Developments 526.6 –205.4 878.4 526.6 5.2 7.3 5362.3 5 Glaxo Smith Kline 1402.8 –190.8 1846.0 1402.8 5.7 15.4 70378.7 196 Communications 203.5 –11.5 256.0 140.4 1.7 27.6 1244.9 197 241.0 –143.8 476.0 241.0 6.2 8.7 1233.3 128 Beazley 414.4 –84.6 628.0 414.4 2.9 17.6 2191.9 22 Glencore 135.7 –38.4 340.3 127.1 11.6 24.7 18078.4 29 SSE 1298.0 –277.0 1686.5 1008.0 7.5 7.7 13372.2 12 National Grid 860.4 –154.8 1067.4 778.0 5.5 20.1 30185.2 97 2709.0 –876.0 4310.0 2698.0 5.4 6.2 3340.9 164 Units 685.0 –86.5 990.0 645.0 2.6 10.8 1634.6 176 SSP 331.0 –129.0 748.1 331.0 3.5 11.9 1480.8 60 Next 4481.0 –1145.0 7340.0 4387.0 3.7 10.0 5957.5 76 Berkeley 3619.0 –1011.0 5474.0 3437.0 0.8 9.0 4555.8 150 Grainger 259.6 –33.0 338.0 217.4 2.0 13.1 1748.7 28 Standard Chartered 436.9 –82.7 738.6 418.2 3.8 35.2 13910.7 140 NMC Health 938.4 nc 2942.0 700.0 1.9 9.3 1958.5 9 BHP 1054.0 –278.2 2049.0 939.8 7.6 8.1 53301.5 136 Greencoat UK 132.2 –10.0 155.0 127.0 5.8 - 2006.2 80 St James’s Place Capital 785.0 –182.0 1199.5 757.4 6.1 28.0 4202.1 37 Ocado 1183.0 +61.0 1435.0 1064.0 - - 8420.8 162 984.5 –111.5 1240.0 955.5 3.4 10.2 1645.5 158 1660.0 –520.0 2476.0 1660.0 2.2 22.3 1679.2 74 Standard Life Aberdeen 210.4 –53.8 336.9 204.7 10.8 - 4868.5 186 OneSavings Bank 311.0 –54.8 452.0 277.0 4.7 5.9 1385.3 112 B&M European 280.4 –36.4 420.9 280.4 2.7 21.4 2805.6 149 710.6 –147.4 966.0 649.4 1.7 31.4 1804.0 110 Tate & Lyle 608.0 –97.8 801.4 608.0 4.8 12.4 2847.8 86 Pearson 528.0 –27.4 927.0 511.2 3.5 9.2 4030.6 113 Boohoo 237.8 –43.4 333.7 178.0 - 55.2 2771.7 114 GVC Holdings 472.3 –295.7 939.0 472.3 6.8 - 2752.3 18 Tesco 220.1 –20.5 258.9 211.2 2.6 16.4 21555.5 79 Pennon 1003.0 –129.5 1202.5 697.8 4.1 18.1 4222.8 8 BP 276.3 –118.9 582.5 275.0 12.0 14.6 55981.6 45 Halma 1847.0 –197.0 2244.0 1636.0 0.9 38.9 7012.0 117 1049.5 –295.5 1720.0 1049.5 4.5 35.6 2646.2 116 Pershing Square 1330.0 –372.0 1587.5 1204.0 1.6 - 2694.1 6 British American Tobacco 2678.5 –427.5 3507.0 2585.0 7.4 10.0 61442.0 200 151.6 –31.0 383.0 151.6 17.1 - 1161.7 145 Tritax Big Box Reit 111.0 –20.8 159.7 111.0 6.1 8.0 1894.7 51 Persimmon 2042.0 –650.0 3298.0 1836.0 11.5 7.3 6512.5 94 British Land 389.9 –81.5 638.8 383.9 8.0 - 3613.1 55 Hargreaves Lansdown 1320.5 –117.0 2433.0 1211.0 2.5 25.4 6263.4 198 TR Property 371.5 –73.0 497.8 362.0 3.1 - 1179.0 78 Phoenix 586.3 –97.6 803.0 565.2 7.8 7.7 4230.3 139 742.0 –116.0 1068.0 690.0 3.8 24.5 1979.5 155 Hays 115.3 –11.0 183.5 110.5 3.3 10.5 1691.7 131 Tui 360.0 –173.0 1081.5 360.0 17.7 5.7 2120.1 148 Polar Capital Technology Trust 1350.0 –154.0 1790.8 1134.3 - - 1806.6 34 BT 112.3 –18.6 230.7 107.3 13.7 5.2 11097.7 107 HICL Infrastructure 160.0 –10.6 183.0 152.6 3.9 - 2981.8 179 UDG Healthcare 578.5 –112.0 832.5 551.0 2.3 31.1 1448.9 64 Bunzl 1682.5 –235.5 2551.0 1666.5 3.0 16.9 5666.6 81 Hikma Pharmaceuticals 1728.0 –130.5 2200.0 1556.5 1.7 14.8 4187.5 63 Polymetal International 1222.5 –75.5 1345.0 772.6 3.0 21.0 5748.6 194 1822.0 –119.0 2292.0 1525.0 2.8 27.2 1293.0 65 Burberry 1386.5 –211.5 2345.0 1305.5 3.1 16.0 5611.2 105 1083.0 –113.0 1777.0 1046.0 3.0 31.5 3087.1 152 Primary Health 142.0 –13.0 162.8 126.6 3.9 - 1728.1 1 Unilever 3854.5 –497.5 5324.0 3851.5 3.6 12.3 100865.6 183 2605.0 –315.0 3195.0 2600.0 1.6 - 1428.5 101 948.5 –237.5 1340.0 948.5 2.3 29.0 3174.0 17 Prudential 866.8 –326.7 1506.0 866.8 5.7 8.5 22548.8 95 Unite Group 940.0 –173.0 1339.0 902.5 3.1 10.4 3417.8 174 Capital & Counties Properties 177.4 –20.0 270.5 172.3 0.9 - 1506.5 103 Howden Joinery 523.8 –94.2 732.6 478.8 2.2 16.1 3129.4 154 QinetiQ 301.4 –31.4 387.8 267.0 2.2 13.6 1711.8 61 United Utilities 873.2 –99.8 1061.0 759.0 4.6 16.4 5954.2 41 Carnival 1161.0 –820.5 4237.0 1161.0 14.2 3.2 7939.7 2 HSBC 465.9 –28.0 680.6 444.6 8.8 9.0 94716.5 123 Quilter 121.1 –18.6 174.7 120.7 2.7 15.9 2300.7 169 1838.0 –172.0 2540.0 1786.0 3.2 17.2 1590.7 118 43.3 –26.4 122.9 43.3 27.7 - 2521.5 127 IG Group 595.0 –126.4 725.2 474.8 7.3 14.7 2198.2 11 Reckitt Benckiser 5374.0 –631.0 6688.0 5150.0 3.2 16.8 38149.0 171 Virgin Money UK 105.8 –23.4 216.6 98.9 2.9 - 1520.3 167 Close Brothers 1064.0 –163.0 1663.0 1031.0 6.0 8.0 1610.1 129 IMI 802.6 –156.2 1206.0 770.4 5.1 12.9 2184.8 147 Redrow 526.0 –185.0 848.0 526.0 5.8 5.7 1852.5 138 Vistry 912.0 –322.0 1478.0 912.0 6.2 8.4 1985.8 49 Coca Cola HBC 1851.5 –620.5 3074.0 1716.0 2.8 18.0 6731.9 30 Imperial 1378.6 –263.2 2648.5 1351.0 14.0 13.0 13047.2 13 Relx 1523.5 –323.5 2099.0 1503.0 2.8 19.8 29449.7 14 Vodafone 105.1 –31.6 165.2 103.9 7.6 - 28126.6 20 Compass 1189.5 –393.0 2138.0 1189.5 3.2 17.0 18890.6 130 Inchcape 536.0 –47.5 720.0 517.5 5.0 41.5 2127.6 135 Renewables Infrastructure 123.6 –10.6 139.2 115.4 5.9 - 2022.8 122 Weir 889.8 –406.7 1814.0 889.8 5.2 37.5 2310.0 168 1397.0 –214.0 1920.0 1049.0 2.2 19.5 1594.6 54 Informa 506.8 –89.2 892.0 506.8 4.3 21.1 6344.1 126 Renishaw 3052.0 –150.0 4638.0 2922.0 2.0 24.1 2221.5 182 165.4 –28.6 235.5 160.8 2.5 - 1430.0 100 Convatec 160.7 –24.9 220.4 132.6 2.8 25.6 3187.5 56 InterContinental Hotels 3351.0 –680.5 5738.0 3331.5 2.7 18.0 6120.8 40 Rentokil Initial 433.8 –66.2 525.4 345.2 1.0 - 8022.4 111 Holdings 2735.0 –716.0 4496.0 2657.0 - 8.4 2810.8 151 387.8 –75.6 540.5 277.6 3.2 10.4 1745.1 106 Intermediate Capital 1050.0 –503.0 1877.0 1040.0 4.3 14.9 3049.6 75 Rightmove 537.4 –63.0 701.2 497.6 1.2 28.6 4696.3 170 Wood 230.2 –91.4 598.6 230.2 11.9 34.1 1576.7 159 Cranswick 3172.0 –326.0 3852.0 2488.0 1.8 22.4 1655.9 43 Intertek 4536.0 –646.0 6170.0 4387.0 2.2 25.3 7320.8 10 3274.0 –231.0 4976.5 2968.0 7.4 5.3 40816.2 173 Workspace 834.0 –252.0 1307.0 806.0 3.9 11.4 1507.4 25 CRH 2083.0 –566.0 3100.0 2019.0 3.1 12.0 16324.3 46 International Airlines Group 350.3 –81.3 671.0 334.1 7.8 3.7 6954.2 109 RIT Capital Partners 1818.0 –136.0 2185.0 1765.3 - - 2851.5 47 WPP 557.6 –166.8 1077.5 556.0 10.8 10.0 6853.0 68 Croda 4146.0 –324.0 5375.0 4074.0 2.2 22.6 5343.7 119 International Public Partnerships 155.4 –7.8 171.2 146.8 4.5 14.5 2503.2 36 Rolls-Royce 480.0 –108.2 941.2 451.2 2.4 - 9268.8 193 Daejan 7970.0 –20.0 8040.0 4715.0 1.3 21.7 1298.7 133 303.7 –57.4 518.6 297.8 8.1 6.3 2114.0 137 227.8 –56.8 341.2 227.3 2.6 21.9 1987.9 Price/earnings ratios are based on historic data, with yield and p/e values 82 DCC 4239.0 –1221.0 7496.0 4239.0 3.3 17.5 4171.2 96 ITV 84.5 –17.8 156.5 83.8 9.5 7.6 3400.7 26 130.7 –26.5 270.4 125.7 4.2 7.9 15806.7 calculated from the most recent reported dividends and earnings per share, 124 2232.0 –440.0 3068.0 2232.0 1.2 74.2 2296.0 141 IWG 222.7 –105.4 469.0 222.7 2.8 18.7 1948.4 3 Royal Dutch Shell A 1130.6 –468.6 2612.0 1127.0 13.5 5.6 88602.2 using trailing 12-month figures. 52-week highs and lows are end of day. 93 3292.0 –768.0 4282.0 2884.0 2.0 16.7 3679.7 72 JD Sports 512.6 –166.0 881.4 476.6 0.3 19.3 4988.8 Royal Dutch Shell B 1083.8 –511.8 2622.0 1083.8 14.1 5.3 nc = no change Data provided by Morningstar.Any enquiries please contact: 7 Diageo 2442.0 –298.0 3625.5 2376.0 2.7 18.8 57070.3 165 John Laing 330.6 –9.0 402.0 319.2 1.6 10.6 1629.9 189 Royal Mail 134.6 –31.3 268.5 134.6 18.6 4.2 1346.5 [email protected]