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The Daily Telegraph Business - May 17, 2018

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Business
**
Thursday 17 May 2018
telegraph.co.uk
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may have
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political
match
Ambrose
EvansPritchard
Page 3
Page 2
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Page 7
Capita put
NHS patients
at risk, says
watchdog
National Audit Office finds
£330m health service
contract put the public in
danger of ‘serious harm’
By Rhiannon Curry
CAPITA put patient safety at risk,
including incorrectly informing dozens of women that they were no longer
part of the cervical screening programme, as it struggled to manage an
NHS support services contract that
was supposed to save the health service millions of pounds, a National
Audit Office investigation has found.
The outsourcer was appointed to the
£330m seven-year contract in August
2015 to manage patient notes, cancer
screening and pay for NHS GPs, dentists, pharmacists and opticians. The
NHS hoped the move would slash its
costs by 35pc.
But an investigation by the NAO
found that NHS England and the company misunderstood the risks in outsourcing the work, resulting in services
to 39,000 primary care practitioners
that were “a long way below an acceptable standard”.
In what the NAO described as a “high
risk” strategy, Capita was tasked with
simultaneously running and overhauling systems such as the transfer of
patient records, and was incentivised
to close some offices to minimise its
losses. But the task was far more complex than the company or NHS England
had anticipated.
As a result, cracks in services began
to appear in 2016 when it emerged that
some of them were not being delivered. There were reports of GP practices having to pay trainee doctors out
of their own budgets and delays to
patient registrations.
Overall, around 1,000 GPs, dentists,
pharmacists and opticians had their
work with patients disrupted, meaning
some of them missed out on income
and, more worryingly, put patients at
risk of “serious harm”, the report
found.
Although no actual harm was identified, the NAO said administrative issues
including 87 women being notified
incorrectly that they were no longer
part of the cervical screening programme had occurred.
While Capita’s performance has
improved, widespread failures are still
being experienced by primary care
practitioners, the NAO found. NHS
England had made savings of £60m
over the first two years of the contract,
but Capita made a £125m loss in the
process and may have to pay up to £3m
of compensation.
A Capita spokesman said that the underperformance had come from “legacy issues” and it would “continue to
work with all parties to address the remaining service issues” under new
boss Jon Lewis.
“We have accepted accountability
for not meeting our high standards of
service previously,” he added.
Capita is currently battling against
soaring annual losses as it tries to tap
investors for £701m in order to turn the
business around.
The NAO’s report recommends that
NHS England should assess whether
the services would be better delivered
in house. The NHS said it had reinvested the £60m it had saved in “frontline NHS patient care”.
Amyas Morse, the head of the NAO,
said: “While NHS England has achieved
financial savings and some services
have now improved, value for money is
about more than just cost reduction.
“It is deeply unsatisfactory that, two
and a half years into the contract, NHS
England and Capita have not yet
reached the level of partnership working required to make a contract like
this work effectively.”
Broadbent
apology for
‘menopausal’
comment
By Tim Wallace
THE Bank of England’s deputy governor Ben Broadbent has apologised for
“offence caused” by his description of
the economy as “menopausal”.
One of Britain’s most senior economists, Mr Broadbent told The Daily Telegraph in an interview that slow
productivity growth in the UK right
now resembles a period of weakness in
the late 19th century, called by economists a “climacteric” time – which he
said translated as “menopausal, but
applies to both genders”. He said it is
used to mean “you’ve passed your
peak”. But his comments provoked a
‘We now believe the UK
economy is going through a
mid-life crisis. It has bought
a sports car and run off
with the au pair’
Royal approval The Prince of Wales opened the Soho House group’s latest members’ club
in White City yesterday, with its founder Nick Jones, as part of a tour of the new tech hub
in west London that has taken over the former site of the BBC Television Centre.
Brussels softens stance on UK’s clearing
houses, easing fears of post-Brexit exodus
By James Crisp
90pc
BRITISH-BASED clearing houses
should not be forced to move to the
European Union after Brexit, a senior The proportion of the most important
European Parliament lawmaker has derivatives transactions in euros that
said in a sign of a softening of Brussels’ are cleared by British-based houses
hard-line stance over the institutions’
euro transactions.
The EU is mulling changes to its are cleared by British-based clearing
rules for clearing houses, the majority houses, which, after Brexit, will be outof which are in London, which could side the EU.
Danuta Hübner, the lead MEP on the
lead to the biggest being forced to establish European headquarters.
draft law, yesterday struck a more conMore than 90pc of the most impor- ciliatory tone, which reflects a growing
tant derivatives transactions in euros recognition in Brussels that simply
Aviva pays out
after glitch
AVIVA has said it will compensate 6,000 customers
who were unable to access
accounts or did not receive
pension payments due to a
technical glitch after it updated its pension platform.
The company did not
reveal how much those customers, equal to around
3pc of its 200,000 pension
customers, would receive in
compensation.
Isabelle Fraser
er wins
top journalism
m award
Telegraph property editor
ditor
n a major
Isabelle Fraser has won
industry honour. She was
ness
named Property Business
Journalist of the Year at this
year’s Property Press
es on
Awards, for her articles
ons
modern-day land barons
and the stalling
housebuilding sector. She
edits The Telegraph’s
h
Property section which
ay.
appears every Saturday.
forcing clearing to move out of London
would pose more problems than first
thought.
As rapporteur on the legislation, Ms
Hübner, a member of the largest and
most influential political group in the
European Parliament, will helm
amendments to the draft law, which
will ultimately have to be agreed with
national governments.
Ms Hübner’s European People’s
Party said in a statement that it did not
want to force clearing houses to relocate, but did want EU regulators to
have more power over non-EU clearing
houses if they dealt in euros.
furious response with critics arguing
the description is both sexist and ageist,
and implies women become less productive during or after the menopause.
Claire Perry, minister for energy and
clean growth, wrote on Twitter: “I can’t
be the only 50+ woman objecting to Ben
Broadbent’s pejorative description of
the UK economy as ‘menopausal’. I’ve
never been more productive!”
Mr Broadbent said he meant the
word in a strictly economic sense. “I’m
sorry for my poor choice of language
in an interview with The Telegraph yesterday and regret the offence caused,”
he said.
“I was explaining the meaning of the
word ‘climacteric’, a term used by economic historians to describe a period
of low productivity growth during the
19th century. Economic productivity is
something which affects every one of
us, of all ages and genders.”
No more Family Guy: James Murdoch to
leave 21st Century Fox after Disney deal
By Christopher Williams
JAMES MURDOCH will leave 21st Century Fox after most of its assets are sold
to Disney, handing executive responsibilities to his elder brother Lachlan.
The maker of Family Guy and The
Simpsons confirmed the operations of
“New Fox”, due to be formed by the
sale of its film and television studios,
and a clutch of international assets including Sky, will be led by 46-year-old
Lachlan. Rupert Murdoch will remain
joint chairman.
Sky chairman James, 45, will not be
involved in running a smaller US-only
Lachlan Murdoch will
become the CEO of
‘New Fox’ as the
smaller, US-only
group focuses on
news and sport
company focused on news and sport.
The Wall Street Journal, owned by the
Murdoch publishing company News
Corp, has reported that he intends to
set up a venture capital fund to invest
in media and technology start-ups. The
three Murdoch men have ruled Fox as a
triumvirate for three years, with James
as CEO and Lachlan and Rupert as joint
chairmen. The surprise decision to sell
most of the company to Disney last
year triggered speculation over James’
future in the family business.
He is known to be more interested
in the entertainment industry than
the news empire on which the family
fortune is built. The 45-year-old had
a bruising experience in British newspapers at the centre of the phone hacking scandal.
James is due to strike out alone for
the first time since he backed the hiphop record label Rawkus in 1995.
2
Thursday 17 May 2018 The Daily Telegraph
***
Business comment
As the East Coast rail line is back
in government hands and repair
works blight the network, the
National Express boss is all smiles
A
s Britain’s transport operators
lurch from one crisis to the next,
it’s refreshing to see that some in
the industry have retained a sense
of humour.
With National Express buses
packed over the holidays, boss Dean Finch was
happy to have a dig at rivals that continue to
make a total pig’s ear of running the railways.
Finch joked that an Easter boom was the
result of the train operators’ fondness for
carrying out engineering work “when every Brit
wants to travel”. The bank holiday was a
nightmare for long-suffering passengers with a
staggering 400 engineering projects causing
mayhem on the network.
He can afford to be a little smug. On the same
day that National Express announced a record
320,000 passengers on its coaches over Easter,
Stagecoach and Virgin faced the humiliation of
having to hand the jinxed East Coast line back to
the Government.
It is the third time in less than a decade that
ministers have been forced to intervene.
Stagecoach’s chief executive Martin Griffiths
estimates that the company’s total losses from the
fiasco stand at £260m.
The issue will once again revive the debate
about whether Britain’s transport system should
be in private hands. On the East Coast mainline,
proponents of nationalisation believe there is a
powerful smoking gun: its only successful period
was between 2009 and 2014 when it was under
public ownership and returned £1bn to taxpayers.
Meanwhile, First Group is in complete disarray.
Having just repelled a bid from private equity
firm Apollo, it is now fighting mounting pressure
from activist investors to put itself up for sale.
Boss Tim O’Toole is on borrowed time. During
his reign, the company’s share price has crashed
nearly 70pc and it hasn’t paid a dividend since a
rights issue in 2013. Meanwhile, it is widely
expected to pay a heavy price for over-bidding on
the TransPennine and South Western franchises,
further fuel for the rail nationalisation camp.
Finch has had the good sense to pull out of
UK rail, citing the
slowdown in passenger
growth, eye-watering
contract terms and superthin margins. It would know
of course, having almost
gone bust in 2009 after
recklessly overbidding for
the East Coast.
National Express is
having a field day overseas.
Its operations in North
America and Spain are
motoring along, and rail contracts have been
won in Morocco and Germany. And in the UK,
its low-cost bus and coach services are
increasingly popular.
Last year, sales climbed 6pc to £2.3bn, pre-tax
profits accelerated by 11pc to £200m, and the
dividend spiked 10pc. At 414p, the share price is
not far off a decade high.
The announcement that the East Coast line was
being taken back into government hands was
greeted predictably by shadow transport
secretary Andy McDonald. “Private ownership is
not a nirvana,” he proclaimed. True, but nor is
public ownership. Nationalisation wrecked
Britain’s railways. Customer satisfaction was
awful and passenger numbers much lower than
they are today. Perhaps the answer isn’t public
versus private, but public with private – a
partnership model like that used in Germany. The
contracts are smaller and the returns less but the
risk is shared, and the model works. All change!
‘It is the third
time in less
than 10 years
ministers
have been
forced to
intervene’
Sainsbury’s empty promises
“Bad for consumers on a national and local level.
Greater ability to raise prices, reduce service
levels and product ranges, and the quality of
goods” – no, not the objections of a worried rival
after Sainsbury’s and Asda unveiled their
monster £15bn merger. Instead, it is an excerpt
of the submission Sainsbury’s itself made to
the Competition and Markets Authority in
2008 when the watchdog last looked into the
grocery market.
The pair will argue that the landscape has
changed dramatically in the decade since, under
the relentless assault of Aldi and Lidl, yet it’s hard
to see why that makes the case for the creation of
a duopoly any more compelling.
History suggests that such dominance in any
industry is good for profitability, and therefore
shareholders, but bad for customers, despite
Sainsbury’s boss Mike Coupe pledging 10pc
price cuts when the deal is completed. It is just
one of several empty promises that have been
made, along with no store closures or job losses,
that few outside of the two companies expect to
be honoured.
Analysts at Exane BNP Paribas are the latest to
crunch the numbers on what action the CMA is
likely to take and reckon 5pc of the enlarged store
estate is at risk – equivalent to 140 stores. That
means job losses in the many thousands, not to
mention those that are likely to go as head offices,
purchasing departments and distribution
networks are consolidated.
Yet Exane thinks the bigger issue is that Asda is
in poor shape after a bruising battle with the
discounters. As I’ve previously pointed out, there
is an obvious reason that Sainsbury’s is paying a
low multiple and Walmart was keen to retreat
from the UK.
Add in the risk of supply chain disruption, a
lengthy and costly CMA probe, and an even
longer period of integration, and it could be five
years before this high stakes gamble starts to pay
off, if at all.
AMBROSE EVANSVANSD
PRITCHARD
P
repare for a roaring
economic boom in Italy.
Nothing works so
marvellously in the short
run as radical tax cuts and
fiscal largesse worth 2pc or
3pc of GDP.
Markets have great trouble pricing
political surprises. They misread Brexit
even though it should have been
obvious that sterling devaluation was a
form of macro-economic stimulus.
They misread the election of Donald
Trump even though he was promising
a Keynesian blitz of New Deal
infrastructure and rearmament. They
are now misreading the economic logic
of the bizarre events in Italy.
“Austerity is over. We are going to
see some rock and roll at last in this
stale eurozone. I am incredibly bullish,”
said one Italian banker, who is quietly
helping the twin-headed revolution in
Rome. If you look closely, the anti-euro
Lega nationalists in the new coalition
are low-tax, supply-side Friedmanites.
What is unexpected is that the Five
Star “Grillini” seem to be going along
with much of this, and many of them
are in any case techno-utopian
libertarian anarchists.
The stimulus packs an extra punch
in a country that still has plenty of slack
and a negative “output gap” of 0.7pc.
The combined flat tax of 15pc on
incomes up to €80,000 (£70,000), and
20pc for the rich, is a free marketeer’s
dream. It would be no great surprise if
hard-nosed Anglo-Saxon hedge funds
soon become the loudest cheerleaders
of the Lega-Grillini adventure.
The proposed “citizens income” of
€780 a month for all is an injection of
high-powered spending money directly
into the veins of the retail economy, a
bonanza for swathes of the depressed
Mezzogiorno. Seen through this lens
there is something not quite right
about yesterday’s wild sell-off in the
Italian bond and equity markets.
Investors are of course in shock. They
Business
Insight
Royal Bank of
Scotland
R
oyal Bank of
Scotland
shareholders have
generally been starved of
good news since its
near-collapse and £45bn
taxpayer bailout in the
financial crisis, writes
Iain Withers.
But to their relief, it is
now becoming a more
regular occurrence. Last
year the bank posted its
first full-year profit in a
decade. Earlier this
month the prospect of a
swift return to a dividend
and Government share
sale increased with the
long-awaited settlement
of a $4.9bn (£3.6bn) fine
for past misconduct in
the US.
While hefty, the
penalty came in below
City expectations,
BLOOMBERG
With our
railways, you
need a sense
of humour
In this Italian coalition, Brussels
has at last met its political match
thought Italy’s rebel twins had been
tamed and that there would be no
challenge to the European order or to
fiscal probity. They awoke instead to
read a leaked “contract for
government” that spoke of “cancelling”
€250bn of Italian debt held by the
European Central Bank and reestablishing “monetary sovereignty”.
The text speaks of a treaty clause
offering a “shared and agreed exit path”
for any state that wants to leave the
euro. It rips up the EU Fiscal Compact.
It calls for EU treaty change on the
bailout fund (ESM), and political control
over the Bank of Italy.
It demands a drastic reversal of the
“Fornero” pension reform. The citizens
income has not been watered down
into irrelevance as previously
supposed. There is to be a concordat
with Vladimir Putin.
In other words, the Lega-Five Star
comrades have not backed off on their
original pledges after all.
Yet the market reaction to the
bombshell leak is incoherent. While the
risk spread on 10-year Italian debt
instantly ballooned 16 basis points to 151
there was no matching sell-off in the
debt of Portugal, Spain, France,
Slovenia, et al. Either Italy is suddenly a
threat to the integrity of monetary
union – in which case the entire project
is in danger of unravelling – or it is not.
There is no plausible scenario where
Italy alone blows up as the rest of the
eurozone sails calmly on.
Lorenzo Codogno, former directorgeneral of the Italian treasury and now
at LC Macro Advisors, fears that the
new government is on “a Syriza-like
trajectory within Europe” and heading
for a disastrous showdown. “They risk
losing market access. If bond spreads
and bank spreads widen, Italy could
face another credit crunch like 2011.”
The counter-argument is that
Brussels cannot plausibly risk a
confrontation with Italy. Any attempt to
bully the Lega-Grillini rebels into
retreat risks setting off a disastrous
chain of events.
The coalition would retaliate by
activating its plans for a “Minibot”
parallel currency that subverts the
monetary control of the ECB and would
rapidly call into question the political
viability of the euro.
Italy does not require a bailout. It has
a current account surplus of 2.8pc of
GDP and is a net contributor to the EU
budget. The country is not remotely
comparable to Greece.
Brussels has at last met its political
match. Just as Brexit was the first
referendum that the EU could not
overturn (though hopes persist), Italy’s
revolt is the first act of really serious
defiance that cannot be broken. The EU
authorities cannot risk an existential
battle with a big founder-state when
leaving the lender with
£4bn of excess capital it
is keen to start returning
to investors.
RBS received another
boost yesterday when a
deal to create Saudi
Arabia’s third largest bank
freed up £4.9bn in assets
the lender had been trying
to offload. It had owned
around 15pc of Saudi bank
Alawaal, which has now
‘There is no
plausible
scenario
where Italy
alone blows
up as the rest
of the
eurozone
sails calmly
on’
310
p
300
Today
291.5p
Chief executive
Ross McEwan
combined with larger rival
Saudi British Bank. Its
stake reduces to 5pc.
The transaction boosts
RBS’s capital buffer by
40 basis points, further
strengthening its ability to
return cash to investors.
City analysts expect RBS to
lay out detailed plans for a
return to a dividend in its
interim results.
Luigi Di Maio, leader
of the Five Star
Movement, flanked
by his party’s Danilo
Toninelli and Giulia
Grillo, after this
week’s meetings to
form a new
government with a
radical low-tax
policy
they are already fighting brush-fires
across half of Eastern Europe, and after
having already lost Britain through
arrogance, inflexibility, misjudgment
and strategic ineptitude.
Brussels will have to put the best face
on events and join the pretence that
Lega-Grillini fiscal arithmetic mostly
adds up. This charade can be achieved
by creative use of “dynamic scoring”
and pencilling in a heroic fiscal
multiplier. Some €15bn to €20bn can be
plucked out of thin air from a fiscal
amnesty (another one). A host of tricks
and agevolazioni are at hand, along
with a putative €200bn privatisation
fund that will never come to much.
Such a smokescreen would let the EU
turn a blind eye.
A messy compromise along these
lines would mean that the Lega-Grillini
duet can go ahead with turbo-charged
deficit financing. Markets are likely to
let them get away with it as long as the
eurozone economy holds up and global
expansion rolls on. In a benign world,
the fiscal stimulus will (ostensibly) pay
for itself through higher growth. It has
been argued the debt-to-GDP ratio
might actually fall faster from a peak of
133pc of GDP through the magic of the
denominator effect.
I have long presumed that Italy will
start running into trouble when the
ECB switches off its bond purchases
later this year and ceases to be a buyer
of last resort. The country must finance
debt equal to 17pc of GDP next year,
one of the highest ratios in the world.
Chronic capital flight over recent
years – showing up in the Target2
liabilities of the Italian central bank –
suggests that few obvious buyers are
waiting to step into the breach.
Yet I am not sure any longer. It is
possible to imagine a glorious Indian
summer stretching deep into 2019 and
perhaps even 2020 before the music
stops. The problem will come in the
next global downturn. Recession will
quickly expose the deterioration in the
underlying cyclically adjusted deficit.
It will then be clear that the
evisceration of the Fornero pension
reform puts Italy’s long-term debt on
an unsustainable and dangerous
trajectory. Bond vigilantes – capricious
as ever – will awaken suddenly. Enjoy
the prosecco for now.
Share price
BLOOMBERG
Ben
Marlow
Investors have had many rainy days, but things are turning round
290
High Jan 2018
280
302.4p
270
260
Low Sep 2017
250
241.2p
240
2017
2018
Strengths
Threats
 Posted first full-year
profit in a decade last year
 Cost-cutting has put
the bank on sounder
footing
 More than £4bn of
excess capital
 Rapid rise of rival
digital-only banks
 Scrutiny of past
mistreatment of small
firms continues
 Must pay out on PPI
claims until August 2019
Weaknesses
Opportunities
 Margins are under
pressure amid intense
competition
 Bank of England rate
rises have been delayed
 Ongoing controversy
over deep branch cuts
 Expected to restart a
dividend imminently
 Government share
sales also expected soon
 Working on a
stand-alone digital
bank
To solve the housing crisis, look to our labour market
KALLUM
G
PICKERING
T
he record of the 20th century
shows that the difference
between good and bad policies on
long-run economic performance is
enormous. The Western economic
model that mostly trusted markets to
allocate resources, set prices and solve
the economic problem has
outperformed and outlasted the
command-and-control models of the
mostly Eastern economies.
Sound money and regulation that
raises competition and lowers barriers
to entry are still the best ways that
governments can promote rising living
standards in the long run. For the most
part, the desire by firms to raise profits,
and by workers to raise incomes, will
take care of the rest. That is, as long as
they are not inhibited by excessive
interference and misguided rules.
The parts of the economy that are
well regulated, and where government
policy helps rather than hinders the
functioning of markets, are easy to
spot. Typically, they show three
positive trends over time: rising supply,
rising variety and rising quality. Badly
designed policies produce the opposite;
inadequate supply, poor variety and
low quality. Despite clear evidence to
this effect in the way different parts of
the economy perform, policymakers
seem to be ignoring this lesson.
Consider the example of the labour
market. Thanks to the reforms of
Margaret Thatcher some 30 years ago,
and, critically, the good sense of
subsequent governments of both
stripes not to reverse them in a major
way, the UK enjoys one of the most
dynamic and resilient labour markets
in the advanced world.
The UK labour market has proved
such a success in the past 30 years that
even France, a country that has
traditionally favoured a high level of
labour market regulation, is now
following the Thatcher example.
During the financial crisis, real
wages reacted quickly to the fall in
demand and helped turn the tide on
rising unemployment. Employment in
the UK, which is currently at a record
high of 32.2m, is three million above
the pre-crisis peak. A record three out
of four people aged 16-64 are in work.
Yes, wage growth is still subdued
compared to its pre-crisis trend. But
that is the legacy of the Lehman crisis,
which has resulted in weak
productivity growth, rather than
policies specific to the labour market.
Despite the sluggish GDP growth
since 2010, the opportunity for people
to find a job has never been higher.
There is no clearer example of how
sound policies lead to positive
outcomes, even when times are tough.
Now consider the UK housing
market. Each year too few houses are
built. Prices are too high. Many young
people cannot afford to buy a home.
Those that can often need to take on
huge debt and mortgage risk. These are
not the hallmarks of a healthy market.
The Chancellor will surely tell us at
his next Budget that if it were not for
government interventions, conditions
in the housing market would be much
worse. This is simply false.
The reality is that the distortive
effects of badly designed policies and
creeping, burdensome regulations are
mostly to blame. Land and planning
laws are complicated. In some cases
they are antiquated. Policymakers
interfere too much, in both demand
and supply, with their various subsidies
like Help to Buy, which achieves little
more than to push up average house
prices at the lower end of the market.
All too often policymakers are
measured by what they set out to do
rather than what they actually achieve.
That it is human nature to simply do
more of the same when outcomes do
not turn out as expected compounds
this problem. Before Thatcher fixed the
labour market, governments and
unions had pursued a path of increased
regulation and price and wage fixing,
all with the best interests of workers in
mind, naturally. It was not until
conditions became so bad, and the
causes were so obvious, that proper
policies were finally pursued.
It would be an exaggeration to say
that the housing market today is in as
bad a shape as the labour market was in
the Seventies. Nevertheless, the labour
market provides a great example of just
how things turn around when better
policies are followed after a prolonged
period of mismanagement. If the UK
‘The parts of
the economy
that are well
regulated,
and where
government
policy helps
rather than
hinders
markets, are
easy to spot’
ever wants to overcome the legacy
costs of the financial crisis, fixing the
housing market is key. Unsurprisingly,
household spending exhibits strong
wealth effects as house prices fluctuate.
Since the Eighties, there has roughly
been a 1pc change in consumption –
which makes up around two thirds of
GDP – for every 4pc change in house
prices. It is hard to imagine a scenario
where a nationwide fall in house prices
did not trigger a sharp contraction in
household spending and probably, a
recession, just as happened before.
When the housing market corrected
in 2008, falling values caused a balance
sheet crisis for homeowners, worsening
the shock to demand and deepening
the recession. While the post-Lehman
upswing in the house market has been
less vigorous than before, the problems
in the market have not been fixed.
The housing market needs a
complete overhaul. Simplification of
the regulations for land and planning,
and where needed a rollback, along
with the withdrawal of the various
subsidies and grants that distort prices
would be a start. At the very least, it
would reveal the true state of the
underlying market and allow a proper
diagnosis of any actual problems.
Eventually, the government of the
day will have to tackle the core issues in
the housing market. The sooner this
happens the less painful it will be. First,
though, policymakers must realise they
are part of the problem.
Kallum Pickering is senior economist at
Berenberg
The Daily Telegraph Thursday 17 May 2018
**
3
Business
Growing tax
burden quells
appetite for
buy-to-let loans
TAXES and regulations are knocking
the life out of Britain’s buy-to-let market, with the value of mortgages taken
out by landlords in March plunging by
20pc compared with the same month
of 2017.
A total of 5,500 buy-to-let loans were
taken out in the month, banking industry group UK Finance said, down from
6,800 a year ago.
So far this year, 16,300 properties
have been bought with a buy-to-let
mortgage, down 11pc on the 18,400
purchased in the opening three months
of 2017.
“With tax changes, as well as rising
interest rates, set to erode landlords’
returns over the next few years, it
seems increasingly unlikely that buyto-let will recover any time soon,” said
Hansen Lu at Capital Economics.
Those include an extra 3pc stamp
duty charge on second home owners,
as well as a reduction in tax deductibility of interest payments, and extra
affordability checks on landlords. High
prices are also holding back demand in
some areas.
“Many investors, both from the UK
and overseas, are holding back from
investing in London at present.
“Property prices are just too high
and this, coupled with the stamp duty
surcharge for second home purchases,
means London is not a viable buy-to-let
opportunity, particularly when it
comes to new-build,” said James Cameron at property management company Vesper Homes.
“This doesn’t necessarily mean landlords are choosing not to invest at all,
however. We have seen a shift in inter-
By Hannah Boland
est from London to cities such as Manchester, where there is great value to
be had, lower entry points and the ability to get a decent yield, even with the
tax changes.”
The number of home movers fell by
a more modest 8pc to 28,400 in March,
and was down only 0.5pc in the first
quarter as a whole, compared with the
first three months of 2017.
By contrast, the number of first-time
buyers in March was down 2pc on the
year, while over the first quarter volumes increased by 2pc.
After years of surging prices, a recent pause in the market – particularly
in London – has helped affordability.
‘Many investors, both from
the UK and overseas, are
holding back from investing
in London at present’
First-time buyers borrowed an average
of 3.6 times their income in March, a
level that has barely changed over the
past 11 months, and which is down a
touch from 3.64 times in November.
Repayments have also slid a touch to
17pc of first-time buyers’ income, from
17.5pc in August 2017, aided by low
interest rates which have kept a lid
on costs.
Remortgaging levels have dipped in
recent months after a frenzy in the
months before and shortly after the
Bank of England’s move to raise its base
rate from 0.25pc to 0.5pc in November.
UK Finance found 32,400 homeowners remortgaged in March, down
from 36,800 a year earlier and a recent
peak of 49,900 in January.
CORBIS VIA GETTY IMAGES
By Tim Wallace
Cineworld hit
by shareholder
revolt over
executive pay
Taking action Marvel Comics writer Stan Lee is suing the entertainment company he
co-founded for $1bn (£742m), according to legal documents. He alleges he was coerced
into a fraudulent sales agreement when in an emotionally and physically fragile state.
CINEWORLD was dealt a blow by
shareholders at its annual general meeting yesterday, with more than a third
rejecting its executive pay plans, even
as the cinema chain had backed down
on an earlier, more generous policy.
Of those voting at the meeting,
around 34pc did so against the remuneration policy, which Cineworld said
it had amended due to the “scale and
complexity” of the business after its
reverse takeover of US giant Regal
Entertainment.
Under the new policy, which was
passed yesterday, Moshe Greidinger,
the chief executive, will receive a 9pc
increase to his base salary, to £630,000,
with the deputy chief executive to be
handed a 28pc rise and chief financial
officer 36pc.
Cineworld also proposed increasing
the maximum annual bonus potential
to 150pc of the salary, up from 100pc
currently. It said it was not planning to
increase the long-term incentive plan
opportunity, but did intend “to utilise
the maximum opportunity of 200pc of
salary in future years”. This would take
boss Mr Greidinger’s maximum pay
packet to above £3m, the deputy chief
executive’s to £2.4m and chief financial
officer’s to £1.9m.
The UK chain had already backed
down on earlier remuneration plans
last month, after shareholders fought
back against a controversial bonus
scheme which would have awarded
millions of pounds worth of shares to
its directors, news that was first
reported in The Sunday Telegraph.
Although Cineworld noted shareholders had approved the new policy
yesterday, it said it also “recognises
that a significant minority of shareholders voted against it” and said the
board would reflect on the “feedback
received”.
The news came as Cineworld
received a boost from a strong film
slate in the period from the start of the
year to May 13, which included films
such as Black Panther. Revenues were
up 6.7pc on a constant currency basis,
with ticket sales having risen 6.1pc.
Burberry confirms share buybacks after cost cuts drive its profits
By Jack Torrance and Ben Woods
BURBERRY has announced plans for
£150m worth of share buybacks after
store closures and other cost-cutting
efforts helped it post a rise in profits
last year. The luxury fashion brand, known
for its check pattern, revealed a 1pc
drop in sales to £2.7bn for the year to
March, mostly because of a change in
the way it sells beauty products, which
are now made under licence by cosmetics brand Coty. But pre-tax profits
grew 4.6pc to £413m after it closed
34 of its more than 450 shops, including some outlet stores and concessions,
and found £44m in cost savings on top
of £20m already slashed in its cost and
efficiency programme.
The profit growth allowed Burberry
to raise its full-year dividend by 6pc to
41.3p per share, while it will also buy
back £150m of shares from investors
this year. Marco Gobbetti, the company’s chief
executive, is still finding his feet with
the brand after taking over from his
Marco Gobbetti, the
chief executive of
Burberry, is aiming to
take the fashion
brand in a more
upmarket direction
feted predecessor Christopher Bailey
last year.
Mr Gobbetti, who has revealed plans
to take Burberry further upmarket,
said he was “pleased” with the perfor-
mance, adding: “While the task of
transforming Burberry is still before
us, the first steps we implemented to
re-energise our brand are showing
promising early signs.”
The Italian’s announcement last year
that he planned to elevate the brand
to become a “firmly luxury fashion”
business selling more expensive handbags alarmed investors, prompting the
biggest drop the shares in five years.
They fell again last week after it
emerged that Belgian billionaire Albert
Frère had dumped his 6.6pc stake in
BHP facing class-action suit
over Brazil mining disaster
BHP Billiton is facing the threat of a
class-action suit in Australia over the
Samarco mining disaster in Brazil,
which knocked an estimated A$25bn
(£14bn) off its market value in the
course of a month.
Lawyers at Melbourne-based Phi
Finney McDonald said it was preparing
to file an action alleging that BHP
engaged in “misleading or deceptive
conduct” and breached its obligations
to make “continuous disclosures” to its
shareholders.
Brett Spiegel, principal lawyer, said
that from 2013 BHP was aware that its
Samarco joint venture in Brazil was
“behaving in ways that they were not
paying attention to” and that it “failed
to ensure that appropriate safety measures were in place”.
On Nov 5 2015 a dam at Samarco’s
iron ore mine collapsed, releasing a
wave of waste water into a river valley
that destroyed two towns and killed
19 people. Mr Spiegel claimed that the
company “knew of the imminent risk
that the dam would collapse”.
Samarco is a joint venture owned
50-50 by BHP and its Brazilian counterpart Vale, operated by a separate
management team. The mine has been
suspended since the accident and its
owners are locked in protracted negotiations with the government of Brazil,
and state and federal prosecutors, to
reach a comprehensive settlement to
competing civil claims.
Mr Spiegel said Phi Finney McDon-
By Hannah Boland
£14bn
The estimated market value that was
knocked off BHP Billiton following the
Samarco dam collapse in 2015
ald had spent six months combing evidence acquired from prosecutors in
Brazil to build its case. The firm is looking to represent shareholders in Australia, South Africa and the UK who
bought the stock between Oct 21 2013
and Nov 9 2015, and who lost out when
the value of BHP’s shares plummeted
in the weeks following the accident.
BHP declined to comment.
new products from spring this year. He
added: “While we have one good performing bag, it doesn’t mean that we
have completed our work.
“I think we are so ambitious in this
category that there is going to be an
ongoing process across new styles and
existing styles. There is a lot of work
and you will see it progressively building into an offer that I think will look
significantly different over the next six
to 12 months.”
Shares, which hit a high of £20.24
last autumn, closed up 3.6pc at £18.68.
Mothercare rehires sacked
boss to steer restructuring
GP IMAGES/WIREIMAGE
By Jon Yeomans
the fashion house. Investors are gauging how the fashion house will fare following the appointment in March of
chief creative officer Riccardo Tisci
from rival Givenchy.
Mr Tisci will unveil his first collection in September, as the company
attempts to attract more customers by
sharpening its focus on handbag
launches and leather goods.
In a presentation to analysts, Mr
Gobbetti said the firm wanted to build
a “strong architecture” around handbags, which had included rolling out
Off the boil Chef Gordon Ramsay’s restaurant empire has
fallen to an annual £3.8m pre-tax loss, hampered by the
temporary closure of his Plane Food concept at Heathrow,
and a legal row over the LA-based Fat Cow eatery.
MOTHERCARE will today reveal it has
rehired former boss Mark NewtonJones just over a month after he was
sacked, in a surprise move which will
see him take the helm of the troubled
retailer as it embarks on a major restructuring.
The baby chain, which will lay out
details of the overhaul in its results,
ditched Mr Newton-Jones as chief executive last month, with then-chairman Alan Parker having said although
he had “done a good job, we think we
can do even better going forward”.
Two weeks after that, Mr Parker was
replaced in the chairman post by Clive
Whiley. Reports suggested Mr Whiley
had been a key player in pulling together a rescue deal and forming the
restructuring plans. It is thought that
David Wood, the former Tesco executive who had replaced Mr NewtonJones, will shift to another position
with the group, although it was not
clear what this role would be last night.
The latest change at the top, first reported by Sky News, will be revealed
alongside details of Mothercare’s sub-
stantial restructuring, which it is undertaking in a bid to avoid becoming
the latest high street name to collapse
into administration.
It is expected to announce the closure of 50 stores, as part of a company
voluntary arrangement (CVA), an insolvency process which allows companies
to drive down rents at certain stores
and shut underperforming sites. The
50
The number of Mothercare stores that
are expected to close as the company
attempts to avoid financial collapse
shuttering of those stores could trigger
hundreds of job losses.
Mothercare confirmed a Sunday Telegraph report earlier this week that it
would be tapping shareholders for cash
as part of the measures. It has been also
working with Rothschild, the investment bank, to explore financing options and KPMG has been in talks over
existing debt with HSBC and Barclays.
4
Thursday 17 May 2018 The Daily Telegraph
***
Business
‘If you think
you have got
a business in
you, give it a go’
Dragons’ Den star
and ‘mumpreneur’
Sarah Willingham
tells Jamie Johnson
why motherhood
should never hold
women back
I
n the early 2000s, Sarah
Willingham, then a top
executive at Pizza Express,
arrived late for an acquisition
meeting. When she entered
the room, she was greeted by
a sea of grey-haired men in
grey suits, one of whom said:
“Oh fantastic, I’d love a
coffee.” She glanced at the
nervous expressions on her
side of the table, but asked
him how he’d like it. After
handing over the steaming
cup with a dash of milk,
Willingham then took her
seat directly opposite him in
the middle of the table.
“He died a very slow, painful death
in front of me. He was so
embarrassed,” she says, laughing now.
“But that was the assumption then,
and you know what, I still walked
away with the deal I wanted out of that
meeting, and I can guarantee he will
never forget it.”
Today, Willingham doesn’t go
unrecognised. The proud mother-offour from Stoke-on-Trent starred in
two series of Dragons’ Den, and after
taking a year-long holiday with her
family, now spends her time managing
her investment portfolio and touring
the country with public speaking
engagements. In 2007, she sold her
stake in the Indian restaurant chain
Bombay Bicycle Club and reportedly
banked £2.8m.
Her 17pc stake in bar chain London
Cocktail Club was bought for £20,000
in 2010. Today, that stake is worth
over 1,000 times more. It is no wonder
then that she is happy. A scroll
through her Instagram and Twitter
feeds shows smiles, motivational
quotes and plenty of cocktails.
With over 100,000 followers across
the two networks, she knows the
power of social media and was
surprised that pub chain
Wetherspoons announced it was
closing all of its channels. Its boss, Tim
Martin, said: “I don’t believe that
closing these accounts will affect our
business whatsoever, and this is the
overwhelming view of our pub
managers.” Willingham thinks
differently: “Social is opening up a
whole new world. You can have a
lovely little restaurant on the corner
that nobody knows exists, and 10,000
reviews later everyone knows it exists,
but it is still that little gem.”
In recent months, Jamie’s Italian has
announced the closure of 12
restaurants across the UK, and
Prezzo is shutting 94 outlets.
There has been a huge shift in
eating habits, driven by the
convenience of apps, and
companies including
Deliveroo and Just Eat are
booming, while established
chains are struggling. She says:
“Twenty years ago it was all about
the reliable chain. I know I’m going to
get a really good meal here, because
it’s great. Now, social has made local
businesses so much more accessible,
and the businesses that are the most
successful are the ones that engage
with that online review system and
social media.”
Does this mean it’s the end of the
chain restaurant? “I really don’t think
so. I think there will always be a place
for chain restaurants but we will start
to see more of a mix on the high street,
not just the enormous brands that
we’ve always known.
“The difference is that when you
have a chain where you are creating
value, because for every one that you
open, at some point if you sell it to a
private equity you’re going to get an
enormous multiple on profit, which
means you can pay a lot for a site.
“That has been the challenge in our
industry – where the large chains are
Entrepreneur Sarah
Willingham says
that women setting
up businesses can
be an inspiration to
their children
CV
 Born: Stokeon-Trent,
December 1973
 Education:
Newcastleunder-Lyme
School,
Staffordshire
 University:
Oxford Brookes
University, ecole
supérieure de
commerce;
MBA from
Cranfield
 2004: Bought
Indian
restaurant chain
Bombay Bicycle
Club with
Clapham House
Group
 2007: Sold
Bombay Bicycle
Club, banking a
reported £2.8m
 2010: Cofounded London
Cocktail Club
 2015-17:
Appeared as a
dragon on BBC’s
Dragons’ Den
able to pay top dollar for really good
locations where small businesses are
not able to pay.”
And what have business rate
changes done for small businesses?
“Rate rises are a nightmare for small
businesses, but at the same time, we
have a phenomenal economy for small
businesses – EIS investment being a
great example of that.”
The Daily Telegraph is campaigning
for a boost in female entrepreneurship
in the UK, and Women Mean Business
has already garnered support from the
Treasury and the Prime Minister, as
well as 200 leading business figures.
Willingham believes that an
undervalued part of the business
landscape is new mothers. Proudly
calling herself a “mumpreneur”, she
has a message for new mothers: “Just
do it. Never ever let your legacy be the
person that came up with a great idea
and didn’t do anything about it.
“A lot of businesses start with the
motivation that the woman has just
had children and they want to get back
to work, but with a better work-life
balance. They can start something out
of the kitchen, or garage, or spare
room and there are some great
examples of that. If you think you’ve
got it in you, then give it a go.
“If you can just find a customer that
wants to buy what you want to sell,
and then find two and then find five,
then 10 then 20, then you’ve got
yourself a little business. Don’t risk the
roof over your head, don’t risk your
children’s future, but just imagine – if
you are that mum, how inspiring it is
for your children to know that this is
an option.”
And what about money being a
barrier to starting your own business?
“Don’t let the lack of funding be your
barrier to starting a business, let the
fact that you haven’t proved your
business model be the barrier to
starting,” she says authoritatively.
“Quite often, I have a lot of people
come to me for funding, and I say ‘why
do you need it?’. Sometimes people
think ‘oh, I can’t start a business unless
I have £200,000’, but that’s not
actually true. When I was on Dragons’
Den, Craft Gin Club became one of the
best investments I’ve ever made and it
started with nothing apart from a
couple of grand on a credit card and
now it’s turning over millions, and will
just grow and grow and grow.
“The London Cocktail Club started
with five of us putting in £20,000 and
is now worth millions and millions.”
How many millions? “Many millions,”
says Willingham, who adds that they
are poised to open two more bars.
Family comes first for Willingham
and she speaks with incredible
warmth about her four “awesome,
really cool” children and her husband
Michael Toxvaerd – “the best bloke in
the world”.
He is an entrepreneur too, and last
year the family completed a “gap year”
where Willingham, her husband, and
the children, now 11, 10, eight and
seven, set off for Bali, the Philippines,
Australia, Argentina, Chile, Borneo
and many, many more destinations. All
documented on Instagram, of course.
In well over an hour of
conversation, Willingham is just as
happy to discuss Brexit – “I was a
fierce remainer” – as she is the
weather. She is in control, and
attributes part of that success to a pie
chart.
“This is going to make me sound
like such a geek,” she says laughing.
“Time is the most precious commodity
that we have.
“If you look at your time and what
you’re going to do with it, you can say
right – waking hours – I’m going to
work, that’s what I really want to do
this year. You colour in 70pc. That
leaves 30pc for friends, family, kids,
health and fitness, travel.”
Willingham implores: “That’s
ridiculous. So you shift work to 50pc,
the kids need me 40pc at least, and
then you can’t go on holiday.
Something has to give. You have to be
ruthless about what you do with your
time in order to have it all. I would
never say the way I live my life is right
for everybody, but I’ve got it right for
me: 30pc work, 40pc mum, 30pc
everything else – charity, travel,
mates.”
Willingham will soon be on the road
again with Yell.com, formerly the
Yellow Pages, where she is a brand
ambassador. Transforming the entire
business from a print product to an
online resource is radical, I suggest. “I
don’t think it’s that radical at all,” she
insists. “Twenty years ago you would
go through the Yellow Pages to find a
restaurant – it was the only route. Yell.
com is the biggest online business
directory in the UK and has been for
some time, so it is about getting local
businesses to know that they need to
engage. This is your route to market –
this is how you get customers.”
For now, she’s just focusing on
cooking dinner for the children. It’s
Friday and it’s “vegan week”. The
children are begging for chicken soup,
but Willingham, ever the
businesswoman, cuts a deal:
“Tomorrow you can have chicken. If
you eat all your greens tonight.”
Productivity puzzle threatens to
derail improving living standards
By Tim Wallace and Patrick Scott
The UK’s productivity growth is at Great Depression levels
BRITAIN is past its peak. The
economy, once a roaring engine of
growth, is now firmly into middle age
and losing its potency.
That is the fear of Ben Broadbent,
the deputy governor of the Bank of
England. Productivity growth is in a
funk. The amount that each worker
produces in an hour has barely crept
up in the past decade, and even fell
0.5pc in the first three months of this
year. It is a worry because this is a
crucial driver of living standards.
Only by becoming more productive
can wages rise, and prices fall relative
to incomes. If this is the start of a
lengthy era of low productivity growth
it could have serious consequences.
Official statistics on productivity
growth paint a terrible picture.
Over the past decade, productivity
has grown by just 2.1pc, according to
the Office for National Statistics.
Before the financial crisis, it typically
grew by more than 2pc every year.
Even though there are some doubts
over how this is measured – for
instance, that investment in
technology is difficult to track, or that
it is hard to put a value on the
consumption of digital goods which
are “free” – other measures also
indicate a slowdown.
Pay growth, which over the long
term is in large part a derivative of
productivity, has failed to keep up
with prices in much of the post-crisis
period. For most of the period from
2008 to 2014, real wages were in
negative territory, a dire situation that
was repeated for much of 2017.
In the early years after the credit
crunch it was thought that this may
just be a hangover from the crash, with
high levels of unemployment pushing
people to take any job they could get.
Alternatively, it may have been that
good businesses could not get the
finance they needed to fund
innovation. Or that low interest rates
were keeping bad companies alive, the
so-called “zombie firms”. But a decade
on, the various explanations for ways
the crisis could have caused this have
become less convincing.
On top of that there are indications
the slowdown happened shortly
before the crunch, which hints at
different factors being responsible.
Broadbent’s view is that many of the
big productivity gains of previous
waves of technological innovation
have run out of steam, but
improvements from new inventions
Annual productivity growth, 10-year rolling average
5
%
4
Great
Depression
Periods of
consecutive
years of
negative
GDP growth
WWII
3
2
Lull between
steam era and
start of
electricity use
1
Post-war
boom years
Great
Recession
0
1900
1950
2000
SOURCE: BANK OF ENGLAND
and digital transformations are yet to
seriously boost it.
There have been several panics over
poor productivity growth. Broadbent
gives the example of the late 19th
century, when productivity growth
slowed from almost 3pc per year to
less than 1pc. It is thought the cause
was “a pause between two general
purpose technologies, steam on the
one hand, electricity on the other”,
Broadbent said in an interview with
The Daily Telegraph.
Decades after its discovery,
electricity gradually found its way into
homes and factories on a large scale.
Productivity growth recovered into
the Twenties as production processes
were upended and industries
redesigned around the new power
system. But productivity slumped
again into the Thirties.
Concern arose that growth had
slowed so steeply that it would not
bounce back, leaving economies
stagnating or growing only sluggishly
forever.
Yet the post-war boom proved this
theory wrong, in spectacular fashion.
Productivity growth hit more than 4pc
in the Seventies, according to the Bank
of England’s vast historic datasets.
History suggests the UK will recover
from the current weakness.
Evidence of enormous technological
progress is all around with the rise of
mobile internet, 3D printing, artificial
2.1pc
The improvement in productivity seen in
the UK over the past decade, according
to the Office for National Statistics
intelligence and automated factories.
But so far there is limited evidence
of it transforming productivity in the
economy as a whole, rather than in
isolated companies.
If Broadbent is correct, it may be a
matter of working hard in the coming
years to find the best ways to organise
industries to use that technology
effectively.
The thought it could take decades is
troubling, however. Wage growth
matched productivity in the Victorian
slowdown, and may be doing the same
now.
Mark Carney, the Bank of England’s
Governor, recently spoke of an earlier
example of this in the opening decades
of the 19th century, when wages
lagged productivity.
Known as the “Engels’ Pause”, this
in part inspired Karl Marx and
Friedrich Engels to write the
Communist Manifesto.
Past performance is also no
guarantee of a future resurgence. The
repeated occurrences of spells of
mediocrity, compared with the one
spell of high-powered productivity
growth after the Second World War,
raise the unhappy idea that the boom
years were a one-off.
Perhaps the growth that most
Britons grew up with could be the
exception to the norm.
So far the effect has been to slow
down wage growth and strain living
standards, but at least employment is
at record highs and unemployment at
unusual lows.
If this persists for a long time,
however, the shift from steady, clear
improvements in living standards to a
prolonged period of stagnation could
have profound consequences on a
disappointed nation.
The Daily Telegraph Thursday 17 May 2018
**
5
Technology Intelligence
Cashing in on
the genome
mapping
revolution
Allowing citizens to
monetise their DNA
data could hold the
key to earlier
diagnoses and more
tailored therapies,
writes Ben Farmer
T
he panic around
Facebook and
Cambridge
Analytica has led
many to think
about what
companies are
doing with
personal data and
who is accessing it. But imagine if the
data was not just “likes” and survey
results, but your most intimate
biological particulars – the details of
your genome.
Privacy concerns about how firms
could share gene data are among the
biggest fears holding people back from
getting their DNA read by commercial
companies, even as mapping genomes
is set to revolutionise medicine and
public health.
Genomics will allow scientists to
diagnose rare conditions, understand
diseases like cancer, and to develop
better, more targeted drugs with fewer
side-effects.
The discipline also promises to
transform public health in the
developing world, allowing better
understanding and treatment of
infectious diseases and epidemics.
But big studies need genomic data
from huge numbers of people that can
be easily shared and analysed.
Just over a million people have been
sequenced so far, but researchers
complain the lack of data is hampering
studies. Both the cost of sequencing
and fears that citizens will not have
control of their data are deterring
people, according to Nebula
Genomics, a group of Harvard
scientists and technology
entrepreneurs who say they have
come up with a solution.
Their ambitious proposal will allow
people to get their genome sequenced,
but potentially to also cash in on the
data, making money by securely
sharing it with researchers or
pharmaceutical companies.
Nebula aims to marry two of the
hottest technologies around – genetic
ALAMY
George Church, above, hopes to increase the use of genome sequencing machines, right
sequencing and the blockchain
tech that underpins cryptocurrencies
like Bitcoin.
The venture is co-founded by
Professor George Church, a Gandalflike American geneticist feted as a
pioneering visionary in DNA
sequencing, and hopes to persuade
people that genomics can enter the
sharing economy.
By getting your genome read, it is
hoped you can improve your own
healthcare, help your family, do
something altruistic that will help
health research around the world, and
even get paid for it.
In the 15 years since the first human
genome was fully sequenced, after a
$3bn (£2.2bn) international project
taking more than a decade, the cost
has since plummeted to around
$1,000. Yet that cost is still seen as too
high. Another big turn-off is privacy.
“Most of them find the cost just not
worth it and the other is privacy,
people are concerned about what
could be done with their genomic
data,” explains Kamal Obbad, another
of the co-founders.
Commercial firms like 23andMe and
Ancestry already read genomes,
though not full sequences, and this
data can be purchased by research
companies. Nebula wants to cut out
Micro Focus stock jumps as it
revises overly pessimistic figures
By James Titcomb
MICRO Focus has revealed that a revenue slump disclosed in a dramatic
profit warning two months ago had
not been as bad as first feared, leading
to a recovery in the British software
giant’s shares.
The FTSE 100 group’s chief executive, Chris Hsu, left in March after it
said revenues would decline by up to
9pc this year.
The drop followed the $8.8bn
(£6.5bn) takeover of Hewlett Packard
Enterprise’s (HPE) software division, a
unit that included the remnants of British tech group Autonomy, and the
warning was seen as a sign the deal had
gone sour, sending Micro Focus’s
shares down 46pc.
The company said yesterday that
forecasts of a 9pc to 12pc revenue
decline in the six months to the end
of April were overly pessimistic, with
sales boosted by a one-off $40m
(£30m) sale.
Even without the deal, the company
said the decline was towards the better
end of the range.
Although Micro Focus repeated
forecasts that revenues for its full year
would fall by between 6pc and 9pc, the
news still prompted a 6.2pc rise in its
shares to £13.48. They have now recovered almost half of the one-day share
price drop resulting from March’s
$40m
The value of a one-off sale that helped to
improve Micro Focus’s revenue forecasts
for the six months to the end of April
profit warning. Micro Focus’s takeover
of HPE’s software unit, completed last
year, was the biggest ever acquisition
by a British technology company, leading it to double in size.
It saw assets from the former FTSE
100 software group Autonomy return
to British ownership six years after
Deliveroo serves up share
options for permanent staff
By Margi Murphy
DELIVEROO has said it will make its
permanent staff shareholders, in a gesture worth £10m that has not been
extended to its delivery drivers. Will Shu, the food delivery app’s
founder and chief executive, said the
share options were “his way of thankWill Shu, the boss of
Deliveroo, said the
share options
represented a way to
thank staff at the
food delivery firm
ing staff at the company and a way of
making sure this is truly our company
in every way”.
Deliveroo counts on 35,000 “gig
economy” couriers to deliver takeaway
meals ordered through the app, but
will only be granting its 2,000 permanent workers in the 12 markets it operates in share options. Offering share options is a common
way for firms to attract executive tal-
ent, but Deliveroo is following in the
footsteps of John Lewis and Sports
Direct by opening options up to the
entire permanent workforce, regardless of seniority and at all levels.
Mr Shu said: “Employees at Deliveroo have made the company what it is
today, and what sets us apart is our immense hunger to win, strong focus and
care, and a clear vision for the future.
“Our phenomenal growth and success has been made possible thanks to
the hard work, commitment and passion of the people who make this company what it is, and that deserves
recognition, which is why I want all
employees to be owners in Deliveroo
and to have a real stake in the company’s future as we expand and grow.”
Deliveroo has raised $957m (£710m)
in funding and is valued at over
$2bn. Mr Shu, who still completes two
deliveries a week, added that the company will have created nearly 600 new
tech jobs in London in just two years by
the end of 2018.
Deliveroo recently said it would offer couriers free accident insurance. It
will fund £7,500 of medical expenses
and up to 75pc of gross average income.
Hewlett Packard bought it for $11bn.
The deal quickly turned sour and led to
allegations of accounting fraud.
Kevin Loosemore, Micro Focus’s executive chairman, has continued to
defend the deal and promised to iron
out the problems associated with it.
The company’s chief executive Stephen Murdoch, who replaced Mr Hsu
in March, said Micro Focus would show
signs of progress soon.
“The Micro Focus team is making
encouraging progress on improving
both the discipline and speed of execution within the business,” Mr Murdoch
said. “We look forward to providing
detail on this progress and our operational priorities at our forthcoming interim results.”
Analysts at Barclays said the trading
update “should provide some very considerable relief to investors”. They said
that much of the share price decline
around March’s profit warning was due
to a loss of confidence in the HPE
merger, and that the latest update was
“a first step to repairing this”.
Nissan takes first
solo steps into solar
power and storage
By Jillian Ambrose
NISSAN has accelerated its drive into
the electricity sector with the roll out
of its first home energy system without
the backing of a traditional utility.
The Japanese carmaker is striking
out on its own with the sale of a standalone solar, storage and vehicle charging system following partnerships with
E.On and Ovo Energy earlier this year.
The integrated system will allow
energy users to generate their own solar
power, which can be stored in a battery
or used to charge an electric vehicle to
reduce bills by up to two-thirds regardless of which supplier they use.
The system also includes a home
energy management function that
allows users to control how and when
they use their energy.
Nissan’s first independent bid to grab
a stake in the burgeoning home energy
market puts the company in competition with traditional utilities and tech
giants such as Google and Amazon.
It hopes its position in electric vehicles, such as the Nissan Leaf, will give
the group an edge in the emerging lowcarbon economy.
these genetic middlemen and use
blockchain as the basis for a sharing
community that allows people
potentially to monetise their own
genome.
People will pay to get their genomes
sequenced by Nebula, although if they
have characteristics or a medical
history particularly of interest to
researchers, then this cost could be
subsidised. Armed with their new
genome data, they can then control
exactly who is given access, either
‘Most people will pay
$1,000 for an iPhone, but
they won’t pay $1,000 to get
their genome sequenced’
keeping it to themselves, or if they
want to, sell it to researchers.
Though the firm’s founders won’t
elaborate on how much individuals
stand to gain, they point out they will
be tapping into a genomic data market
serving big pharma companies that is
already worth billions.
Drug giants have enormous
resources and spent more than $150bn
on research and development in 2016
alone. They already pay the right
volunteers tens of thousands of dollars
to take part in clinical trials, and
sought after genomes are likely to be
just as lucrative, Nebula suggests.
Having a genome sequenced will
allow citizens to make informed family
planning decisions, while doctors will
be able to give them more tailored
drugs and therapies. “I think the
biggest one is really educating people
in the value of genomic data,” says
Dennis Grishin, another of the
co-founders. “Most people will pay
$1,000 for an iPhone, but they won’t
pay $1,000 to get their genome
sequenced to understand their DNA.”
For researchers, the proposed
benefits include not just access to
more genomes as more people join,
but also easier access to data. An early
problem of genomics is the vast size of
the data required. With each genome
some 3bn letters long, sharing and
downloading data is slow and
cumbersome.
Nebula’s claim to be able to solve
both these problems has caused a lot
of interest, says Stephan Beck,
professor of medical genomics at the
University College London Cancer
Institute. He said: “I think everyone at
this point is really intrigued, because
it offers fundamental solutions to
problems that we have not been able
to overcome.” Nebula claims its model
could widen the pool of genomes that
scientists study, moving beyond the
well-off American and Western
European subjects that currently make
up the majority of sequences.
Not everyone is carried away with
the hype though. Dr Ewan Birney,
director of the European
Bioinformatics Institute, said Nebula’s
“teenage geeks in a room” proposal
failed to appreciate advances in
Europe where the public is more
trusting of public institutions with
their data.
Dr Sobia Raza, head of science at the
Cambridge-based health policy
think tank the PHG Foundation, said
she was sceptical that users will be
truly anonymous, particularly if they
have to share medical details.
Nebula admits there is a chicken
and egg problem, with people unable
to see the benefits of getting
sequenced but scientists unable to
deliver those benefits until they get
their hands on more genomes.
Church has spent decades working
on DNA sequencing, but also on trying
to push the technology out of the lab
and into the real world, his colleagues
say. They believe their proposal marks
the tipping point, making genome
sequencing mainstream enough to
kick-start a revolution.
6
Thursday 17 May 2018 The Daily Telegraph
***
Business
Buy this smaller companies
trust for exposure to Europe’s
fastest-growing firms
Montanaro European
Trust Bargains
Richard Evans
It is an area that
investors tend to
shy away from – and
that gives rise to an
opportunity
EUROPEAN stock markets attracted
is likely to result in them being less
plenty of attention from investors in
researched. This could see more stocks
the early part of this year, thanks to
being mispriced.
improved economic performance
One investment trust focused
and reasonable valuations.
on smaller European stocks
But Questor doubts that
is Montanaro European
Montanaro
European
many of those investors
Smaller Companies,
Smaller Companies
chose European smaller
which Brewin Dolphin,
companies funds for their
the wealth manager,
Buy
exposure to the continent.
holds on behalf of some
Focus on ‘quality’
We suspect that most
of its clients.
stocks
should
stand
readers who decided to
John Moore, of Brewin,
trust in good stead if
commit money to Europe
told Questor: “Europe
economy worsens
will have chosen trusts
has been a challenging
such as Questor pick Jupiter
place to invest in recent
European Opportunities, which
years, thanks to developments
favours larger businesses.
such as QE from the central bank, the
But there is a case for including both backlash against Angela Merkel, and
types of fund in a balanced portfolio
the crisis over Catalan independence.
in order to improve diversification,
“The Montanaro trust has managed
while adding exposure to the
to navigate these tricky circumstances
growth prospects that smaller
pretty well. The next few years
companies offer.
could be difficult in other ways, of
Smaller companies may offer
course, but we feel that the portfolio’s
even better opportunities for
investment process has been validated
outperformance in future
by its recent avoidance of some of the
because a change to
elephant traps thrown in its way.”
brokerage regulation
He said the trust had a bias towards
Pershing Square, one of Questor’s
poorest performers, has announced
the results of its “tender” offer. It will
buy back shares offered for repurchase
at $13.47 (997p at the current exchange
rate), a 20.5pc discount to the
portfolio’s net asset value (NAV) on May
9, the reference point for the buyback.
The shares now stand at 975p, a
discount of 22.1pc.
Shareholders whose shares are
repurchased have effectively done
remaining investors a favour: by
accepting a discounted price for their
shares they have increased by 2.1pc the
net asset value attributable to those
that remain in issue, the trust said.
Analysts at Jefferies, the broker, said:
“With NAV performance broadly back
on an even keel in 2018 so far, Pershing
Square is well placed to make inroads
over the remainder of the year.”
However, they acknowledged that
investor sentiment towards the fund
remained “lamentable”. Hold.
 Market value:
£145m
 Year of listing:
2006
 Discount:
13.7pc
 Ave discount
over past year:
11.4pc
 Yield: 0.99pc
 Most recent
year’s dividend:
8.25p
 Gearing:
13.4pc
 Annual
charge: 1.25pc
800
700
600
Questor
Update: Pershing Square
Key
numbers
Close: 865p
900
p
500
400
300
2013
2014
2015
2016
“quality” stocks – those with low debts
and the ability to make sustainable
profits that are delivered as cash.
This should stand it in good stead if
economic conditions do change.
“The very fact that few investors
choose European smaller companies
creates an opportunity,” Moore said.
“However, after years of producing
annual returns of about 13pc you
wouldn’t expect them to be exactly
cheap.” Instead they tend to trade at
multiples of about 16 times earnings.
Moore’s firm typically holds about
5pc-7pc of a client’s assets in European
shares, assuming a medium attitude
to risk, with as little as 1pc in smaller
2017
2018
European stocks. “Even a 1pc holding
can make a difference, given the effect
of compounding if 13pc returns are
maintained, but only if you hold for the
long term, such as 10 years,” he added.
Montanaro European Smallers
currently trades at an appreciable
discount of 14.2pc, although Moore
cautioned against buying the trust
on the expectation that the discount
would narrow, saying it reflected the
relative lack of demand for smaller
European stocks and the fact that they
could be illiquid.
Questor says: buy
Ticker: MTE
Share price at close: 865p
Investment trust news
Scottish Mortgage has said it intends to
make greater use of gearing (borrowing
to invest). Artemis Alpha’s board has
proposed that the portfolio become
more concentrated, that continuation
votes be replaced by tender offers
every three years, and that the dividend
should rise by more than inflation each
year. Blue Capital Alternative Income
proposes to wind itself up.
Read Questor’s rules of investment before
you follow our tips: telegraph.co.uk/go/
questorrules; twitter.com/DTquestor
Share prices www.telegraph.co.uk/shares
© 2018 Tradeweb Markets LLC. All rights reserved. The
Tradeweb FTSE Gilt Closing Prices information contained
herein is proprietary to Tradeweb; may not be copied or
re-distributed; is not warranted to be accurate, complete or
timely; and does not constitute investment advice. Tradeweb
is not responsible for any loss or damage that might result
from the use of this information.
52 week
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Price (p) +/- Yld
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5430 +85 1.0 38.4
621½
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3750
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210¾
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180 +1¾ 2.0
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164⅜ -3⅜ 4.5 10.1
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930 +18 2.0 24.9
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320 +10 —
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1779½ -2½ 3.2 18.5
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522⅝ Tate & Lyle ●
598¾ +1¾ 4.7 10.8
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255 +4½ —
1346⅛
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1189* -8 1.0 23.1
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4093* -15½ 3.1 21.7
3020
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2740 +40 2.0 3374
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144
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257⅜
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213
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444⅝
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124
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132
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568¾ +4⅝ 4.1 11.2
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157
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1967½* -2½ 4.0 18.3
620
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761⅜* -4¼ 1.0 43.7
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4465* -10 1.2 30.5
343
305 F&C Cap & Inc
343
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338
2283
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192⅜* +⅜ 4.1 16.7
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752⅝ +8 3.8 12.2
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545
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Price (p) +/- Yld
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237⅞
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215½ -1½ —
220
153 MS Intl
556
2342⅞ 312⅛ Provident Fin ●
400¼ Paragon ●
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Low Stock
Price (p) +/- Yld
P/E
581¾
437 BP
575⅞* -1¼ 5.2
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439⅝
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209
12½ Carillion #
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301
219⅝ Charles Taylor
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438⅛ De La Rue
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1410 +5 0.9 1413
411⅝
329½ Perpetual Inc & Gr ● 370½
258⅜
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251⅜ +3¾ —
108
94½ F&C UKHighIncTst
102½ +1 4.8
113
41680
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39500 +50 1.4 38946
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3069 Schroders
3426
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107
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109 PremierGlblInfra
135
930½
376½ Hunting ●
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265 Hend Alt Strat
280 +2½ 1.7
339
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242
218⅜ Ruffer Inv Pref
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186
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383⅛
289½ Schroder Asian TR
367*
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358
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2772
1826 Victrex ●
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349⅛
181⅜ ConvaTec Grp ●
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38
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512
378 Scot Mortgage
506½ +4½ 0.6
487
Pharmaceuticals +0.76%
Household goods +0.89%
118
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243
1325
962 Herald Inv ●
1280 -10 — 1466
177¼
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169
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181
206¼
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179⅞
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5520
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29
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175½
133 HICL Infrastructure ●144⅝
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147
502
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500 +4½ 3.7
502
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632 +41½ —
5470
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5138 +46 1.4 28.8
35
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138⅜ -1⅝ 2.0 19.8
188
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131* +2¾ 3.4 26.7
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411
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413
2840
1636 Dechra Pharma ●
2800 +36 0.8 99.7
392
21.2
367¾
199¾ PZ Cussons ●
243¼ -1¾ 3.4 15.9
312
261 Invesco Asia Trust
295 +1½ 1.5
333
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742
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2572 +34 0.9 47.8
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288
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1411½* +63 1.8
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313½
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192⅜ +2⅛ 0.7
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81½*
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132 InvesPerp Bal Rk
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160
154 UIL Fin ZDP 18
159½
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478¼
246½ Indivior ●
461¼ +2¾ —
77.8
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319⅝* +1⅜ 1.2
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127⅞
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240
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184⅞
124¼ SIG ●
136⅞ -1¼ 2.7 -13.6
123⅝
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1192 Travis P ●
494
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470* +1½ 3.0 15.1
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5820* +20 2.8
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430⅝ -63¼ 7.7
2102
1197 +44 2.5 14.7
6.5
2694 +18 2.2 13.6
1152 Superdry ●
6.6
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-1 2.0 14.2
851
681½ Grafton Gp ●
764
486⅝
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432¾ +4¾ 3.3 20.1
1520
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1458* +6 3.1 12.3
379⅞
252 Nth Midland Con
340* +18 1.8 46.5
512
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131
2901
2214 Persimmon
2783 -34 8.4 10.9
673½
536 Redrow ●
626
211⅞
173 Taylor Wimpey
8.9
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25
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29 Premier Vet
2940½ Shire
35⅞
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4216 +33½ 0.6 12.1
1⅜ Johnson Serv
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+4 1.7 16.5
17⅛ BSD Crown
20
571
421 CML Micro
545
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530
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541
234⅝
202⅝ Utilico Emerg
210
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205⅜
111¾ Laird
197
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419¼
363½ JPM American ●
410*
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431
1118
977⅝ Witan ●
1096
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310 Microgen
439½* — 1.4 26.8
381⅞
310 JPM Asian
367
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407
355
304⅝ Witan Pacific
339
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389
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56⅝ Assura ●
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1692
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1347½ +78½ 5.5 24.4
73½
59 JPM Brazil Inv
62¼
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72
2707
2285 Worldw HealthTr ● 2545 -15 0.9 2557
989
722 Big Yellow Gp ●
969½ +13½ 3.0
—
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536¼ Sage Gp
664¾* +2⅜ 2.4 23.9
346¾
224 JPM Chinese
318
+6 0.5
365
697⅝
589 Brit Land
681⅝ -2⅝ 4.4
—
1⅛ Spirent
119⅜ -2⅝ 2.5 33.9
770
659½ JPM Claverh’se
770*
+6 3.6
789
256⅜
186¼ CLS Hldgs ●
252 +6½ 2.5
6.5
1099
480 Dialight
504
450
258¼ discoverIE Grp
445 +10 2.0 84.0
2184
1766 Admiral
1341
1064 Halma
1311 +15 1.1 38.3
550
482¼ Aviva
Net Asset Values © 2018 Morningstar Estimated at previous
day’s close see www.Morningstar.co.uk.
60
-1⅛ 6.6
97
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— -4850.0
1296½ +2½ 3.5 13.9
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245⅜
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105½ Walker Green
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1630
1286 Young & Co - A
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111½
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31.1
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— 3.9
6.7
…
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1617½ +17½ 1.2 26.3
1324⅜ 1010 Young & Co - N/V 1220 — 1.6 22.1
The Alternative Investment Market is for young and growing
companies. Shares may carry higher risks than those with a full
quotation, and may be difficult to sell.
Americans +0.32%
318
202⅛ BT Group
203
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9.9
375⅝* -6¾ 3.9 12.7
52 week
High
Low Stock
Price +/- GrsYd Cvr
834½
733⅝ JPM ElecManGth
830
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852
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61¼
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865
334¼ Inmarsat ●
121
104 JPM ElecManInc
118
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121
326⅛
251⅞ Capital&Count ●
285⅞* -¼ 0.5-2859.0
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98⅝
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39⅜
24¾ 21st Cent Fox A $
38⅛
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1936* -11½ 5.9 16.5
103
98 JPM ElecManCsh
100½
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102
52 week
High Low (p) Stock
P/E
3241
2574 Derwent Ldn ●
3040* -30 4.4
—
220
88⅝ TalkTalk ●
122⅜ -8½ 3.3 20.1
62⅜
29½ Alcoa $
50⅜
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543* -1¼ 5.0 15.5
935
762½ JPM Emerg Mkt ●
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993
192½
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832⅛
660 Gt Portland Est ●
672⅞ -14⅛ 17.9
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1342
1016 Telecom Plus ●
1024 -16 4.9
103
76 Amer Express $
100⅞ +⅛ 1.4
2.5
Insurance -0.21%
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179 Vivo Energy
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890 Hend Opp
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198⅛
77½
1110
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1173 Smith & Nep
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74 Prime People
1442
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—
103½
303¼* -1⅛ 1.2 12.4
84⅛
105
45
144½
299*
104⅝ Urban Exposure
1709 -2½ 1.9 25.0
948
270¼ Boot H
107
5680 +8 2.0 18.2
2787½ 2039 Royal D Shell B
+1 2.3
354
—
189 +1½ 4.4 20.8
4427 Ferguson
357
856
1481½ Burberry
—
1428 Experian
+1 3.0
771 Scot Invest ●
2024
+3
1768
374
973½
8.9
230
5722
339½ Scot American
+8 2.0 1050
—
150 Bloomsbury
Price (p) +/- Yld
190
55*
—
8.6
52 week
High Low (p) Stock
225 Avast
+8 4.4
383
962
-3.1
Recent issues
235½
25.7
2747* -25½ 5.1 23.4
166* +1¼ 3.1
758 Hend Smaller Co
4163 -37 2.6
—
440
153⅞ Hend Intl Inc
3031 Berkeley Grp
-¼ 2.7 16.0
178½ +½ 2.5
172
4270
+4 2.3
158 Oakley Capital
966
9.1
407
52⅜
230½ Numis
-3¾ 1.2 22.0
9.1
290 M&C Saatchi
34¾ Miton Group
180
681
3387 -46 3.9
8.1
448½
3618 +78 0.4 53.6
558⅝* -9⅝ 7.7
—
— 1.7 10.9
460⅜ -1⅜ 4.5 10.5
2060 NMC Health
2718 Bellway ●
1
157½
7360 +130 1.7 25.0
495⅜ Mediclinic Int
1309½ +5½ 2.0 20.1
-5 4.9 13.1
Kellan Gp
405¼ Essentra ●
890⅛
87⅛ Soco Intl
—
½
126 LPA Gp
588½
3728
— 5.7
77¾ Capita ●
7762½ 6445 DCC
112⅜ +1⅞ —
6.9
127
3805
27 CRH
NAV
1420
3491 +47 2.2 17.4
+3 3.9 35.4
1995 +10 — 2340
2486 -20 2.5 26.8
2681 Johnson Mat
74 Breedon Group
Price (p) +/- Yld
2790 +55 3.8 13.7
3511
6¼ Barratt Dev
1720 Pantheon ●
1870 S & U
3784
252½ Balfour Beatty ●
High Low (p) Stock
52 week
2254 Rathbone Bros ●
4589* +18 1.8 25.4
315¼
-9.7
52 week
2790
3612 Croda
115 Alumasc
2.8
2842
4691
189⅞
—
148⅝ Man Group ●
256* -3½ 2.8 48.8
Construction -0.67%
155⅞* +⅛ 6.7 10.5
3369 Lon Stock Ex
2711 +36 2.3 25.6
Chemicals +1.15%
-1.9
4492
320
155½ Stock Spirits
10.6
-¼ 1.2 16.7
—
219¼
2735½ 2234 Diageo
2901
2.0
85¾ +1¼ 2.4
425
110 Cobham ●
90½
124⅞ +¼ 2.2
73⅛ Wal Mart Strs $
538
190¼ Qinetiq ●
705½
109⅛ United Tech $
-1 1.8 25.4
322⅞
Banks -1.05%
139¼
110
3056 +22 1.5 22.8
150¼
-3.7
-2⅝ 5.7 18.6
3497¾ 2703 Cranswick ●
4557½ 3678½ Unilever
—
2.5
101½ +1½ 2.5
+¾ 4.9
+2.48
4.2
… 0.9
97 Warehouse REIT
Oil & Gas -0.49%
3.09
+¼ 2.1
237 Urban&Civic
981¾
United States
95½
21¼
105¼
70
144 BlckRck NrthAmerInc 164
93½ Manpower $
10½ Marathon Oil $
325
95
1155 BlackRock Small
136⅞
21⅝
703⅝* +18¼ 4.6 11.6
47 Lonmin
— 16.2
1510
8.2
577¾ Polymetal ●
— 11.7
171
…
-¾ 4.5
843½* -4 2.7
68
+1 2.9 18.6
-½ 1.5 85.2
148½
618 Unite ●
89½
143*
204½
139⅜ Tritax Big Box ●
88½ Northern 3 VCT
2705 -20 1.5 17.8
0.1
151⅜
64⅝ Nthn Venture
118 Carr’s Grp
125⅝ +½ 2.7
862
86½
2386 Ass Brit Fds
121¼ Johnson&John $
18.9
102
154
148⅜
— -12.6
525
3387
3.2
-5 3.3 -80.6
—
215
-1.59
113⅜ +⅜ 2.0
—
— 3.2
-3.04
55¾ +1⅞ 3.4
81⅝ JP Morgan Ch $
+¼
+5 2.1
-0.56
50 Intl Paper $
119⅜
33¾
454*
+0.89
67
9.0
+3 2.0 16.0
252
185 BlckRck Inc&Grth Inv 204
0.05
12.4
Hummingbird
⅜
400½ BlackRock Latin
1.50
-6 2.4 22.4
205 Kenmare Res
501½
Great Britain
638⅝* +1¼ 3.4 23.8
40
214
Japan
162 Chemring
0.8
304
542¼ -1⅝ 2.9 24.5
533½ BAE Systems
1.8
-⅝ 6.0
5¼ Smith (DS)
219
1.4
-1 2.2
+1 0.8
1354 Smiths Gp
682½
+¼ 3.2
304
1697
P/E
15
187
117*
565
Price (p) +/- Yld
12¾ Gen Electric $
144¼ Home Depot $
247 JPM US Sml
274.84 263.31 Treas 2% IL 35 261.45 -0.51 1.20 0.00
52 week
High Low (p) Stock
29½
207⅝
109 J Laing Infra ●
-9.2
Food producers -0.36%
7.8
140⅛
52 week
375.00 353.40 Treas 4⅛% IL 30 356.31 +0.21 2.36 0.00
Aerospace & defence +0.07%
+½ 3.5
9.1
306
5192⅛ 4403⅞ Jardine Mthsn
The share prices, price-earnings ratios and dividend yields
below are supplied by Interactive Data (Europe) Ltd. The
yields are calculated using historic dividend payments divided
by the closing share price multiplied by 100.
9.0
— 4.3
NAV
148.94 +0.29 3.19 1.87
-2.24
— 2.4 26.6
Price (p) +/- Yld
156.85 146.14 Treas 4¾% 38
-2.48
2.5
290 BBA Aviation ●
986¼
–
… 1.9
1950 Clarkson ●
1128* +2 3.5 18.9
+0.24
119⅜
370⅜
1004 IMI ●
0.61
83¼ Dr Pepper $
3475
1453
0.85
1.4
126⅝
—
136.39 +0.19 3.12 1.84
Germany
+¾ 2.7
—
363.52 133.71 Treas 4¼% 36
France
-⅛ 3.3
62⅜
+4 3.4
34.6
3.1
38
61¼ Colgate Palm $
267
High Low (p) Stock
T-Bonds
36⅛ Coca-Cola Euro $
193¾ +⅝ 3.9
2140 +180 2.0 25.3
Spread vs
1.1
44¾
77⅞
162¼ LondonMetric ●
608½* -½
Bunds
1.2
192¼ McKay Secs
279 Fenner ●
Spread vs
-¾ 3.5
289
1510 Goodwin
+¾ 3.2 15.3
129
197⅜
624½
78⅜
102½ Chevron $
1362 -7½ 1.0 33.5
2155
59 Severfield
1.2
133⅞
4775* +34 1.2 30.5
142.94 +0.12 4.20 1.57
—
153⅜ +¾ 2.0
11⅜ Sky
130.92 +0.16 3.25 1.76
— 5.6
97¾ Caterpillar $
3873 Rightmove ●
139.32 105.24 Treas 4¼% 32
54
2.2
173¼
4934
153.80 142.35 Treas 6% 28
88
42
2728 -17½ 6.4 18.5
Transport -0.51%
342⅜ +¼ 2.0
1402
Investment trusts +0.33%
372.89 354.79 Treas 2½% IL 24 358.44 +0.16 1.97 0.00
—
-⅛
3728⅛ 2298 Imp Brands
2.1
3.7
175½ Boeing $
371⅝
503
448⅝
2⅛ Melrose Ind
31¾
3840 +13½ 5.1
P/E
-⅛ 1.5
31⅛
499
81⅜* -2⅛ 1.3 19.0
1684 Mondi
29¾ Local Shopp REIT
5643⅝ 3553 Brit Am Tob
Price (p) +/- Yld
22⅛ BankAmerica $
+6 1.1
1425 -10 0.8 28.2
2145
33
Tobaccos +0.13%
52 week
High Low (p) Stock
33
436 +3½ —
61¼ Coats Group ●
261⅞
1587* +½ 2.5 19.3
P/E
195¾ -2⅝ 6.7 25.5
460
1350 Cropper J
373.15 360.81 Treas 2½% IL 20 361.48 +0.05 2.29 0.00
—
Price (p) +/- Yld
354⅞ JPM Japanese ●
1975
Index Linked Securities
3.0
948⅝ -1⅜ 4.8
3.7
190⅛ Vodafone
332⅛ JPM Japan Sm Cos
90
4614⅜* -10½ 2.6
530¼* +½ 2.8
1208½ 900¼ Land Secs
+¼ 6.8
239⅝
462
124.20 +0.08 4.03 1.28
51 Low&Bonar
+9 2.2 11.6
52 week
High Low (p) Stock
469
121.52 +0.03 6.58 0.85
91
P/E
-1 1.5 17.4
781½ -8½ 6.4 -22.8
132.85 123.92 Treas 5% 25
—
—
Price (p) +/- Yld
1916½* -8½ 2.5 20.6
1992½ 1692 Prudential
1043
8.8
-⅝ 2.8 13.0
132.43 123.14 Treas 8% 21
Yield%
-1 2.7 20.0
733 Nat Grid
Flat Rdm
Low (£) Stock
NAV
+3 1.1
P/E
+1 1.8 31.2
608
368¾
Engineering / Industrial +0.05%
52 week
Price (p) +/- Yld
Price (p) +/- Yld
1174⅜
1554
Government securities
52 week
High Low (p) Stock
5820
2.3
Bold FTSE100 Stocks
* Ex-dividend
§ Ex-rights
●
FTSE250 Stocks
† Ex-scrip
# Suspended
‡ Ex-all
Cover relates to the previous year’s dividend.
Yields are net of basic rate tax.
Data is provided for information purposes only and is
not intended for trading purposes. Speak with a
financial advisor before using any data to make
transactions.
The Daily Telegraph Thursday 17 May 2018
7
**
Business
Price cap jitters send Centrica lower
TOM
REES
PORT
MARKET REPORT
Results roundup
Company
Pre-tax (£)
EPS (p)
DIV (p)
Pay day
XD
4.400 (4.250)
Jun 15
May 24
68.90 (65.30) 30.300 (28.400)
9.70 (8.20)
Aug 03
Jun 28
Int 161.8m (147.4m)
34.1m (28.4m)
Fin 2.7bn (2.8bn)
412.6m (394.8m)
C&C Group €
Fin 813.5m (860.8m)
72.2m (-62.9m)
21.50 (-23.50)
9.370 (9.370)
Jul 13
May 24
Marston’s
Fin 529.0m (451.5m)
-13.4m (36.7m)
-2.00 (5.20)
2.700 (2.700)
Jul 03
May 24
Burberry Group
ENERGY giant Centrica’s post-results
lift was wiped out by analysts warning
that customers will continue to desert
the British Gas owner as the
Government’s price cap intensifies
competition.
The UK’s largest energy supplier has
been haemorrhaging customers but
shareholder fears were soothed on
Monday by a sharp slowdown in
customer losses to just 110,000 in the
first four months of the year.
But Morgan Stanley predicted that
tightening regulation could result in
more rather than less competition,
citing the fierce battle for market share
in the betting industry. A price cap on
the standard variable tariffs used by
11m homes across the UK is expected
to be in place by this winter.
In a downgrade to “underweight”,
Morgan Stanley predicted that
cost-cutting can only offset the pinch
from shedding customers for so long,
while earnings will deteriorate
gradually from 2019. Predictions of a
continuing customer exodus at
Centrica sent shares sliding 7.5p to
140.9p, a 5.5pc plunge.
Elsewhere, paper and packaging
giant Smurfit Kappa tumbled 158p to
£29.50, its sharpest fall in two years,
Winners and losers (pc)
Turnover (£)
Brewin Dolphin Hldgs
Mitchells & Butler
Sagicor Financial Corp $
Speedy Hire
Int 1.1bn (1.1bn)
69.0m (75.0m)
13.00 (13.70)
0.000 (2.500)
–
–
1Q 296.6m (282.5m)
46.9m (29.1m)
6.40 (4.10)
n/a (n/a)
–
–
Fin 377.4m (369.4m)
18.0m (14.4m)
2.71 (2.22)
1.150 (0.670)
Aug 10
Jul 05
Int 1.2bn (1.1bn)
48.4m (33.0m)
5.60 (3.80)
4.800 (3.200)
Jun 29
May 31
Int 199.2m (175.1m)
37.2m (68.3m)
10.00 (16.00)
2.000 (0.000)
Jun 20
Jun 07
Fin 3.7m (1.5m)
-10.0m (-8.0m)
– (–)
n/a (n/a)
–
–
SSP Group
Tharisa $
TruFin
BUSINESS BULLETIN
Ç Mining
2.82
Ç Information technology
2.51
Ç Beverages
1.33
Ç Chemicals
1.15
Ç Electricals
1.14
Ç Household goods
0.89
Ç Support services
0.77
Ç Pharmaceuticals
0.76
Ç Healthcare
0.51
www.theice.com/data
after US rival International Paper
pulled its takeover interest.
Stagecoach shares took a very brief
5.8pc plunge before recovering to gain
1.4p to 154.9p after it revealed that its
East Coast rail franchise would be
taken back under government control.
Homeserve leapt 70.5p to 828.5p
after UBS analysts upgraded the house
repairs company to “buy”, arguing that
its international expansion will exceed
investors’ expectations.
Oil prices were knocked off their
highest level since 2014 after the
International Energy Agency warned
that the recent price surge to just
under $80 per barrel will dampen
global demand for crude.
The IEA predicted that it would be
“extraordinary” if a jump in prices was
not followed by a dip in demand,
dragging Brent crude down as much
as 1.1pc to below $78 per barrel.
Meanwhile, Italian stocks and bonds
tumbled after policy proposals leaked
from the country’s populist coalition
government in waiting spooked
investors.
The plans hinted Five Star and
League would ask the European
Central Bank to write off €250bn
(£218bn) of debt. Although the plan
was later denied by the insurgents,
hints of a hard-line approach knocked
investor confidence in Italy.
The FTSE MIB, Milan’s blue-chip
index, slid 2.3pc, its sharpest fall since
the election, while Italy’s 10-year bond
yield spiked 16.2 basis points to its
highest level since February.
Rallying mining stocks pushed the
FTSE 100 to within sight of its record
high with share price surges from
Paddy Power Betfair and Micro Focus
helping the index close 20.30 points
higher at 7,743.28.
È Property
-0.21
È Food producers
-0.36
È Oil & Gas
-0.49
È Transport
-0.51
È Electricity
-0.59
È Construction
-0.67
È Banks
-1.05
È Gas & Water
-1.55
È Telecommunications
-1.57
Gilbert steps back from
Glencore for Sky focus
Crest Nicholson warns
over flat house prices
Glencore has granted non-executive
director Martin Gilbert a leave of
absence until the middle of October due
to the “competitive bid situation” at Sky
where he is deputy chairman. Earlier
this month Standard Life Aberdeen, of
which Mr Gilbert is co-chief executive,
revealed he had told the board he would
relinquish either the Sky or Glencore
post by the end of May.
Crest Nicholson warned that its margins
will be squeezed by flat house prices
and rising business costs, prompting
investors to send the housebuilder’s
shares down 13pc. The company said
that while it had enjoyed “strong
growth” in revenues and housing unit
numbers in the first six months of 2018,
operating margins for the full year were
expected at the bottom end of guidance.
European biscuit maker
snaps up free-from firm
Tharisa strikes first deal
outside South Africa
The UK’s largest gluten and milk-free
biscuit maker Northumbrian Fine
Foods is being snapped up by Biscuit
International, the European company
behind France’s Poult and waffle maker
Banketgroep. Biscuit International
cited the growing free-from biscuit
market as a key reason for the buy, and
said it would increase its UK presence.
Chrome and platinum miner Tharisa
has struck its first deal outside of South
Africa, taking a 90pc stake in a chrome
operation in Zimbabwe. The purchase
offers Tharisa the potential to begin
extracting chrome from shallow river
deposits. Tharisa said the deal would
give it a foothold in Zimbabwe, which
recently liberalised its mining sector.
Stock woes weigh on
Moss Bros performance
Speedy Hire profits surge
as turnaround takes hold
High street suit seller Moss Bros saw
another drop in sales in recent months
even as it hailed a recovery from stock
availability problems that had been
weighing on its top line. Sales from
stores open more than one year fell
5.2pc in the 15 weeks to May 12, but the
group said declines eased across the
period after a sharp drop in March.
A renewed focus on small businesses
has boosted Speedy Hire’s turnaround
plan, pushing profits up 25pc in the last
12 months. The company enacted a
turnaround plan in 2015 after two
volatile years during which it lost its
boss, issued a string of profit warnings
and weathered a row with an influential
shareholder over its board make-up.
Market data
Unit trusts & open-ended investment companies prices www.telegraph.co.uk/funds
World market indices
Name
Index
Init chge
Mid
Sell
Change
Buy on day
Change
Name
Init chge
Sell
Mid
Change
Buy on day
+0.15pc
No 1, Poultry, London EC2R 8JR. 020 7415 4130
Ç Brazil
Bovespa
86536.96
+1406.54
+1.65pc
Maitland Discretionary Inc
È China
Shanghai Composite
3169.57
-22.55
-0.71pc
CAC General
5567.54
+14.38
+0.26pc
DAX
12996.33
+26.29
+0.20pc
Hang Seng
31110.20
-41.83
-0.13pc
È Hong Kong
È India
S&P CNX500
9328.70
-37.20
-0.40pc
È Japan
Nikkei
22717.23
-100.79
-0.44pc
RTS
1189.77
+11.01
+0.93pc
Straits Times
3533.05
-7.18
-0.20pc
Ç Russia
È Singapore
7 Newgate Street, London, EC1A 7NX
www.axaframlington.com Cust Svs: 0845 777 5511
5.25
626.70
…
Biotech Acc
5.50
177.90
…
272.70
…
130 Tonbridge Road, Tonbridge, Kent TN11 9DZ
Call free: Private Clients 0800 414161
Broker Dealings 0800 414181
Unit Trust
Madrid SE
1023.64
-9.90
-0.96pc
SMI Index
8973.88
-20.34
-0.23pc
Ç USA
Dow Jones
24768.93
+62.52
+0.25pc
Emerg Mkts Acc
5.25
Ç USA
Nasdaq
7398.30
+46.67
+0.63pc
European Acc
5.25
915.10
…
Financial Acc
5.25
*700.00
…
Price
È Gold
per troy oz
Ç Silver
per oz
Change
$1290.53
-1.40
-0.11pc
£12.14
+0.08
+0.69pc
Fidelity International
Amer Gwth Acc
È Spain
Commodities summary
3.00 2466.59 2614.78 +12.94
AXA Investment Managers UK
Limited
È Switzerland
Change
Buy on day
Mid
Change
Buy on day
Mid
Change
Buy on day
JPM Global Macro Opps A Acc 3.00
75.04
-0.15
Jupiter Eco Inc
–
*389.62
-1.46
M&G Dividend A Acc
4.00
701.33
-2.12
5.00
178.4000
-0.20
JPM Global Macro Opps A Inc 3.00
74.34
-0.15
Jupiter Emerg Euro Opps
–
207.93
-2.05
M&G Episode Growth A Inc
4.00
*62.07
-0.16
Multi-Mgr Inc&Gwth A Inc
5.25
156.1000
-0.20
JPM Global Uncons Eq A Acc 3.00
1371.0000
-1.0000
Jupiter European
–
2244.84
-9.04
M&G Episode Income A Inc
4.00
*129.75
-0.54
Multi-Mgr Mangd A Acc†
5.00
*283.8000
-0.30
JPM Global Uncons Eq A Inc 3.00
101.8000
-0.1000
Jupiter Euro Inc Acc
–
82.11
-0.66
M&G Episode Income A Acc
4.00
*171.06
-0.71
Multi-Mgr Mangd A Inc†
5.00
*276.5000
-0.30
JPM Japan A Acc
3.00
488.2000
+1.2000
Jupiter Euro Inc Inc
–
56.33
-0.45
M&G Global Dividend A Inc
4.00
*210.47
-1.15
Sterling Bond Acc†
4.25 *219.1900 228.6400
…
JPM Japan A Inc
3.00
117.5000
+0.2000
Jupiter Euro Special Sits
–
419.54
-4.21
M&G Global Dividend A Acc
4.00
*289.11
-1.58
Sterling Bond Inc†
4.25 *64.4400 67.2200
…
JPM Multi-Asset Income A Acc 3.00
*95.2400
-0.2600
Jupiter Fin Opp
–
*648.46
+0.84
M&G Glbl Emrgng Mkts A Inc 4.00
272.13
+1.67
Jupiter Fund Of Inv Trusts
–
*261.38
-0.27
M&G Glbl Emrgng Mkts A Acc 4.00
294.58
+1.81
Jupiter Global Emg Acc
–
71.48
+0.53
M&G Glbl High Yld Bd A Inc
3.00
*50.25
-0.08
Multi-Mgr Inc&Gwth A Acc
+9.40
Ç Germany
Mid
-0.05
–
6208.10
Ç France
Change
Buy on day
Init chge
Multi-Mgr Divrsfd A Acc
All Ordinaries
Ç Australia
Mid
85.9500
Name
Discretionary Unit Fund
Global Opp Acc
5.25
*1477.00
…
Wealthbuilder
Global Opp Inc
5.25
*1303.00
…
Investment Funds (OEIC)
3.50
Global Tech
5.25
117.40
…
-0.4
140.2
Sell
Name
Init chge
Sell
Name
Init chge
Sell
Name
Init chge
Sell
Strategic Bond A Inc
4.00
*122.0000
-0.30
JPM Multi-Asset Income A Inc 3.00
*64.9800
-0.1800
UK Absolute Return A Acc
5.00
158.9000
+0.10
JPM Multi-Asset Inc A Mth Inc 3.00
64.95
-0.18
UK Alpha A Acc†
5.25
159.1000
…
JPM Multi-Man Gwth A Acc
3.00
1029.0000
-1.0000
Jupiter Global Eq Inc Acc
–
72.68
-0.16
M&G Glbl High Yld Bd A Acc
3.00
*132.04
-0.21
UK & Irish Small Co A Acc
5.00
684.0000
-1.10
JPM Multi-Man Gwth A Inc
3.00
941.5000
-0.6000
Jupiter Global Eq Inc Inc
–
63.62
-0.15
M&G Global Macro Bd A Inc
3.00
*82.78
+0.14
UK Equity Income A Inc
5.00
*657.1000
-0.80
JPM Natural Res A Acc
3.00
665.8000
-0.3000
Jupiter Global Managed Acc
–
237.79
-0.28
M&G Global Macro Bd A Acc
3.00
*125.86
+0.2
UK Index A Acc
–
652.6000
…
JPM Natural Res A Inc
3.00
46.6600
-0.0200
Jupiter Global Managed Inc
–
228.56
-0.27
M&G Global Themes A Inc
4.00
908.37
+0.99
293.7000
+0.10
JPM Sterling Corp Bd A Grs Acc 3.00
*92.1500
-0.1900
Jupiter Growth & Inc
–
*105.15
-0.36
M&G Global Themes A Acc
4.00
1412.11
+1.54
1053.0000
-5.00
JPM Sterling Corp Bd A Grs Inc 3.00
*55.0000
-0.1100
Jupiter Income
–
593.63
-1.63
M&G Managed Growth A Inc 4.00
*112.73
-0.02
JPM UK Dynamic A Acc
3.00
216.5000
+0.4000
Jupiter India Fd
–
121.99
+0.27
M&G Optimal Income A Inc
3.00
*149.19
+0.43
3.00
*210.82
+0.61
UK Tracker A Acc
–
US Growth A Acc
5.00
†Available as an ISA
Ç Krugerrand
£959.06
+0.03
0pc
Health Acc
5.50
*1861.00
…
Cash Fd Y
–
100.02
…
JPM UK Dynamic A Inc
3.00
170.7000
+0.3000
Jupiter Int Financials
–
101.79
+0.33
M&G Optimal Income A Acc
Ç New Sovereign
£221.00
+0.95
+0.43pc
Japan Acc
5.25
612.30
…
Cash Fd Y Accum.Units
–
100.37
…
JPM UK Equity Core E Acc
–
*377.3000
-0.1000
Jupiter Japan Inc Fd Acc
–
122.59
+0.35
M&G Property Portfolio A Inc
Ç Maples
£954.98
+0.03
0pc
Managed Balanced Acc
5.25
399.80
…
Income Funds
JPM UK Equity Core E Inc
–
*64.5600
-0.0200
Jupiter Japan Inc Fd Inc
–
95.99
+0.27
M&G Recovery A Inc
4.00
151.28
+0.82
+1.94
È Platinum
117.35
117.35
-0.08
-6.23
-0.95pc
per oz
£728.59
+4.92
+0.68pc
Managed Income Inc
5.25
*142.10
…
JPM UK Equity Gwth A Acc
3.00
151.5000
+0.3000
Jupiter Merlin Bal Prtfo Acc
–
186.78
-0.23
M&G Recovery A Acc
4.00
353.89
grade A
£5076.02
+30.45
+0.60pc
Managed Income Acc
5.25
*995.80
…
Enhanced Inc Fd
3.50
110.1
-0.1
JPM UK Equity Gwth A Inc
3.00
135.8000
+0.2000
Jupiter Merlin Bal Prtfo Inc
–
130.48
-0.16
M&G Strategic Corp Bd A Inc 3.00
75.11
-0.1
high grade
£15396.02
-70.38
-0.46pc
£1735.39
-10.55
-0.60pc
Monthly Inc Inc
5.25
*264.90
…
Extra Income Fd
3.50
27.50
-0.03
JPM UK Higher Inc A Acc
3.00
1146.0000
+1.0000
Jupiter Merlin Conserv Prtfo Acc–
58.45
+0.05
M&G Strategic Corp Bd A Acc 3.00
116.17
-0.15
special high grade
£2283.45
+16.28
+0.72pc
Monthly Inc Acc
5.25
*644.10
…
Moneybuilder Bal
–
50.11
-0.04
high grade
£1714.25
-8.35
-0.48pc
Pan Euro HY Bond Inc
5.25
*32.24
…
Moneybuilder Inc
–
36.31
-0.03
Pan Euro HY Bond Acc
5.25
*104.90
…
Growth & Income Funds
per oz
Ç Palladium
Ç Copper
È Tin
£651.96
È Lead
Ç Zinc
–
È Aluminium
È Nickel
£10716.40
-8.20
-0.08pc
1403.00
-65.00
-4.43pc
per tonne
£147.70
+0.30
+0.20pc
UK Growth Acc
5.25
316.80
…
Jul settlement
$79.28
+0.85
+1.08pc
UK Select Opps R Inc
5.25
*1981.00
…
Moneybldr Div
3.50
262.1
UK Select Opps R Acc
5.25
*3633.00
…
Moneybldr Gwth
–
82.12
UK Smllr Cos Acc
5.25
*314.20
…
Growth Funds
È Baltic Dry Index*
Ç Wheat
Ç Brent Crude
*Copyright Baltic Exchange Information Services Ltd.
Exchange rates
£ > € Rate 1.1440 Change +0.62¢ £ > $ Rate 1.3484 Change -0.13¢
J.P. Morgan Asset Management
60 Victoria Embankment, London, EC4Y 0JP
Clients:0800 204020.Brokerline 0800 727770
JPM UK Higher Inc A Inc
3.00
596.3000
+0.3000
Jupiter Merlin Conserv Prtfo Inc–
50.55
+0.04
M&G UK Inc Distribution A Inc 4.00
802.73
-0.81
JPM UK Sm Cos A Acc
3.00
507.6000
-1.0000
Jupiter Merlin Grth Prtfo Acc –
416.01
-0.73
M&G UK Inc Distribution A Acc 4.00
7303.36
-7.42
JPM America Eq A Acc
3.00
92.0500
-0.1800
JPM UK Sm Cos A Inc
3.00
96.9100
-0.1900
Jupiter Merlin Grth Prtfo Inc –
404.30
-0.71
M&G UK Infl Lkd Corp A Inc
3.00
*114.97
-0.06
JPM America Eq A Inc
3.00
92.0400
-0.1900
JPM UK Strat Eq Inc A Acc
3.00
*199.4000
-0.1000
Jupiter Merlin Inc Prtfo Acc
–
*300.93
-0.64
M&G UK Infl Lkd Corp A Acc 3.00
*118.6
-0.06
-0.4
JPM Asia Growth A Acc
3.00
216.1000
+0.7000
JPM UK Strat Eq Inc A Inc
3.00
*117.3000
-0.1000
Jupiter Merlin Inc Prtfo Inc
–
*135.22
-0.28
N.A.A.C.I.F. Inc
–
*87.87
-0.2
-0.05
JPM Asia Growth A Inc
3.00
119.1000
+0.4000
JPM Uncons Bond A Acc
3.00
*72.1400
+0.0100
Jupiter Merlin WW Prtfo Acc –
298.27
-0.42
N.A.A.C.I.F. Acc
–
*8736.95
-20.39
AXA IM Funds www.axa-im.co.uk
Jupiter Merlin WW Prtfo Inc –
298.25
-0.42
Jupiter Monthly Inc Acc
–
*118.04
-0.05
†CAR - Net Income reinvested.
Natwest Investment Funds
1 Euro =
1 Dollar =
American
3.50
3859
+2
Jupiter Monthly Inc Inc
–
*31.30
-0.01
Aus $
1.7095
1.7968
1.5706
1.3325
Amer Sp Sits
3.50
1555
+1
Jupiter N.American Inc Acc
–
153.39
-0.07
Canada
Can $
1.6527
1.7265
1.5091
1.2804
European
3.50
2293
-13
Jupiter N.American Inc Inc
–
127.80
-0.06
Denmark
Krone
8.0796
8.5213
7.4485
6.3195
European Opps
3.50
521.6
-3.2
Jupiter Responsible Inc Fd Acc –
*118.79
-0.12
Balanced Inc
5.00
*328.90
Global Special Sits
3.50
3947
-17
Jupiter Responsible Inc Fd Inc –
*75.36
-0.08
Balanced Acc
5.00
*422.00
…
Japan
3.50
381.4
+1.4
Jupiter Strategic Bond Acc
–
*96.90
-0.11
Equity Income
5.00
*349.80
…
Japan Smaller Cos
3.50
329.3
+0.4
Jupiter Strategic Bond Inc
–
*63.65
-0.07
Extra Income
5.00
*108.60
…
Global Focus
3.50
1989
…
Jupiter Strategic Res Acc
–
53.46
-0.08
Growth
5.00
*392.70
…
Index UK A Acc
–
112.1800
-0.0100
Jupiter Strategic Res Inc
–
52.03
-0.09
High Yield
5.00
*126.60
…
Intntl Growth
5.00
*499.60
…
Tourist £1= Sterling £1=
Australia
Euro
€
1.0888
1.1440
…
0.8484
HK $
10.0600
10.5849
9.2523
7.8499
India
Rupee
80.7000
91.4569
79.9434
67.8263
Israel
Shekels
Hong Kong
4.3778
4.8381
4.2290
3.5880
Yen
141.6100
148.7555
130.0287
110.3200
Kuwait
Dinar
…
0.4072
0.3559
0.3020
New Zealand
NZ $
1.8264
1.9553
1.7092
1.4501
Japan
Norway
Krone
10.4500
10.9357
9.5590
8.1101
Pakistan
Rupee
146.9000
155.8548
136.2343
115.5850
Riyal
4.7318
5.0568
4.4203
3.7502
Saudi Arabia
Singapore
South Africa
$
1.6901
1.8094
1.5817
1.3419
Rand
15.9300
16.8078
14.6919
12.4650
Sweden
Krona
11.2100
11.7622
10.2815
8.7231
Switzerland
Franc
1.2849
1.3494
1.1795
1.0007
Thailand
Baht
38.7000
43.3443
37.8877
32.1450
Dirham
4.6515
4.9529
4.3293
3.6732
£
…
…
0.8741
0.7416
UAE
UK
USA
$
1.2889
1.3484
1.1786
…
Tourist rates for indication use only. www.travelex.co.uk
Rates
Inflation
Change on month
Year
RPI (1987=100)
Mar 278.30
+0.10
+3.3pc
RPIX (Target 2.5pc)
Mar 278.80
+0.20
+3.4pc
CPI (2015=100 target 2pc)
Mar 105.00
+0.10
Halifax house price index
Apr 715.10
-3.1pc
0.50pc
Nationwide Base Mortgage Rate
-0.04
3.50
305.3
-0.1
Jupiter UK Special Sits Inc
Boston Co US Opp Fund
0%
127.98
+0.20
UK Select Acc
Insight Corporate Bd
0%
92.32
-0.15
Target Funds
Insight Glob Abs Ret Inc
0%
110.57
-0.35
†CAR - Net income reinvested
Insight Glob Multi-Strat Fd
0%
*124.26
-0.34
PO BOX 23850, Edinburgh EH7 5FY
Dealing and Admin 0330 123 3822
Insight Inflat-Link Corp Bd
0%
*107.10
-0.12
Glob Income
5.00
161.02
169.67
+0.02
Long-Term Global Equity
0%
260.42
+0.25
Growth Fd
5.00
436.96
462.25
+0.53
Newton Asian Income
0%
197
+0.15
Fundsmith LLP
PO Box 10846, Chelmsford, Essex, CM99 2BW.
0330 123 1815
www.fundsmith.co.uk enquiries@fundsmith.co.uk
3.50
66.36
-0.02
Liontrust Investment Funds
Marks & Spencer Unit Trust
Management Ltd
195.07
-0.43
Fundsmith Equity T Acc
–
367.93
-0.98
JPM Div Gth A Net ACC
-0.66
Fundsmith Equity T Inc
–
341.6
-0.91
JPM Emg Euro Eq A Acc
Major price changes FTSE 100
Volume
Close
Change
2.44m
2950
-5.08pc
Ç Micro Focus Intl 5.27m
1347½
6.19pc
È Centrica
80.41m
140⅞
-5.05pc
Ç Anglo Amer
1892⅜
4.98pc
È BT Group
53.08m
203
-1.84pc
Ç Glencore
58.64m
393
3.63pc
È Royal Mail
6.38m
597¾
-1.84pc
Ç Burberry
7.13m
1868
3.58pc
È Barratt Dev
4.18m
558⅝
-1.69pc
Ç Mondi
2.85m
2063
3.25pc
È Lloyds Bk Gp
251.14m
65¾
-1.63pc
Ç Rio Tinto
6.98m
4350
2.85pc
È Barclays
34.27m
208½
-1.47pc
-1.32pc
+0.56
Target 2020
289.10
0.75pc
70.17
-0.19
-0.10
0%
6 months
Jupiter US Sm&Md Cap Ret Acc –
182.75
131.75
0%
0.00pc
+0.61
0%
Newton Glb Opps
European base rate
-0.78
76.08
0%
Newton Glb Inc Stg Inc
1.50-1.75pc
*199.30
Insight Eq Inc Booster
+2.2pc
2.50pc
–
Jupiter US Sm&Md Inst I Acc –
Insight Eq Inc Fund
-0.02
0.63pc
7.21m
-1.81
377.81
59.78
3 months
È Smurfit Kappa
355.06
–
0%
1.25pc
Fallers 45
–
Jupiter UK Smaller Cos
Newton Glb High Yld Bd
3.21pc
6.31pc
Jupiter UK Growth
+5
+2.5pc
European repo rate
Change
-6
1414
-1.32
US Long Bonds Yld
8250
4179
3.50
+0.01
US Fed Funds
Close
3.50
101.6
0.47pc
0.30m
Special Sits
South East Asia
273.50
0.48pc
Volume
Sterling Income Shares
0%
0.50pc
Ç PaddyPwrBet
BNY Mellon Investment Funds (ICVC)
0%
1 month
Risers 53
www.bnymellonim.co.uk,
clientservices@bnymellon.com
Newton Cont European
7 day
Overnight
Investors: 0800 614330 Brokers: 08085 660000
Newton Global Dyn Bd
Money
Bank Rate
BNY Mellon Fund Managers
Name
Mid
Change
Buy on day
3.00
*262.5000
-1.1000
JPM Uncons Bond A Inc
3.00
196.1000
-1.3000
JPM US Eq Inc £ Hdg A Inc
Init chge
Sell
Name
Kings Meadow, Chester, CH99 9UT
0870 333 1835
Mid
Change
Buy on day
3.00
*56.7300
+0.0100
High Income Inc
–
*111.3
111.3
-0.7
3.00
*118.1000
-0.6000
High Income Acc
–
*256
256
-1.7
Init chge
Sell
Newton Intnl Bond
0%
233.06
-0.18
JPM Emg Euro Eq A Inc
3.00
43.3000
-0.3000
JPM US Eq Inc A Acc
3.00
*176.6000
…
UK Select Port Inc
–
361.3
361.3
-0.5
Newton Multi-Asset Bal
0%
198.12
-0.68
JPM Emg Markets A Acc
3.00
226.3000
-0.4000
JPM US Eq Inc A Inc
3.00
*142.1000
…
UK Selection Port
–
654.8
654.8
-0.9
Newton Mult-Asset Div Ret
0%
155.81
-0.01
JPM Emg Markets A Inc
3.00
96.3700
-0.1600
JPM US Select A Acc
3.00
166.9000
-0.3000
UK 100 Co’s Fund Inc
–
228.5
228.5
-1.4
Newton Mult-Asset Gwth
0%
863.68
-0.83
JPM Emg Mkts Inc A Acc
3.00
*74.0200
-0.1100
JPM US Select A Inc
3.00
164.7000
-0.3000
UK 100 Co’s Fund Acc
–
394.1
394.1
-2.7
Newton Oriental
0%
686.35
+4.78
JPM Emg Mkts Inc A Inc
3.00
*58.5500
-0.0800
JPM US Sm Cos A Acc
3.00
682.2000
+2.9000
W’wide Man Inc
–
516.5
-0.2
Newton Real Return A
0%
113.48
-0.26
JPM Eur Dyn (ex-UK) £ Hg A Acc3.00
223.3000
+0.1000
JPM US Sm Cos A Inc
3.00
178.7000
+0.8000
W’wide Man Acc
–
822.5
…
Newton UK Equity Fund
0%
892.53
-3.01
JPM Euro Dyn (ex-UK) A Acc 3.00
228.2000
-1.0000
Newton UK Inc
0%
68.63
-0.06
Newton UK Opps
0%
340.78
-0.25
Carvetian Capital
Management Limited
Admin: Stuart House, St John’s St,
Peterborough PE1 5DD
Dealing & Enquiries: 0845 850 0255
Janus Henderson Investors
PO Box 9023 Chelmsford, CM99 2WB
Enquiries: 0800 832 832
Website: www.janushenderson.com
Asia Pac Cap Gwth A Acc
5.00
1139.0000
…
JPM Euro Dyn (ex-UK) A Inc
3.00
102.4000
-0.4000
JPM Europe A Acc
3.00
1494.0000
-9.0000
Asian Dividend Income Inc
5.00 *109.2100 114.7300
JPM Europe A Inc
3.00
83.0400
-0.4700
Cautious Managed A Acc
5.00
*271.1000
-0.60
JPM Euro Smaller Co A Acc
3.00
789.9000
-7.4000
Cautious Managed A Inc
5.00
*154.5000
-0.40
JPM Euro Smaller Co A Inc
3.00
102.3000
-0.9000
Jupiter Unit Trust Managers Ltd
M & G Securities Ltd
China Opps A Acc
5.00
1548.0000
-3.00
JPM Global Bd Opps A Grs Acc –
*53.9300
-0.1400
Emerg Mkts Opps A Acc
5.00
206.2000
+0.50
JPM Global Bd Opps A Grs Inc –
*48.7100
-0.1300
The Zig Zag Building, 70 Victoria Street, London,
SW1E 6SQ
020 3817 1000
PO Box 9039, Chelmsford, CM99 2XG
Enq: 0800 390 390. UT Deal: 0800 328 3196
…
Ç Hargrve Lans
2.11m
1971½
2.60pc
È Vodafone
151.30m
195¾
Ç NMC Health
0.59m
3618
2.20pc
È Persimmon
1.43m
2783
-1.21pc
FENIX Balanced Fd
5.00
*160.5
…
European Growth A Acc†
5.25
237.9000
-2.50
JPM Global Bond A Gross Acc 3.00
261.1000
-0.6000
Charibond Inc
–
*122.57
-0.08
Ç BHP Billiton
11.14m
1744¼
1.87pc
È 3i
2.37m
974
-1.06pc
Generation Fd
5.00
792.7
…
European Sel Opps A Acc
5.00
1672.0000
-14.00
JPM Global Bond A Gross Inc 3.00
202.5000
-0.5000
Jupiter Abslt Rtn
–
54.78
+0.02
Charibond Acc
–
*3959.23
-2.34
0.33m
7360
1.80pc
È Taylor Wimpey 19.09m
200¼
-1.04pc
4.25 *21.6100 22.5500
…
JPM Global Eq Inc £ Hdg A Acc 3.00
*84.6400
-0.3300
Jupiter Asian Fd
–
933.81
+7.73
Charifund Inc
–
*1630.35
-2.54
3.52m
1068
1.57pc
È Royal D Shell B
Fixed Int Mthly Inc A Inc
5.67m
2747
-0.92pc
10.25m
375⅞
1.51pc
È Berkeley Gp Hdgs 0.84m
4163
-0.88pc
Global Care Growth A Inc
4.50
*298.7000
-0.50
JPM Global Eq Inc £ Hdg A Inc 3.00
*56.2800
-0.2200
Jupiter Asian Inc Fd Acc
–
132.52
+0.04
Charifund Acc
–
*25249.32
-39.31
62.1700
Ç DCC
Ç Antofagasta
Ç Direct Line Ins
Consistent Unit Trust
Management Co Ltd
Ç Fresnillo
1.04m
1260
1.37pc
È Ass Brit Fds
0.90m
2705
-0.73pc
Ç Johnson Matt
0.56m
3491
1.36pc
È SSE
4.62m
1390
-0.68pc
Ç Diageo
4.44m
2711
1.35pc
È Imp Brands
2.61m
2728
-0.64pc
Ç Ashtead Group
1.40m
2280
1.24pc
È Royal Bk Scot
29.40m
291½
-0.61pc
Ç Halma
0.93m
1311
1.16pc
È Admiral
0.90m
1936
-0.59pc
Unit Tst Inc
0%
53.47
54.3
Unit Tst Acc
0%
137.9
Ç Melrose Ind
Admin: Stuart House, St John’s St,
Peterborough PE1 5DD
Dealing & Client Services 0345 850 8818
Global Equity Inc A Inc†
5.25
-0.16
JPM Global Eq Inc Fd A Acc
3.00
*100.3000
-0.3000
Jupiter Asian Inc Fd Inc
–
122.49
+0.04
M&G Corp Bond A Inc
3.00
*40.11
-0.05
Global Growth Acc
4.25 3120.3999 3254.8101
…
JPM Global Eq Inc Fd A Inc
3.00
*80.8300
-0.1700
Jupiter China Acc
–
146.73
+1.00
M&G Corp Bond A Acc
3.00
*69.22
-0.09
Global Strategic Cap Acc†
5.00
245.6000
…
JPM Global HiYld Bd A Grs Acc 3.00
*110.4000
-0.2000
Jupiter China Inc
–
140.98
+0.96
M&G Dividend A Inc
4.00
62.98
-0.19
+0.09
Global Technology A Acc
5.00
1784.0000
-7.00
JPM Global HiYld Bd A Grs Inc 3.00
*36.3700
-0.0700
Jupiter Corp Bond Inc
–
56.30
-0.12
140.1
+0.3
Multi-Mgr Abs Ret A Acc
5.00
*141.9000
+0.10
JPM Global HiYldBdAGrsMthInc3.00
36.38
-0.06
Jupiter Dstrbtn Acc
–
*102.45
-0.27
25.02m
235
1.03pc
È Standard Chart
6.57m
761⅜
-0.56pc
Ç Carnival
0.79m
4961
1.00pc
È Mediclinic Intl
1.91m
681
-0.55pc
Ç Sainsbury
8.98m
306⅞
0.95pc
È Sky
2.17m
1362
-0.55pc
Practical Invest Inc
5.00
242.3
259.1
+0.2
Multi-Mgr Active A Acc†
5.00
*229.1000
-0.40
JPM Global Macro Bal A Acc
3.00
*72.7000
-0.2500
Jupiter Dstrbtn Inc
–
*59.26
-0.15
Ç Bunzl
1.20m
2249
0.94pc
È Natl Grid
13.52m
832½
-0.54pc
Practical Invest Acc
5.00
1282
1372
+1
Multi-Mgr Distbn A Inc
5.25
137.1000
-0.10
JPM Global Macro Bal A Inc
3.00
*63.6900
-0.2200
Jupiter Dstrbtn & Grth Inc
–
*125.70
-0.36
Initial charge:
This charge in percentage terms is included in the purchase
price of the units. It is levied by the unit trust manager to cover
administrative costs and commissions.
* Denotes Ex-dividend
(RBS Collective Investment Funds Ltd)
PO Box 249, York YO90 1ZY
0117 940 3848
…
8
Thursday 17 May 2018 The Daily Telegraph
***
Business
Mitchells & Butlers investors chilled by snow-related revenue hit
By Bradley Gerrard
PUB group Mitchells & Butlers suffered at the hands of the “Beast from
the East” weather front in March, with
boss Phil Urban estimating that the
inclement conditions took £12m of
potential sales off its top line.
Rising costs also took their toll,
pushing its pre-tax profits down 8pc to
£69m for the six months to March 31, as
sales remained flat at £1.1bn.
Shares in the company fell 7.2pc to
255.4p. Mr Urban said he thought the
“reaction was definitely overdone”,
adding that he was pleased with how
the company had performed in the
tough conditions.
“We had two and a half years where
sales were declining and profits were
going backwards,” he said.
“We’ve now produced 21 months of
sales better than the market average,
and the next milestone is to stabilise
profits, which is something we would
have done had it not been for the snow.”
Mitchells & Butlers has now converted 100 sites into Miller & Carter
steak restaurants, which continue to
perform well.
The company did not pay an interim
dividend, as previously announced,
and is still yet to decide if it will pay
one at the end of its financial year
in September.
Meanwhile, rival operator Marston’s
said it would keep buying land for
future pubs in spite of curtailing its
immediate expansion plans in the face
of tough trading conditions.
Boss Ralph Findlay said he would
amass between 15-20 plots of land a
year even though he is now only planning to build 10 new sites in 2019
instead of 15.
“The market has become somewhat
less competitive [which] means we can
get more choice over better quality
sites if we see them,” he said.
The Wolverhampton-based pub
chain and brewer estimates it suffered
a roughly £3m profit hit from snowy
weather earlier this year, which particularly affected its rural pubs.
Nonetheless, a strong showing in its
other divisions meant group operating
profits rose 4.6pc to £74.3m for the six
months to March 31.
But a revaluation of its property
estate meant it had to take an accounting charge that pushed it to a statutory
pre-tax loss of £13.4m, compared to
£36.7m profit last year.
Mr Findlay said that in spite of this,
the value of its estate remained at
roughly £2.2bn.
Sales at the group rose 17pc to
£529m thanks in part to the recent
acquisition of brewer Charles Wells,
but also because Mr Findlay said he
Paddy Power in
buyout talks for
US fantasy sports
website FanDuel
PADDY Power Betfair wasted no time
in trying to beef up its US presence
after this week’s landmark legal ruling
overturning a gambling ban there as it
confirmed deal talks were taking place
with fantasy sports website FanDuel.
The UK operator said discussions
with the New York-based website,
which hands cash prizes to players who
pick successful fantasy sports teams,
were ongoing and that there was no
certainty any deal would go ahead.
The move is designed to capitalise
on the US Supreme Court’s decision on
Monday to strike down a 1992 ban that
prevented most states from permitting
sports betting. While several states
have significant casino industries, most
have not previously been allowed to
legalise bookmaking.
This has not stopped a huge black
market in sports betting though, which
is estimated to deal with $150bn
(£111bn) in bets a year.
UK companies will be among those
hoping to be at the forefront of efforts
across the Atlantic to legalise sports
betting, lobbying state lawmakers to
ensure any regulation is even handed
and taxation fair.
The move by Paddy Power comes
after it bought Draft, a rival to FanDuel,
for $48m last year. The FTSE 100 firm
also has an online casino and horse betting exchange in New Jersey.
The US Supreme Court decision
offers a potential lifeline to UK bookmakers, which are braced for the immi-
nent outcome of a review into so-called
fixed-odds betting terminals that is
expected to slash the maximum stake
punters are allowed to bet.
Ministers are deliberating whether
to enforce a maximum £2 stake limit on
the machines, from a maximum of
£100 now.
The US ruling sent shares in Paddy
Power, GVC and William Hill up as
much as 12pc on Monday and there was
renewed cheer for the Dublin-based
bookmaker on the announcement
about the talks with FanDuel, with the
stock up closing up 6.3pc to £82.50.
Analysts at Barclays said the daily
fantasy sports market, which FanDuel
and Draft operate in, generated $350m
in revenues in 2017 with most of this
coming from those two companies.
Elsewhere, Playtech suffered a
bloody nose at its AGM after nearly
60pc of its shareholders voted against
its remuneration report.
The vote is only an advisory one and
so does not compel Playtech to take
any action. But the firm said it had
“considered the reasons for the results
of the meeting”, which also saw large
numbers voting against the chairman
Alan Jackson and remuneration committee chairman John Jackson.
“Playtech intends to review the composition of its remuneration committee
and discussions are also under way
with potential candidates to join the
board as a non-executive director,” the
company added.
Playtech’s investors had expressed
their discontent with the proposed pay
of its boss Mor Weizer.
BT to blend
broadband
and mobile in
packaged deals
By Christopher Williams
PAUL GROVER FOR THE TELEGRAPH
By Bradley Gerrard and
Jack Torrance
had not engaged in the widespread discounting used by some of his rivals.
“We do promote because that is part
of retailing but the sector has got
obsessed with 20pc off-type offers, or
running deals all week, and this isn’t
sustainable when bricks and mortar
and labour costs are rising,” he said.
Mr Findlay added that he thought
economic data that showed real wages
had risen faster than inflation for the
first quarter of the year was “positive”.
Marston’s shares sank 12.2pc to 98.3p
yesterday.
Talking tough Martin Lewis, pictured at Facebook’s London offices yesterday, where he
met the social media company’s executives over scam adverts – including some featuring
him. He urged the network to take responsibility for the ads, which he says have led to people
being ripped of. The MoneySavingExpert founder said the ball was in Facebook’s court.
EMBATTLED BT is attempting to gain
a head start on rivals with the launch of
new packages that blend broadband,
mobile and pay-TV as a single service.
Marc Allera, the chief executive of
BT’s consumer arm, unveiled the shift
towards the “convergence” of mobile
and fixed-line networks alongside a
broader shake-up of the business as he
merges it with the mobile operator EE.
All of BT’s call centres are due to
return to the UK and Ireland by 2020,
after a similar move by EE improved
customer satisfaction. And a new “emotional” advertising campaign will aim
to restore the BT brand.
Mr Allera will seek to reignite
growth in BT’s pay-TV business with a
deal to distribute Amazon’s streaming
service as part of subscriptions, taking
a lead over Sky and Virgin Media that
have so far only signed up Netflix. BT
has also signed a reciprocal wholesale
deal with Sky in recent months that
will add more sport and premium
drama channels to its offering.
The new converged services will be
branded BT Plus and are scheduled for
commercial launch next week. Full
details of pricing are yet to be revealed,
but it is understood that packages of
broadband and mobile will cost
between £55 and £75 per month, depending on data and channel options.
Families will be able to share data
allowances and control children’s
browsing via central controls.
The pricing signals that BT has resisted the urge to launch a discounting
battle with rivals to attract customers
to converged services. In Spain and
France, converged services triggered
steep discounting as Telefonica and
Orange went on the attack.
BT shares fell a further 1.8pc to close
at 203p, just above the 200p threshold
last crossed in the other direction in
January 2012.
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