10 The Sunday Times July 14, 2019 BUSINESS

Liam Kelly LETTERS

The airline’s founder is lawyers busy: during this Send your letters, including in your article on Sanjeev seal, which identifies a beer Slade shoots himself in the foot waging two separate legal summer and during all SIGNALS full name and address, Gupta. That’s the whole story as a genuine, independent, wars against a serviced seasons,” Haji-Ioannou, 52, AND NOISE . . . to: The Sunday Times, in a nutshell (“How Sanjeev craft product made by a Property doyens including Andy Gulliford, a former offices provider and a maker says. They will be extra busy 1 London Bridge Street, Gupta built an empire on small brewer. Andrew Jones of London Healey & Baker partner who of cleaning liquids. here: both Easy Offices and London SE1 9GF. Or email: risky alchemy”, last week). James Calder, chief executive, Metric and David Sleath of sat on Helical’s board, gave He has launched copyright Easy Cleaning have launched [email protected] There is zero reason to Society of Independent Segro gathered at Claridge’s the first speech. He infringement claims against counterclaims, arguing that Letters may be edited believe that Gupta will be Brewers, Ripon, hotel in Mayfair on compared Slade to a cross Easy Offices and Easy because they have traded for able to run any of these steel North Yorkshire Wednesday evening to toast between Rik Mayall and Cleaning Solutions over their years the easy trademarks Turbocharged valuations assets better than Arcelor or the retirement of Mike Slade, Bruce Forsyth and recalled a use of a certain word. The should be revoked. suited investors anyone else; the Mittals must Filling stations have a key Helical’s long-serving boss. memorable shooting trip. Monaco-based billionaire is BenevolentAI was never be breathing a sigh of relief role in electric expansion Slade, 72, one of the “We were standing in line famously protective of his worth $2bn (“New blow to that they got any money for It was good to read of Shell’s industry’s most flamboyant on a glorious autumn day, orange-and-white marques, Emails handicap Woodford as tech star’s value the mills. As for the term wish to promote the use of characters, was due to step quiet with anticipation of the and sets aside about £3m a slides”, last week). It suited “Greensteel”, who would electric vehicles (“Shell down the next morning after opening partridge drive,” year from his easyGroup Gilbert’s game the existing shareholders to believe this nonsense, other demands boost for electric 35 years in charge, having said Gulliford, 72. “Suddenly, empire — which includes To the Renaissance Club in keep raising the valuation, than children and Scottish cars”, last week). I would like turned Helical — originally a cry resounded that easyGym, easyDogwalker North Berwick, where the especially fund founder National Party politicians? to imagine a situation in Helical Bar — from a maker of reminded me of the shout of and easyTennis — to pursue Scottish Open hosted its The 18,000 redundancies at Neil Woodford, who could Richard Bassett, Hurst, which the oil companies used steel into a landlord with ‘My ball!’ from a Welsh full- “brand thieves” that hijack annual pro-am curtain-raiser Deutsche Bank show we’re mark up the supposed worth Berkshire their networks of filling properties such as The back. This particular shout his 1,000 trademarks. on Wednesday. still feeling the economic of his holding. stations to provide facilities Bower in east London. was from Mike. ‘My bird!’ he “I always like to keep my Among the ams were effects of the 2008 crash — He has a record of Brewing giants are trying to for fast charging of batteries. cried. Sure enough, we England football captain and there’s more turmoil manipulating the valuations lead craft beer fans astray If “fast” is not quite as fast as looked up and there was this Harry Kane, Vernon Kay, the on the way, argues Niall of illiquid listed or private AB InBev boss Carlos Brito we would like, they could JUST SAYING . . . black dot up in the sky. There FUNNY BUSINESS TV presenter, and Martin Ferguson companies, due to the size of says that most drinkers “don’t provide a pleasant was Slade, immaculately Gilbert, vice-chairman of his positions, but also his — know and are not interested” environment for customers to dressed in his rather tournament sponsor NEWS REVIEW, PAGE 26 ultimately perverse — in who makes their beer enjoy a coffee while reading My blood ostentatious new shooting Standard Life Aberdeen. incentive to drive up the (“The beer boss with a thirst The Sunday Times. suit and supremely Golf-mad Gilbert was value of his own fund’s NAV. for takeovers”, last week). This would be so much runs orange. confident. He fired. The teamed with former world TWITTER POLL It is a classic bubble that is Drinkers do care. A simpler than placing the This is result was a dead blackbird.” No 1 Rory McIlroy and Brian bursting, and others have YouGov survey for the SIBA responsibility for charging on Slade’s speech culminated McFadden, the Westlife Yes No been complicit. British Craft Beer Report 2019 hard-pressed local councils. my life. in a thank you to his wife, crooner. The trio came Now, Woodford Equity found that only 2% of Henry Haslam, Taunton Heather, for 46 years of ninth, well behind winners Income needs to be consumers believe that craft marriage; “47,” she corrected Russell Knox and sports 29% 71% restructured into a good beer can be made by Put my name down for a from the audience. Slade broadcaster Eilidh Barbour. fund/bad fund, much as the multinationals such as remuneration committee paused. “I’m always the Gilbert, 64 yesterday, has banks with worthless assets AB InBev; 98% think that it Oliver Shah asks who would underbidder!” he exclaimed. seen his handicap slide from were restructured. Many of can be made only by small or want to be the chairman of a 5 to 15 — and smartphones the bad-fund assets are going independent brewer. remuneration committee may be to blame. to be worthless, but, with By acquiring brands with (Agenda, last week). Well, the Life’s no beach for “Martin’s coach tells him professional management, “craft” credentials, such as latest annual reports show Superdry boss he would be even better if he perhaps some value can be Camden Town and Goose that Barclays paid Crawford Julian Dunkerton Stelios lawyers just focused on golf during a salvaged. Island, AB InBev and other Gillies £222,000 for his non- on his passion for Sir Stelios Haji-Ioannou round, rather than doing Is Wetherspoon boss Tim Name and address supplied companies are seeking to pull exec work; Sainsbury’s paid the retail business he won’t be getting much emails between shots,” a Martin right to say that the the wool over the eyes of Dame Susan Rice £122,000. founded, after it fell downtime this summer — source sighs. economics risks of a no-deal Gupta can’t produce a discerning consumers. I suspect quite a few people to an £85m loss and not just because of liam.kelly@ Brexit are overstated? miracle from steel plants Drinkers should look out would be happy with this for easyJet’s continuing woes. sunday-times.co.uk @ST_Business “It’s playing roulette with for SIBA’s assured working a few days a month. public funds,” said an adviser independent craft brewer Ed Wood, Basingstoke 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 quarterly results last week, Premier’s investment USD > GBP 2.0% 2.1% This fund blaming record-low inflows. performance “has been 7,800 CPI including housing current rate prev. month Premier focuses on multi- deteriorating recently”. $1.26 1.9% 2.0% asset funds that invest not just Across the market, fund U 0.01 manager in stocks, but bonds, sales fell to £1.3bn in May 7,400 12-month high: $1.34 Retail prices index current rate prev. month low: $1.24 commodities and property, compared with £1.6bn for the 3.0% 3.0% EURO is feeling helping to cushion the blow if same month last year. 7,505.97 Average weekly earnings on prev. month on last year equity markets tumble. Its Fees are under intense 47.17 H:7,790.2 7,000 EUR > GBP products are popular with scrutiny. The Premier 0.62% L:6,536.5 £532 U0.6% U3.1% the heat financial advisers, who Optimum Income fund, for 6,600 €1.12 Unemployment current rate prev. month account for most of their example, has an annual FTSE 250 W 0.00 2018 2019 12-month high: €1.18 1.30m 3.8% 3.8% It is a tough time to be a fund sales. Analysts at the broker charge of more than 1% and low: €1.10 Source: Thomson Reuters Manufacturing output on the year on last month manager. Neil Woodford, the Liberum reckon this route trading costs of almost 2.5% YEN epitome of the star stock- will continue to show on top — hardly palatable RISERS FALLERS Enquest: 22.4p U 18.1% on oil price hike Thomas Cook: 5.4p V 58.9% on rescue YEN > USD V0.8% V3.9% picker, has pulled down the “structural growth”. when passive funds cost as Sirius Minerals: 16.8p U 13% on trading plan Robert Walters: 495p V 21.2% on Retail sales on the year on last month shutters on his flagship equity However, Mike O’Shea, little as 0.1% a year. update Premier Oil: 81.4p U 10.4% on weak employment market Kier: 83.6p crude price Barratt Developments: V 21.1% on Woodford selling stake ¥107.89 U2.3% V0.5% income fund after a series of Premier’s chief executive, It does not help that the 19,551.83 627p U 9.2% on housing market Page Group: 415p V 19.3% on lower- V 0.56 dud calls. Thousands of said last week that conditions Optimum fund has returned 103.44 H:21,028.8 recovery Ten Entertainment: 250p than-expected growth Micro Focus: 12-month high: ¥114.54 £17.64 V 16% on HP integration fears low: ¥104.96 investors remain trapped. would remain “challenging”. 24% over five years, 0.53% L:17,054.7 U 6.8% on sales jump UK trade latest 3 mths prev. 3 mths latest 12 mths Woodford’s fall from grace The company suffered net underperforming the OIL balance (£bn) -15.6 -12.9 -44.6 has sent shockwaves through outflows of £55m in the three FTSE All-Share’s 36%. DOLLARS/BARREL DOW JONES HANG SENG FTSE EUROFIRST Gross domestic latest quarter prev. quarter annual change the industry, and last week, months to the end of last “Fund management is a 27,332.03 28,471.62 1,522.42 product the Bank of England warned month, compared with rare commodity in which the $66.72 U0.5% U0.2% U1.8% 409.91 H:27,333.8 303.21 H:30,280.1 13.59 H:1,548.2 2.49 of a clampdown on open- £202m inflows a year earlier. more you pay, the less you U Budget deficit latest month prev. month year-to-date 1.52% L:21,712.5 1.05% L:24,540.6 0.88% L:1,291.0 12-month high: $86.74 (PSNB) in £bn ended funds. Investors were Assets dipped from £6.8bn to get,” says Alan Miller, the low: $49.93 -5.1 -6.8 -11.9 already hesitant about £6.7bn. Analysts at Numis co-founder of wealth NASDAQ SHANGHAI SENSEX GOLD parting with their cash amid Securities noted that manager SCM Direct. 8,244.14 2,930.55 38,736.23 DOLLARS/TROY OZ Brexit uncertainty. The rise Premier’s shares are 82.35 H:8,245.7 80.51 H:3,288.5 777.16 H:40,312.1 of cheap trackers that simply Premier Asset Management wallowing at 189p, valuing it 1.01% L:6,190.2 2.67% L:2,440.9 1.97% L:33,291.6 $1,407.99 10-YEAR BOND YIELDS % follow an index has also at £200m, down almost a U 13.06 pummelled fund managers. 300p third in a year. Analysts say S&P 500 CAC 40 ALL ORDS 12-month high: $1,432.35 variation 12 months Premier Asset inflows should recover, 3,013.77 5,572.86 6,788.80 low: $1,179.16 high low 23.36 H:3,013.9 20.86 H:5,629.8 43.00 H:6,850.1 Management is not immune. 250 especially when there is more BITCOIN UK 0.84 U 0.09 1.75 0.65 The fund management group, clarity on Brexit. However, 0.78% L:2,346.6 0.37% L:4,556.0 0.63% L:5,478.4 DOLLARS which listed on AIM in 200 with active managers out of NIKKEI DAX S&P TSX US 2.12 U 0.08 3.26 1.94 October 2016 at 132p a share, favour and regulators 21,685.90 12,323.32 16,488.12 $11,466.67 giving it a valuation of £140m, 150 preparing a crackdown, it is V 67.17 JAPAN -0.12 U 0.04 0.17 -0.19 60.48 H:24,448.1 245.21 H:12,886.8 53.87 H:16,672.7 12-month high: $11,157.35 reported a drop in assets 2018 2019 hard to see light at the end of 0.28% L:18,948.6 1.95% L:10,279.2 0.33% L:13,776.9 low: $3,191.30 Price at 5pm Saturday GERMANY -0.25 U 0.11 0.58 -0.41 under management in its Source: Thomson Reuters the tunnel. 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) 39 3i Group 1132.6 –15.4 1164.5 756.2 3.1 - 11019.7 63 DCC 6840.0 –148.0 7390.0 5555.0 1.9 24.5 6723.4 181 John Laing 381.8 –6.2 402.0 273.2 1.5 6.1 1882.3 Royal Dutch Shell B 2591.0 +4.5 2745.0 2227.0 5.6 11.9 153 3i Infrastructure 290.0 –12.0 303.0 227.0 3.2 - 2350.3 132 Dechra Pharmaceuticals 2896.0 +112.0 3168.0 2014.0 0.9 123.6 2972.8 69 Johnson Matthey 3296.0 –59.0 3760.0 2620.0 2.5 15.4 6378.9 162 Royal Mail 218.0 +6.8 489.5 194.5 11.1 12.5 2180.0 65 Admiral 2273.0 –3.0 2300.0 1897.0 3.5 16.6 6613.3 119 Derwent London 3108.0 +8.0 3328.0 2761.0 2.0 15.6 3470.4 187 Jupiter Fund Management 390.4 –9.4 452.2 287.6 4.7 12.6 1786.9 77 RSA Insurance 590.8 nc 646.6 496.6 3.4 18.7 6093.8 170 Aggreko 797.6 +4.0 882.0 656.8 3.4 16.2 2042.9 9 Diageo 3391.0 –35.5 3482.5 2523.5 1.9 28.3 80432.0 104 Just Eat 612.0 –30.2 883.4 533.8 - 50.6 4173.2 49 Sage 806.6 –3.6 820.4 525.6 2.0 28.1 8764.6 143 Alliance Trust 818.0 –1.0 822.0 672.0 1.7 - 2699.5 194 Diploma 1475.0 +45.0 1634.0 1150.0 1.7 29.0 1670.3 148 Kaz Minerals 530.0 –26.6 846.4 436.7 0.9 5.9 2497.9 101 Sainsbury, J 199.6 –5.7 341.5 187.9 5.1 22.4 4414.2 18 Anglo American 2152.5 +15.0 2266.0 1464.6 3.8 10.0 30244.3 96 Direct Line Insurance 336.5 –5.3 366.5 304.9 6.1 10.2 4626.9 94 Kingfisher 221.5 –0.2 318.1 202.2 4.9 21.7 4673.9 55 Schroders 2990.0 –112.0 3237.0 2334.0 3.8 16.6 8144.6 50 Antofagasta 863.0 –19.8 1022.5 727.2 0.6 21.3 8508.0 188 Dunelm 867.5 –37.5 981.0 482.8 3.0 20.9 1752.1 74 Land Securities 837.8 –16.4 946.3 791.8 5.8 - 6212.0 56 Schroders N/V 2455.0 –135.0 2590.0 1962.0 4.6 13.7 8144.6 111 Ashmore 515.5 –8.0 525.0 337.0 3.2 25.6 3674.2 107 EasyJet 991.4 –35.1 1688.5 854.8 5.9 20.4 3937.9 34 Legal & General 269.1 –6.7 291.2 223.7 5.8 9.1 16049.8 54 Scottish Mortgage 550.5 +1.5 568.3 441.4 0.6 - 8173.7 40 Ashtead 2258.0 –32.0 2438.0 1586.5 1.5 14.8 10496.5 146 Electrocomponents 587.2 –20.0 761.6 480.0 2.3 17.7 2606.4 13 Lloyds Banking Group 57.7 –0.2 66.6 50.0 9.1 10.5 40761.8 53 Segro 750.2 +0.2 758.6 585.2 2.2 7.2 8202.0 30 Associated British Foods 2338.0 –99.0 2638.0 2041.0 1.9 20.2 18509.3 167 Entertainment One 425.8 nc 483.4 336.4 0.3 85.2 2115.6 27 London Stock Exchange 5694.0 +38.0 5784.0 3867.0 1.0 41.9 19912.1 190 Serco 142.0 +2.4 145.8 84.1 - 23.7 1737.2 199 Assura 65.6 +0.8 65.6 52.4 4.1 18.7 1575.8 46 Evraz 618.2 –10.8 709.4 442.1 13.8 4.8 8922.8 149 Man 161.5 –2.9 184.9 126.8 5.9 12.1 2483.6 92 Severn Trent 2045.0 –58.0 2153.0 1770.0 4.4 15.4 4864.2 166 Aston Martin Lagonda 931.2 –105.6 1810.0 818.8 - - 2123.2 25 Experian 2375.0 +10.0 2463.0 1728.5 1.5 40.7 21637.8 105 Marks & Spencer 208.1 –5.0 300.8 204.2 8.5 104.4 4058.1 88 Smith (DS) 367.0 +2.6 513.4 292.2 4.1 407.8 5033.0 6 Astra Zeneca 6324.0 –203.0 6602.0 5325.0 3.5 43.4 82957.2 109 F&C Investment Trust 715.0 +1.0 741.0 616.0 1.6 - 3885.9 152 Mediclinic International 329.1 +8.4 532.2 293.4 2.4 - 2426.2 35 Smith & Nephew 1729.0 +10.5 1761.0 1258.0 1.7 29.1 15124.6 86 Auto Trader 551.6 –1.2 606.0 388.5 1.1 26.3 5123.6 36 Ferguson 5820.0 +20.0 6556.0 4749.0 2.5 19.2 13434.9 103 Meggitt 543.0 +9.2 572.0 458.0 3.0 23.8 4218.9 73 Smiths 1592.5 –9.0 1749.5 1279.5 2.8 21.8 6305.6 71 Aveva 3946.0 +16.0 4170.0 2284.0 1.0 188.8 6364.6 186 Finsbury Growth & Income 922.0 –10.0 940.0 740.0 1.6 - 1814.4 48 Melrose 182.6 –7.1 233.9 146.3 2.4 - 8871.2 155 Smith WH 2076.0 +28.0 2186.0 1697.0 2.6 24.7 2242.4 31 Aviva 424.0 –7.7 502.8 364.6 6.7 11.2 16607.4 83 Flutter Entertainment 6726.0 –36.0 8490.0 5525.0 3.0 28.0 5258.6 200 Mercantile Investment Trust 198.6 –4.9 220.9 168.0 3.2 - 1573.9 75 Smurfit Kappa 2610.0 +130.0 3292.0 1934.0 3.1 - 6202.3 157 Babcock International 437.1 –3.1 805.0 416.7 6.8 11.1 2210.0 67 Fresnillo 879.4 –1.0 1123.0 724.8 3.6 23.6 6480.2 97 Merlin Entertainments 449.5 +0.9 450.0 307.1 1.7 20.0 4603.2 180 Softcat 952.0 –19.0 993.5 565.0 1.3 30.1 1887.3 33 BAE Systems 504.6 +10.0 676.4 443.9 4.4 16.2 16162.5 127 G4S 195.9 –6.2 282.0 175.9 4.9 37.7 3040.4 78 Micro Focus International 1763.8 –335.7 2160.0 1190.0 5.0 10.5 6055.8 168 Sophos 435.0 +20.0 539.5 298.2 0.9 105.0 2107.2 126 Spectris 2658.0 –59.0 2898.0 1966.5 2.2 16.9 3081.5 195 Balfour Beatty 238.8 –3.4 296.5 223.4 1.7 12.2 1647.7 192 Genus 2614.0 –32.0 2992.0 2098.0 1.0 - 1700.5 158 Millennium & Copthorne Hotels 680.0 –5.0 685.0 436.0 0.6 92.0 2208.6 21 Barclays 157.2 –0.0 194.0 146.1 4.1 7.9 27109.4 8 Glaxo Smith Kline 1623.8 –12.8 1643.2 1418.0 4.9 20.7 80997.6 68 Spirax-Sarco 8695.0 –345.0 9400.0 5900.0 1.0 28.8 6405.3 66 Mondi 1774.0 –18.5 2236.0 1584.0 3.3 11.6 6514.9 70 Barratt Developments 627.0 +52.6 627.0 434.0 4.2 8.8 6376.5 15 Glencore 266.3 –3.2 341.5 254.6 5.9 14.1 36366.8 38 SSE 1144.0 –6.5 1387.0 1008.0 8.4 8.5 11785.0 161 Moneysupermarket 406.4 –11.3 417.7 264.0 2.6 25.2 2180.1 135 BBA Aviation 281.8 –9.6 350.0 207.0 3.8 31.5 2915.4 184 Grafton Group Units 782.0 –13.5 937.0 630.0 2.1 12.4 1865.6 129 SSP 682.0 +7.0 779.8 642.0 1.6 26.0 3033.9 171 Monks Investment Trust 933.0 –2.0 941.0 710.0 0.2 - 2041.6 176 BCA Marketplace 243.4 –2.2 247.0 178.5 3.5 29.7 1909.1 165 Greencoat UK 140.8 nc 143.2 122.8 4.9 - 2135.8 24 Standard Chartered 715.2 –19.6 736.8 519.8 1.9 49.2 23213.7 89 Morrison Supermarkets 205.7 –3.5 269.4 195.2 3.0 20.4 4922.5 133 Beazley 555.0 –11.5 599.0 492.6 2.2 55.2 2936.9 174 Greene King 627.6 +7.4 704.4 472.8 5.3 12.5 1945.6 80 St James’s Place Capital 1124.5 –11.5 1216.5 914.0 4.1 34.7 5970.8 169 National Express 401.6 –7.2 433.2 361.4 3.5 15.1 2055.1 118 Bellway 2825.0 +65.0 3226.0 2419.0 5.1 6.4 3479.4 151 Greggs 2410.0 +42.0 2410.0 942.0 1.4 37.4 2437.9 60 Standard Life Aberdeen 301.6 –4.7 378.9 224.9 8.2 - 7270.6 19 National Grid 838.5 –15.6 889.2 748.7 5.6 19.0 28610.8 91 Berkeley 3844.0 +121.0 3981.0 3226.0 2.3 8.0 4907.3 183 Great Portland Estates 698.2 +1.6 773.6 652.3 1.7 40.8 1866.6 116 Tate & Lyle 749.2 –3.6 800.4 622.6 3.9 19.4 3509.1 61 Next 5436.0 +36.0 6136.0 3991.0 2.9 12.6 7260.6 5 BHP 1988.0 +32.4 2049.0 1490.6 4.7 15.4 100533.2 117 GVC Holdings 600.0 –77.0 1170.0 507.5 5.2 - 3491.4 81 Taylor Wimpey 163.9 +5.3 192.2 129.3 3.0 8.2 5377.2 95 NMC Health 2225.0 –249.0 4120.0 2192.0 0.6 23.9 4645.1 191 Big Yellow Group 1035.0 +11.0 1062.0 852.5 3.1 13.3 1725.3 59 Halma 1990.0 –22.0 2094.0 1237.0 0.8 44.4 7554.9 172 Templeton Emerging Markets 804.2 –0.8 807.0 649.0 2.0 - 2001.0 57 Ocado 1143.5 –81.5 1435.0 749.8 - - 8083.9 120 B&M European 342.6 –0.4 426.3 278.6 2.2 16.7 3427.9 164 Hammerson 279.7 –10.0 535.6 266.9 9.3 - 2143.3 23 Tesco 242.1 +4.8 266.2 189.6 1.5 17.9 23710.1 64 Pearson 851.0 +6.2 1027.5 769.2 2.1 11.3 6650.0 4 BP 546.0 +3.5 598.3 485.9 5.7 14.6 111341.4 44 Hargreaves Lansdown 2014.0 –9.0 2433.0 1633.0 1.6 39.7 9552.8 123 Travis Perkins 1261.0 +1.0 1465.0 970.0 3.7 - 3179.5 125 Pennon 744.4 –17.6 792.8 684.2 5.3 14.6 3130.3 10 British American Tobacco 2905.5 –78.5 4222.5 2375.0 6.7 11.0 66646.4 160 Hays 150.5 –7.5 212.0 135.7 2.5 12.8 2195.3 142 Tritax Big Box Reit 159.0 +1.3 159.6 129.0 4.1 9.1 2714.1 124 Pershing Square Holdings 1454.9 +14.3 1454.9 1003.9 2.2 - 3140.0 87 British Land 539.8 –17.6 660.2 523.0 5.7 - 5085.1 138 HICL Infrastructure 158.8 –5.6 170.1 143.8 5.1 - 2844.3 99 Tui 766.8 –35.2 1668.0 698.0 8.1 8.2 4508.0 154 Britvic 880.0 –14.0 956.0 745.0 3.2 19.7 2335.8 102 Hikma Pharmaceuticals 1789.0 +17.5 2025.0 1475.5 1.5 19.6 4334.1 72 Persimmon 1989.5 +67.0 2509.0 1859.5 11.8 7.1 6337.1 130 Tullow Oil 212.4 +0.2 266.3 165.1 - 45.8 2980.7 29 BT 192.1 –6.3 264.6 192.1 7.9 8.9 19057.9 90 Hiscox 1707.0 –61.0 1777.0 1418.0 1.8 49.1 4921.2 84 Phoenix Group Holdings 714.3 –1.0 724.8 544.0 6.3 10.7 5153.0 177 UDG Healthcare 766.0 –6.5 851.0 551.0 1.6 96.4 1908.5 121 BTG 836.5 +0.5 853.0 481.2 - 142.3 3247.6 110 Homeserve 1158.0 –1.0 1263.0 849.0 1.7 35.8 3874.6 185 Polar Capital Technology Trust 1372.0 +8.0 1386.0 1066.0 - - 1836.1 3 Unilever 5003.0 –42.0 5083.0 3931.0 2.7 16.0 131491.4 62 Bunzl 2130.0 +9.0 2551.0 2059.0 2.2 21.8 7172.5 134 Howden Joinery 486.5 –13.2 536.8 416.4 2.3 15.6 2920.4 98 Polymetal International 971.0 –49.0 1031.0 597.2 3.8 15.6 4565.3 131 Unite Group 1025.0 +18.0 1025.0 797.5 2.4 11.3 2975.7 52 Burberry 2005.0 +42.5 2325.0 1623.5 2.1 24.5 8249.8 2 HSBC 663.4 –9.1 731.4 600.8 5.9 12.5 134552.7 12 Prudential 1733.5 –36.0 1824.0 1340.0 2.8 14.8 45067.5 82 United Utilities 777.8 –20.0 873.6 682.4 5.2 14.6 5303.7 193 Caledonia Investments 3065.0 –45.0 3110.0 2650.0 1.9 - 1683.3 159 IG Group 595.8 +1.4 954.5 474.8 7.2 10.6 2197.6 198 QinetiQ 279.6 +1.0 312.4 264.3 2.2 14.0 1588.0 189 Victrex 2022.0 +27.0 3408.0 1950.0 3.0 17.6 1747.6 179 Capital & Counties Properties 222.0 +0.2 288.0 209.5 0.7 - 1889.9 144 IMI 991.0 –57.0 1242.0 870.0 4.0 15.9 2696.6 140 Quilter 146.9 +0.3 156.6 110.6 - 15.6 2795.4 16 Vodafone 131.7 –2.9 186.7 123.3 9.9 - 35210.2 182 Capita 112.2 +3.2 168.7 99.9 - 6.3 1871.3 28 Imperial Brands 2032.5 +71.7 2987.5 1846.8 9.2 12.5 19445.7 11 Reckitt Benckiser 6595.0 +206.0 7155.0 5593.0 2.5 21.6 46760.4 108 Weir 1515.0 –11.5 2003.0 1240.0 3.0 70.1 3933.0 22 Carnival 3522.0 –65.0 5000.0 3412.0 4.5 10.5 25216.6 150 Inchcape 593.5 –36.0 799.0 486.6 4.7 51.6 2440.9 173 Redrow 553.0 +6.0 639.0 23.0 5.3 6.0 1947.6 51 Whitbread 4817.0 +46.0 5114.0 3883.0 2.1 20.2 8375.8 85 Centrica 88.2 +0.2 160.1 86.3 13.6 27.6 5133.0 41 Informa 833.0 –2.0 859.0 605.8 2.5 42.3 10427.5 14 Relx 1939.5 –5.5 1973.5 1491.5 2.1 27.2 37756.4 175 Witan Investment Trust 218.6 –0.4 227.6 189.6 2.3 - 1920.6 112 Cineworld 262.9 +8.2 323.6 249.0 2.7 14.9 3606.9 147 Inmarsat 559.6 +5.2 581.4 362.8 2.7 - 2594.2 178 Renewables Infrastructure 130.8 +0.4 130.8 108.0 5.1 - 1891.8 113 Wizz Air Holdings 3501.0 –121.0 3797.0 2329.0 - 17.4 3592.6 197 City of London Investment Trust 427.5 –0.5 436.0 376.0 4.3 - 1620.3 42 Intercontinental Hotels 5402.0 +81.0 5402.0 4155.8 1.6 35.8 9833.4 141 Renishaw 3822.0 –204.0 5650.0 3670.0 1.6 21.7 2781.6 114 Wood 520.2 +32.8 796.4 389.9 1.7 - 3545.4 163 Close Brothers 1430.0 –25.0 1660.0 1374.0 4.4 10.7 2164.9 106 Intermediate Capital 1373.0 –2.0 1403.0 899.0 2.3 21.7 3986.5 58 Rentokil Initial 410.6 +2.6 413.4 284.8 1.0 - 7593.4 196 Workspace 899.0 +21.0 1127.0 789.5 3.2 11.7 1623.7 139 Cobham 117.8 +3.3 131.7 96.8 - 38.0 2815.4 47 Intertek 5510.0 –136.0 6014.0 4387.0 1.5 31.5 8892.8 93 Rightmove 527.7 –16.5 585.1 420.9 1.2 29.8 4695.3 37 WPP 961.4 –31.2 1301.0 800.4 6.2 11.4 12132.0 43 Coca Cola HBC 2708.0 –135.0 3074.0 2244.0 1.8 24.9 9831.7 45 International Airlines Group 456.0 –0.5 711.4 439.5 5.5 5.2 9048.4 7 Rio Tinto 4808.5 +85.0 4976.5 3486.0 5.0 7.8 81414.3 17 Compass 1932.0 +9.5 1953.5 1483.0 2.0 26.2 30648.0 156 International Public Partnerships 150.6 nc 163.4 142.4 4.6 15.4 2236.8 122 RIT Capital Partners 2089.7 –20.3 2130.0 1892.0 - - 3246.4 Price/earnings ratios are based on historic data, with yield and p/e values 136 Convatec 145.0 –2.0 239.0 118.6 3.3 16.8 2867.2 115 Investec 506.2 –10.0 561.0 423.4 4.8 9.9 3523.6 32 Rolls-Royce 846.8 –17.0 1094.0 759.2 1.4 - 16206.7 calculated from the most recent reported dividends and earnings per share, 26 CRH 2655.0 –29.0 2740.0 1971.5 2.3 17.3 21247.4 100 ITV 111.2 +0.1 175.1 104.7 7.1 9.6 4474.2 145 Rotork 304.4 –5.7 361.4 235.7 1.8 29.0 2654.6 using trailing 12-month figures. 52-week highs and lows are end of day. 76 Croda 4790.0 –90.0 5447.7 4576.0 1.8 25.9 6162.7 128 IWG 339.5 +5.1 357.5 199.8 1.7 29.3 3040.3 20 Royal Bank Of Scotland 230.0 +3.9 270.4 203.0 2.4 18.3 27809.8 nc = no change Data provided by Morningstar. Any inquiries please contact: 137 CYBG 198.9 –5.8 364.2 173.9 1.6 - 2851.3 79 JD Sports 615.8 –5.8 635.6 318.5 0.3 22.9 5993.2 1 Royal Dutch Shell A 2588.0 +2.0 2671.0 2213.0 5.6 11.9 208849.4 [email protected]