12 The Sunday Times April 5, 2020 BUSINESS

Liam Kelly LETTERS

Alpha, owned via the Send your letters, including National Enterprise Board to still be paid in due course McLaren tycoon races to feed NHS British Virgin Islands, turned JD Sports boss’s SIGNALS full name and address, hold stakes in major unless agreements are over £111m last year and lost short arms AND NOISE . . . to: The Sunday Times, manufacturing companies reached (a point the article The Covid-19 crisis has sorted in Oxford tomorrow and £10.4m before tax, although 1 London Bridge Street, such as Rolls-Royce. did not mention). Britain’s bosses into heroes then Great Ormond Street in its underlying earnings more JD Sports’ withholding of all London SE1 9GF. Or email: It became known as the Therefore, engagement, and villains. On the side of London a week later. than doubled to £6.1m. rent — which boss Peter [email protected] British Technology Group in open dialogue and symbiotic the angels is former McLaren Dennis, inspired to act by On Friday, Hanley- Cowgill said is “absolutely Letters may be edited 1981, transferred to the strategies are key to boss Ron Dennis, 72, whose his daughter Charlie, an Browne, 58, raised a white necessary” despite profits of private sector in 1992 and remedying the situation. Dream Chasing foundation is anaesthetist, is looking for a flag. Having taken into £340m — has gone down like was sold for £3.3bn in 2018 to Simply refusing to pay is not a donating £1m to deliver free supermarket to help provide account “a whole range” of a cup of cold sick with High time UK had a the Boston Scientific solution. meals for NHS workers. food. Hats off to him. factors, he offered a 20% landlords. One offered to let sovereign wealth fund Corporation. These are extraordinary His initiative, which is discount to summer-term JD pay monthly rather than When the UK first started to Looking back, if a times, but landlords and being carried out through fees for school pupils and quarterly, but was told by benefit from its North Sea oil sovereign wealth fund had tenants can find solutions Absolute Taste, the catering Ritblat caned 40% at the nurseries. estates manager David reserves, it instituted the had a significant together. company he co-founded, and It may not be the 50% cut Clowes that Cowgill, 67, was petroleum revenue tax. This shareholding, it might not Adam Coffer, managing Yodel, the Barclay brothers’ by parents some parents demanded “for not budging. is payable by companies have been sold and its director, EPF, London W1 logistics group, aims to Sir John Ritblat has dealt with the duration of the remote- “It’s very unimpressive involved in oil exploration expertise and research supply one million meals to activists before: in 2003, as learning period”, but the behaviour, which I am sure and production, and is capabilities would have doctors and nurses over the chairman of , he latte wielders of west will not be forgotten in the charged in addition to remained in this country. BESTSELLING BOOKS next three months, starting saw off Laxey Partners and London have won more than marketplace,” he fumes. Outdoor living: from firepits corporation tax. Neil Sinclair, chief executive, at the John Radcliffe hospital saved his job. Laxey ever managed. “Clearly Mike Ashley has a to watching a film under the In my view this should Palace Capital, London SW1 Factfulness Ritblat, 84, now faces a far far higher moral standing stars, Katrina Burroughs have been the seed of a UK Hans Rosling et al 1 Sceptre (2,897) more formidable adversary: than Peter Cowgill.” Ouch. explains how to make the sovereign wealth fund. In Rent strikes are not the Never Split the Difference JUST SAYING . . . the SUV-driving banker FUNNY BUSINESS most of outside space hindsight, not taking answer to the crisis Chris Voss and Tahl Raz parents of Notting Hill. advantage of the opportunity Last week’s article, “Now the 2 Random House (2,054) It is way beyond Ritblat chairs Alpha Plus, a Careful with that HOME, PAGE 6 was a mistake. coronavirus infects property Start With Why group of 19 private schools If we look at Norway, albeit giants as their tenants go on 3 Simon Sinek strimmer, Roger Penguin (1,943) anything we’ve and nurseries with 4,000 a country with a much strike”, raises some Rich Dad Poor Dad pupils. It is owned by Last weekend’s item on how TWITTER POLL smaller population than the interesting issues but fails to Robert Kiyosaki ever faced. The Delancey, the developer he YouGov chairman Roger UK, it has two sovereign fully reflect the reality for 4 Plata (1,782) runs with his son, Jamie, 53. Parry has used the lockdown wealth funds founded in 1967 many owners and tenants. StrengthsFinder 2.0 2008 crisis feels More Less Tom Rath Some parents at Chepstow to become reacquainted with and 1990 and known as the While the “giant” landlords 5 like a walk in Gallup (1,775) House and Wetherby Prep in his garden tools, and strim Government Pension Fund of and retailers cited may be in Capital and Ideology the park . . . west London — the latter wild garlic at his home in 60% 40% Norway. It now has assets of something of a “strike” 6 Thomas Piketty being the alma mater of Hampshire, caused a stir. more than a trillion dollars. scenario, we — and many Belknap (1,729) Princes Harry and William — One reader, Susan Bates, In the weeks ahead, other landlords — are very Shoe Dog Phil Knight were unamused by Alpha’s took Parry to task for his leading companies, not just much working together with 7 Simon & Schuster (1,694) refusal to cut fees (more than “destructive action”. “Wild airlines, will be hoping for our tenants, as we always The Intelligent Investor £7,000 a term) because of garlic is lovely to eat and, government-backed loan have done. 8 Benjamin Graham the coronavirus, with lessons more importantly, very good guarantees to keep them Of course there are good Harper Business (1,577) Black Box Thinking being taught online only. for pollinators,” she wrote. afloat. What a great and bad apples but, at EPF, Matthew Syed Mark Hanley-Browne, Parry, 66, assures opportunity for these loans to we have strong relationships 9 John Murray (1,534) Graeme Macdonald, Alpha’s chief executive, has Prufrock that he still has 10 After the coronavirus crisis be converted into ordinary with our tenants — all of Radical Uncertainty chief executive of JCB, the offered to set up a “hardship acres of “unmolested wild passes, will you want to shares and for the UK which have direct contact Mervyn King & John Kay 10 Little Brown (1,462) Staffordshire digger-maker fund” for those unable to pay garlic”, and strimmed only a work from home more or taxpayer to benefit from the with us. And that approach that employs 6,500 staff, — funded by the fees already clump. “Even the pheasants less than before? ultimate recovery. has never been more crucial, Bestseller list prepared by Nielsen using data supplied by and copyright to Nielsen talking to The Times forked out by parents. stay away from it,” he sighs. @ST_Business In 1975, the then Labour not least because any BookScan, taken from the TCM for the government set up the deferred or unpaid rent must four-week period February 23-March 21 DATABANK INSIDE THE CITY SAM CHAMBERS THE WEEK IN THE MARKETS THE ECONOMY Consumer prices index current rate prev. month FTSE 100 DOLLAR 1.7% 1.8% the reserves to withstand Dixon, 60, has come FTSE 100 USD > GBP Waiting what in some cases will be through tricky situations 8,000 CPI including housing current rate prev. month months of lost income. before. In 2002, Regus had to $1.22 1.7% 1.8% A short-term shock is a sell a majority stake in its UK V 0.03 till we get 7,000 12-month high: $1.35 Retail prices index current rate prev. month given, but could this be a business to Jon Moulton’s low: $1.14 good time to buy IWG’s Alchemy, and in 2003, it 2.5% 2.7% EURO bombed-out shares? became the first British 5,415.50 6,000 Average weekly earnings on prev. month on last year back to EUR > GBP IWG, which owns Regus company to file for chapter 11 94.83 H:7,727.5 £547 0.6% 3.1% and the snazzier Dutch bankruptcy in America. 1.72% L:4,898.8 U the office co-working brand Spaces, Recently, Dixon has shown 5,000 €1.13 Unemployment current rate prev. month FTSE 250 U 0.01 has sales of £2.7bn from more that he isn’t afraid of ruffling 2019 2020 12-month high: €1.21 1.34m 3.9% 3.8% Frustrated by the lowly than 2.5 million customers in a few feathers to protect his low: €1.05 Source: Reinitiv Manufacturing output on the year on last month valuation the market gave to 3,338 buildings around the interests. Buildings leased by RISERS FALLERS YEN International Workplace world. After its share price IWG are held in special- : 17.3p U 48% on hopes of : 53.9p V 28.8% on rent YEN > USD V 3.6% U 0.2% Group (IWG) — better known plunge, it is valued at £1.5bn. purpose vehicles, two of truce in price war Premier Oil: 22.8p shortfalls G4S: 69.9p V 24.3% on Retail sales on the year on last month as Regus — Mark Dixon toyed To conserve cash, IWG which were dumped into U 23.5% on crude rise John Wood: leaked immigration letter Page Group: 171.1p U 15.6% on Trump intervention 279.8p V 22.1% on recruitment woes ¥108.44 W 0% V 0.3% with the idea of selling out to announced last month that it administration last year. 14,099.21 Go-Ahead: 920p U 13.7% on bus Bakkavor: 64.9p V 18.5% on U 0.63 private equity last year. was cutting operating costs He watched in horror as 670.59 H:22,114.3 bailout Drax: 677p U 7.1% on Opec suspending payout : 31.8p 12-month high: ¥112.39 deal prospects V 14.2% on cancelling dividend low: ¥101.20 That frustration may have and capital expenditure, WeWork attracted billions in 4.54% L:12,373.5 UK trade latest 3 mths prev. 3 mths latest 12 mths balance (£bn) given way to alarm. Shares in skipping its final dividend and venture capital funding, only OIL +14 -5.6 -14.6 the serviced offices provider suspending a £100m share for a $47bn (£38.3bn) listing DOLLARS/BARREL DOW JONES FTSE EUROFIRST Gross domestic latest quarter prev. quarter annual change are down 60% to 174.5p this buyback programme. to fail last year. Regardless of HANG SENG product year as investors fear that the IWG said it was unable to whether WeWork comes 21,052.53 23,236.11 1,219.38 $34.11 W 0% U 0.5% U 1.1% 9.18 near-total shutdown of the give guidance for this year, through the crisis, co- 584.25 H:29,568.6 248.17 H:30,280.1 4.28 H:1,691.2 U Budget deficit latest month prev. month year-to-date 2.70% L:18,213.7 1.06% L:21,139.26 0.35% L:1,051.4 12-month high: $75.60 (PSNB) in £bn economy will destroy IWG’s but analysts at Stifel slashed working is here to stay. Its low: $21.65 -0.3 +11.7 -44 rental income. their estimate for operating growth may even accelerate. NASDAQ SHANGHAI SENSEX GOLD The shockwaves unleashed profit by 71% to £39.9m. Companies are realising 7,373.08 2,763.99 27,590.95 DOLLARS/TROY OZ by efforts to contain the that the wheels keep turning, 129.30 H:9,838.4 8.21 H:3,288.5 2,224.64 H:42,273.9 coronavirus have thrown the IWG even if nobody is in the office. 1.72% L:6,631.4 0.30% L:2,646.8 7.46% L:25,638.9 $1,618.74 10-YEAR BOND YIELDS % flaws of IWG’s model into Many will come out of the 3.90 V variation 12 months sharp relief. IWG and its 500p Covid-19 era keen to slash S&P 500 CAC 40 ALL ORDS 12-month high: $1,703.39 2,488.65 4,154.58 5,106.90 low: $1,587.83 high low glitzier rival WeWork let 400 fixed costs. much of their space over As with firms in so many 52.82 H:3,393.5 196.91 H:6,111.4 232.70 H:7,289.7 BITCOIN UK 0.32 V 0.04 1.25 0.07 300 2.08% L:2,191.9 4.53% L:3,632.1 4.77% L:4,429.1 DOLLARS short-term periods, but are sectors, the main unknown US 0.58 V 0.13 2.61 0.32 themselves locked into much 200 about IWG is just how long NIKKEI DAX S&P TSX longer leases — about 4½ the world will be locked down 17,820.19 9,525.77 12,938.30 $6,734.59 JAPAN -0.004 U 0.01 0.11 -0.29 years on average in IWG’s 100 for. Until that becomes clear, U 464.98 1,569.24 H:24,116.0 106.75 H:13,795.2 250.56 H:17,970.5 12-month high: $13,796.49 case. And many of their 2019 2020 this is a stock to watch rather low: $3,615.27 GERMANY -0.44 U 0.04 0.10 -0.91 8.09% L:16,358.2 1.11% L:8,255.7 1.97% L:11,172.7 Price at 4pm Saturday tenants are start-ups lacking Source: Re initiv than buy.

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) 44 3i Group 688.4 –59.6 1189.0 529.8 4.4 - 6698.2 152 Diploma 1415.0 –127.0 2134.0 1296.0 1.9 25.9 1602.3 84 Land Securities 514.6 –60.4 1001.5 514.6 8.9 - 3815.6 49 Sage 558.2 –31.8 820.4 534.8 3.0 23.0 6087.5 120 240.5 +0.5 317.8 185.0 3.7 - 2143.9 89 Direct Line Insurance 256.5 –29.3 348.0 227.3 8.2 8.2 3500.1 35 Legal & General 159.7 –49.7 318.4 138.6 10.3 5.1 9527.0 68 Sainsbury, J 213.4 +3.4 239.7 174.9 5.2 125.5 4733.7 45 Admiral 2200.0 –44.0 2330.0 1887.0 4.1 15.9 6468.8 177 Domino’s Pizza 278.8 +3.9 326.4 221.2 3.4 33.2 1288.7 18 Lloyds Banking Group 27.7 –6.7 67.2 27.7 11.8 9.2 19530.1 199 745.0 –28.0 1258.0 651.0 2.1 13.9 1065.8 186 465.4 +4.7 869.2 314.3 5.8 9.6 1192.0 169 Dunelm 689.0 –51.5 1404.0 659.5 4.1 12.4 1393.6 15 7200.0 +252.0 8542.0 4770.0 0.8 53.0 25304.2 47 Schroders 2321.0 –156.0 3443.0 2098.0 4.9 13.9 6345.1 126 609.0 +4.0 880.0 536.0 2.0 - 2004.0 133 EasyJet 475.0 –119.8 1552.0 475.0 12.3 5.4 1885.8 143 Man 120.1 –4.9 175.1 96.4 7.6 8.4 1804.6 48 Schroders N/V 1946.0 +12.0 2635.0 1478.0 5.9 11.7 6345.1 22 Anglo American 1217.6 –134.4 2266.0 1091.8 6.4 4.8 16596.6 119 483.8 –17.0 729.8 449.6 3.1 14.8 2159.2 138 Marks & Spencer 94.0 –5.2 277.5 91.7 14.4 20.5 1833.1 38 Scottish Mortgage 538.5 +5.5 661.6 449.5 0.6 - 7825.8 39 Antofagasta 757.2 +15.2 1022.5 612.0 4.5 15.4 7464.9 95 Evraz 228.0 –11.9 709.4 203.4 36.5 2.6 3310.4 200 Marshalls 519.5 –45.5 876.0 519.5 2.3 18.5 1039.3 37 745.4 –12.4 935.0 659.4 2.5 8.6 8174.4 118 Ashmore 307.2 –50.6 570.0 307.2 5.4 12.3 2189.5 19 Experian 2114.0 –179.0 2898.0 1882.0 1.8 32.7 19201.4 141 245.4 –52.2 415.3 245.4 3.2 14.4 1809.1 162 123.0 +0.6 167.7 102.5 - 27.1 1504.8 40 Ashtead 1605.5 –77.5 2774.0 1300.0 2.5 9.1 7213.7 99 F&C Investment Trust 546.0 –6.0 789.0 463.0 1.9 - 2960.9 148 217.0 –93.0 697.4 217.0 7.7 11.7 1687.3 64 Severn Trent 2149.0 –83.0 2696.0 1905.5 4.3 17.2 5113.7 27 Associated British Foods 1739.0 –66.5 2708.0 1607.5 2.6 15.6 13767.2 33 Ferguson 4450.0 –630.0 7602.0 4086.0 3.5 11.9 9999.9 86 Melrose 75.3 –30.9 248.5 74.4 6.1 - 3656.3 180 Signature Aviation 153.4 –32.0 327.5 63.3 8.9 15.6 1271.0 132 Assura 80.0 –2.8 84.0 57.0 3.4 23.5 1930.6 176 FeverTree Drinks 1125.0 +33.0 3199.0 892.2 1.3 20.5 1306.4 181 Mercantile Investment Trust 160.2 –9.8 279.1 116.7 3.7 - 1268.0 90 Smith (DS) 254.7 –23.3 394.8 254.7 6.4 11.5 3495.5 3 Astra Zeneca 7144.0 +339.0 7878.0 5644.0 3.2 54.7 93745.4 163 Finsbury Growth & Income 708.0 –26.0 966.0 595.0 2.2 - 1497.7 103 M&G 109.4 –25.2 251.4 93.7 - 1.9 2844.3 30 Smith & Nephew 1363.0 –64.5 1990.0 1152.5 2.1 21.8 11922.2 91 Auto Trader 372.0 –53.0 607.6 364.7 1.8 16.7 3416.6 57 Flutter Entertainment 6994.0 +444.0 9456.0 5512.0 2.9 29.8 5482.5 198 International 322.6 –71.7 2160.0 311.6 27.2 1.9 1079.5 77 Smiths 1060.5 –42.5 1769.5 814.6 4.2 30.2 4201.8 59 Aveva 3253.0 –247.0 5315.0 2846.0 1.3 91.3 5254.0 69 Fresnillo 636.0 –91.6 921.2 527.0 3.4 31.2 4686.6 52 Mondi 1223.5 –103.5 1846.0 1183.0 5.6 7.1 5940.8 190 Smith WH 1010.0 –74.0 2654.0 700.5 5.5 10.4 1162.1 36 Aviva 233.6 –34.9 438.4 211.0 12.8 4.0 9162.8 197 G4S 69.9 –22.6 234.3 69.9 13.9 28.0 1084.9 157 Moneysupermarket 292.6 +5.5 417.7 227.2 3.8 16.7 1570.2 63 Smurfit Kappa 2164.0 –50.0 3010.0 1944.0 4.0 - 5162.6 145 343.7 –20.3 646.6 323.5 8.7 8.7 1737.7 171 4168.0 +28.0 7350.0 3164.0 3.7 20.8 1361.9 72 Morrison Supermarkets 185.7 +5.6 229.8 164.2 3.5 14.4 4466.1 135 941.5 –78.5 1260.0 852.0 1.4 27.4 1870.5 23 BAE Systems 500.0 –16.2 669.0 438.9 4.4 12.1 16045.6 124 Genus 3122.0 –76.0 3644.0 2190.0 0.9 262.4 2031.9 196 Murray International 843.0 –26.0 1299.5 760.1 6.0 - 1090.9 108 2296.0 +10.0 3005.0 2132.0 2.7 56.1 2664.0 164 210.2 –7.6 293.4 189.6 2.3 13.1 1450.4 5 Glaxo Smith Kline 1489.4 +46.4 1846.0 1374.6 5.4 16.3 74723.9 14 National Grid 841.8 –95.2 1067.4 778.0 5.6 19.7 29532.9 54 Spirax-Sarco 7860.0 –85.0 9415.0 7330.0 1.3 26.2 5795.7 174 Communications 214.0 +19.0 256.0 143.6 1.6 29.0 1309.1 26 Barclays 80.2 –17.1 192.5 80.2 8.7 7.5 13907.3 24 Glencore 120.0 –4.0 340.3 112.5 13.1 21.8 15989.2 71 Next 3390.0 –618.0 7340.0 3390.0 4.9 7.5 4507.0 80 384.3 –68.7 878.4 364.7 7.6 5.2 3913.3 191 Units 479.8 –66.2 990.0 371.0 3.8 7.5 1144.9 31 SSE 1073.0 –188.0 1686.5 1008.0 9.1 6.4 11152.7 131 NMC Health 938.4 nc 2942.0 700.0 1.9 9.3 1958.5 144 Beazley 328.2 –66.6 628.0 328.2 3.5 9.9 1739.3 151 Grainger 241.6 –18.0 338.0 207.4 2.2 12.2 1627.6 168 SSP 264.0 –35.0 744.1 150.8 4.3 9.5 1409.4 34 Ocado 1364.5 +127.0 1479.5 1064.0 - - 9735.6 114 1906.5 –185.5 4310.0 1879.0 7.6 4.4 2351.4 158 1516.0 –54.0 2476.0 1300.0 2.3 20.4 1533.5 28 Standard Chartered 406.4 –60.3 738.6 398.4 4.1 32.7 12826.7 87 Pearson 477.8 –41.0 927.0 454.5 3.9 8.3 3595.0 75 Berkeley 3386.0 –258.0 5474.0 3131.0 0.8 8.5 4256.4 156 619.4 –41.8 966.0 550.0 2.0 27.4 1572.5 85 St James’s Place Capital 709.8 –59.8 1199.5 660.0 6.8 25.4 3806.6 74 Pennon 1045.0 –27.5 1202.5 697.8 3.9 18.9 4399.7 8 BHP 1241.2 +53.6 2049.0 939.8 5.5 8.8 62768.4 104 GVC Holdings 483.7 +0.9 939.0 323.7 6.6 - 2818.7 73 192.9 –40.6 336.9 174.0 11.7 - 4423.9 62 Persimmon 1622.5 –227.5 3298.0 1534.5 14.5 5.8 5174.6 153 Big Yellow Group 952.5 +9.5 1240.0 697.5 3.5 9.8 1592.0 42 Halma 1889.5 –1.5 2244.0 1667.0 0.8 39.8 7173.4 101 Tate & Lyle 614.4 +7.4 801.4 530.2 4.8 12.5 2877.9 193 Personal Assets 41000.0 +50.0 44050.0 37650.0 1.4 - 1117.6 106 B&M European 270.9 +2.5 420.9 266.5 2.8 20.7 2710.6 51 Hargreaves Lansdown 1277.0 –80.0 2433.0 1158.0 2.6 23.1 6057.0 93 101.5 –18.4 236.2 101.5 6.2 5.1 3333.1 189 235.0 –16.0 314.6 140.0 3.2 23.7 1175.0 121 Boohoo 180.0 –25.0 333.7 157.5 - 41.8 2098.0 183 Hastings 186.6 +16.6 231.6 148.9 7.2 12.9 1233.9 17 Tesco 223.9 –8.7 258.9 211.2 2.6 16.7 21927.6 83 Phoenix 530.4 –128.4 803.0 467.5 8.7 7.0 3827.0 6 BP 337.3 +31.8 582.5 233.7 9.8 17.8 68333.1 172 Hays 92.0 –20.2 183.5 92.0 4.2 8.4 1349.8 139 720.0 –223.0 1720.0 650.0 6.5 24.4 1815.4 187 1111.5 +91.5 1111.5 495.0 14.1 9.6 1190.0 7 British American Tobacco 2940.0 +352.0 3507.0 2382.0 6.8 10.9 67440.5 105 HICL Infrastructure 149.0 –14.0 183.0 133.8 5.3 - 2776.8 140 Tritax Big Box Reit 106.0 –2.7 159.7 85.9 6.3 7.7 1809.4 128 Polar Capital Technology Trust 1474.0 +26.0 1790.8 1041.5 - - 1972.6 100 British Land 314.5 –27.5 638.8 313.8 9.9 - 2914.4 56 Hikma Pharmaceuticals 2279.0 +315.0 2279.0 1580.0 1.3 19.5 5522.7 134 Tui 317.8 –50.0 1081.5 280.4 19.2 5.1 1871.6 46 Polymetal International 1369.0 +69.5 1379.5 772.6 2.7 23.5 6439.5 146 644.0 –25.5 1068.0 601.0 4.4 21.2 1718.2 112 840.4 –81.1 1777.0 786.0 3.9 24.5 2425.5 166 UDG Healthcare 569.5 –26.5 832.5 464.0 2.3 30.6 1427.3 136 Primary Health Properties 153.2 –0.6 165.6 126.2 3.6 - 1864.4 32 BT 111.3 –8.1 230.7 107.3 13.8 5.1 10998.9 97 940.0 –27.0 1340.0 768.0 2.3 28.8 3145.6 173 1885.0 –45.0 2292.0 1515.0 2.7 28.2 1338.0 60 Bunzl 1550.0 +36.5 2551.0 1277.0 3.2 15.6 5220.4 98 Howden Joinery 498.2 –4.2 732.6 400.0 2.3 15.3 2973.5 16 Prudential 920.2 –111.3 1506.0 710.8 5.4 9.0 24006.7 2 Unilever 4037.0 +105.5 5324.0 3726.0 3.5 12.9 105641.3 65 Burberry 1250.0 –75.5 2345.0 1085.0 3.4 14.4 5058.8 4 HSBC 397.2 –69.3 680.6 397.2 9.7 17.5 80889.8 147 QinetiQ 302.0 –7.8 387.8 249.4 2.2 13.7 1715.2 107 Unite Group 740.0 –61.5 1339.0 634.5 3.9 8.2 2690.6 179 Capital & Counties Properties 150.2 –1.8 270.5 143.4 1.0 - 1274.1 110 IG Group 667.5 –16.7 725.2 474.8 6.5 16.5 2466.0 123 Quilter 109.2 –7.4 174.7 97.6 3.0 14.4 2048.6 55 United Utilities 849.8 –48.2 1061.0 759.0 4.7 16.0 5794.7 76 Carnival 614.8 –366.8 4120.0 605.0 26.9 1.7 4204.4 129 IMI 724.0 nc 1206.0 674.8 5.6 11.6 1970.8 11 Reckitt Benckiser 6252.0 +242.0 6688.0 5150.0 2.7 19.5 44384.3 150 1887.0 –129.0 2540.0 1786.0 3.2 17.6 1633.4 165 124.1 –0.8 153.1 79.8 3.5 34.4 1434.0 25 Imperial Brands 1563.5 +240.9 2566.0 1276.4 12.4 14.8 14797.1 195 Redrow 313.2 –54.3 848.0 313.2 9.9 3.6 1103.1 194 Vistry 510.0 –62.0 1478.0 510.0 11.2 4.7 1110.5 137 Centrica 31.8 –8.1 112.1 31.8 37.7 - 1853.6 149 Inchcape 421.4 –13.8 720.0 420.0 6.4 32.7 1657.3 12 Relx 1686.5 –7.0 2099.0 1482.5 2.5 21.9 32584.0 13 Vodafone 111.0 –5.1 165.2 98.0 7.2 - 29722.5 167 Close Brothers 943.0 –153.0 1663.0 926.5 6.8 7.1 1427.0 70 Informa 363.7 –101.6 892.0 363.7 6.0 15.1 4552.8 122 Renewables Infrastructure 125.8 +4.8 139.2 95.8 5.9 - 2059.9 130 Weir 757.4 +62.4 1814.0 666.2 6.1 32.0 1966.3 50 Coca Cola HBC 1666.5 +38.5 3074.0 1494.0 3.1 16.2 6059.3 61 Intercontinental Hotels 2841.0 –613.0 5738.0 2385.5 3.2 15.3 5189.3 125 Renishaw 2764.0 –362.0 4638.0 2276.0 2.2 42.3 2011.9 94 Whitbread 2471.0 –502.0 5152.0 2105.0 4.1 10.4 3324.9 20 Compass 1100.0 –102.0 2138.0 1002.0 3.5 15.7 17469.7 113 Intermediate Capital 823.0 –59.5 1877.0 559.5 5.5 11.7 2390.4 43 Rentokil Initial 383.3 +21.4 525.4 340.1 1.2 - 7107.7 175 151.4 –3.6 235.5 130.0 3.1 - 1307.0 159 1342.0 –66.0 1920.0 935.0 2.3 18.7 1531.8 41 Intertek 4458.0 –256.0 6170.0 4164.0 2.2 24.9 7194.9 81 440.0 –30.1 701.2 400.1 1.5 23.4 3841.6 116 2168.0 –115.0 4496.0 2006.0 - 6.7 2228.1 88 Convatec 180.1 –0.9 220.4 132.6 2.5 28.6 3572.3 79 International Airlines Group 198.0 –13.7 671.0 195.0 13.9 2.1 3931.9 10 Rio Tinto 3761.0 +233.0 4976.5 2968.0 6.4 6.1 46887.6 188 Wood 171.7 +4.8 553.6 135.4 16.0 25.4 1176.0 184 271.0 –20.4 540.5 269.0 4.7 7.3 1219.5 115 International Public Partnerships 144.0 –15.2 171.2 128.2 4.9 13.5 2319.6 109 RIT Capital Partners 1574.0 –172.0 2185.0 1252.0 - - 2468.8 192 Workspace 633.0 –136.5 1307.0 560.0 5.2 8.6 1144.1 142 Cranswick 3458.0 –20.0 4000.0 2488.0 1.6 24.4 1807.6 117 ITV 54.4 –12.5 156.5 54.4 14.7 4.9 2190.6 66 Rolls-Royce 251.6 –113.1 941.2 251.6 4.7 - 4858.4 53 WPP 483.7 –34.3 1077.5 483.7 12.4 8.7 5926.9 21 CRH 2135.0 +66.0 3100.0 1574.0 3.0 12.3 16755.8 160 IWG 174.5 +7.5 469.0 114.0 3.6 14.7 1520.3 127 227.4 +4.0 341.2 191.3 2.6 21.9 1984.4 161 Worldwide Healthcare Trust 2815.0 +130.0 3375.0 2159.5 0.9 - 1512.5 58 Croda 4113.0 –59.0 5375.0 4070.0 2.2 22.5 5301.2 78 JD Sports 407.7 –69.4 881.4 293.2 0.4 15.4 3967.9 29 Royal Bank Of Scotland 101.8 –18.4 263.3 101.8 5.4 3.9 12305.5 178 Daejan 7900.0 +140.0 8040.0 4715.0 1.3 21.5 1287.3 154 John Laing 320.6 –9.8 402.0 290.0 1.7 10.3 1580.6 1 Royal Dutch Shell A 1471.0 +188.2 2612.0 970.8 10.4 7.2 115026.7 Price/earnings ratios are based on historic data, with yield and p/e values 67 DCC 4921.0 –81.0 7496.0 3878.0 2.8 20.3 4842.3 96 Johnson Matthey 1683.5 –75.0 3454.0 1683.5 5.1 8.4 3258.1 Royal Dutch Shell B 1418.4 +187.8 2622.0 916.8 10.7 7.0 calculated from the most recent reported dividends and earnings per share, 111 2392.0 +56.0 3068.0 2168.0 1.2 79.6 2460.8 155 Kaz Minerals 333.4 –6.1 738.4 269.1 2.9 4.2 1575.1 182 Royal Mail 124.3 –9.2 265.3 124.3 20.1 3.8 1243.0 using trailing 12-month figures. 52-week highs and lows are end of day. 92 3006.0 –234.0 4282.0 2690.0 2.2 15.3 3365.1 102 Kingfisher 135.2 –9.1 266.2 124.1 8.0 15.5 2852.9 82 RSA Insurance 371.1 –58.1 597.0 326.9 5.7 14.7 3837.3 nc = no change Data provided by Morningstar. Any enquiries please contact: 9 Diageo 2458.0 –54.5 3625.5 2200.0 2.8 19.2 57447.4 185 589.0 –38.0 807.0 528.0 2.0 - 1195.3 170 654.0 +24.0 867.0 501.5 2.5 10.4 1376.3 [email protected]