Business 14 November 2013

1W

DP-E01-S3

Queues formto buy fromnew butcher’sBY TRISTAN [email protected]

A butcher’s shop that openedlast week in one of the West’smost famous old meat-produ-cing towns has been a smashsuccess – with more than 1,200customers in just the first fourdays of trading.

Boss Adrian Butler openedhis first butcher’s shop inBradford on Avon, Wiltshire,just 18 months ago and thathas been enough of a successalready to expand.

the butcher shop trade so firstlearned all about pig-keepingwith a herd of 100 on a small-holding.

But as demand grew, he saidhe has looked to other sources,and more and more people aredemanding meat they cantr ust.

“Everything here is as localas possible, and I know whereeverything I sell has comefrom, which farm and whichab at t o i r, ” he said.

“We ’ve had 1,200 customersthrough the door in four daysand it has been amazing.We ’ve even had two localschools inquiring alreadyabout sourcing their schoollunch meat from us, which isg reat.

“We expanded to Chippen-ham as well as Bradford, be-cause the Bradford store justc o u l d n’t cope with thedemand. The place here is bigenough now to make our pies,so it’s getting bigger all thet i m e. ”

The last traditionalbu t ch e r ’s shop in Chippen-ham closed more than adecade ago – hit by the rise ofsuper markets.

Chippenham has a smallWaitrose in the same shoppingcentre, a Tesco nearby in thetown centre, a large out-of-town Morrisons and a largeS a i n s bu r y ’s which has plansto expand.

Butchers and local produ-cers across the West Countryhave seen a boom since thehorse meat scandal as increas-ing numbers of customersseek out the provenance oftheir food, especially meat.

Butcher Dan Belt at the Butler’s shop in Chippenham, where the meat is as local as possible. Boss Adrian Butlersays: ‘ I know where everything I sell has come from, which farm and which abattoir’ PICTURE: CLARE GREEN

Embattled regional airlineFlybe saw the end of an erayesterday when the familytrust of late steel magnateJack Walker sold its entires h a re h o l d i n g .

The Walker family trust,which took on the assets of thenorthern businessman andformer Blackburn Roversfootball club owner, was themajority shareholder of Flybethrough Rosedale AviationHoldings before offloading its48.1 per cent stake for £25.2million.

It cuts long-held ties withthe Walker family, originallyformed in 1983 when MrWa l ke r ’s steel business tookover the then-JerseyEuropean Airways, which was

Walker familysells Flybeshareholding

later rebranded BritishEuropean before becomingFlybe in 2002.

Shares in Flybe plunged 10per cent after the sale, but theg roup’s new chief executiveSaad Hammad hailed a “mile -stone” as the move saw theshares snapped up by new andexisting investors. It isthought that shareholders in-cluding billionaire US investorGeorge Soros have increasedtheir stakes in the group.

Exeter-based Flybe’s secondlargest shareholder afterRosedale was British Airwaysowner International Consolid-ated Airlines Group, whileformer chairman Jim Frenchalso owns a stake.

M o n d ay ’s restructuring an-nouncement will lead to an-other 500 job losses to cut costsand a review of unprofitableroutes and bases.

Jack Walker’ssteel businesstook over thethen-JerseyEuropeanAirways in1983

So last Thursday, the family-run business opened its doorsin Mr Butler’s home town ofChippenham – and eventhough it is in BoroughParade, a modern shoppingcentre with mobile phoneshops and fashion stores, cus-tomers have been queuing outof the door.

Mr Butler originallysourced his meat from his ownpig farm in Shropshire. Hedecided he wanted to go into

Daily business e-briefingwww.southwestbusiness.co.uk isthe home of business news forthe region. Visit today and enjoya free daily e-briefing

Is there still a class divide thatundermines universities? Page 5

1W

DP-E01-S3BusinessCreditors lefthanging asbutcher folds

But there were less success-ful ventures into a lingeriebusiness and a wet fish shop,and two hotels, one inCulbone, near Porlock, and theother in Dunster, both ofwhich ultimately failed.

And things started to gobadly wrong last year when itwas ordered to pay fines andpenalties of £15,000 after beingprosecuted by Trading Stand-ards. The company had builtits reputation on sourcing beefand lamb from Exmoor, withits shops, vehicles and websiteusing images of sheep andcattle grazing on Exmoor.

But a lengthy investigationrevealed some of what wasbeing sold as local meat had infact come from animalsbought in the Midlands.

Earlier this year, GeraldDavid officially retired fromthe business and went to livein Spain, handing everythingover to sons Alistair andPhilip. But the abattoir wasreported as having closedsome days ago after a disputewith meat inspectors overunpaid bills and over theweek-end unsold goods andequipment were removedfrom most of the shops.

The company’s debts are re-portedly in the millions, withcreditors including livestockauctioneers and bacon andcheese suppliers.

Dairy farmer Derek Mead,Puxton Park’s owner, said ar-rangements were being madeto take the butchery outletback in house and to carry ontrading there.

Despite strenuous effortsthe Western Daily Press wasunable to contact the Davidfamily yesterday.

One of the region’s biggest chains of butchers’ shops has gone into administration. Gerald David, pictured above,retired to Spain earlier this year, but his eponymous chain went into administration last week, it is understood

BY CHRIS RUNDLEAND TINA [email protected]

One of the South West’s best-known butchery chains hascollapsed with debts re-portedly running into mil-lions of pounds.

Gerald David and Family,based in Minehead, went intoliquidation at the end of lastweek, leaving more than 50staff facing an uncertainf u t u re.

An administrator has beenappointed to run its affairs.

Apart from its two shops in

Minehead the company hadsix others including units inTaunton, Dulverton and Ched-dar, all supplied from the com-p a ny ’s own abattoir in Por-lock. There are other outlets atDarts Farm, Topsham, and atPuxton Park, near Weston-super-Mare. It also ran amobile unit which appeared atshows such as the Bath andWest and Devon County.

At one time the businesswas one of the most successfulin the South West food sector.Mr David, who started withone side-street shop in the1970s, drove a top-of-the-rangeBentley and clients were in-vited to week-ends aboard hisocean-going motor cruiser.

Somerset gym equipmentmakers flex their muscles Page 6

Liz Parks: Axminster Carpets is welland truly back in business Page 7

West Country publisherFuture said it was on course todeliver a dividend for the firsttime since 2011, as it an-nounced that results to the endof September will meet expect-at i o n s.

Future, whose titles includeTotal Film and technologymagazine T3, as well as gamesand music websites, said therewas “encouraging mo-mentum” across all tradingareas. Advertising bookingsfor the first quarter of the2014/15 year are up more than30 per cent, amid good pro-gress reshaping the business.

NEWS ON THE GOprint | online | mobilewesterndailypress.co.uk

GET THE LATEST NEWS & SPORT WHEREVER YOU ARE - 24/7

Staff facing uncertainty due to thedifficult situation at Gerald David

50

Britain has the highest infla-tion rate in the EuropeanUnion, according to figuresfrom the 28-nation bloc’s of-ficial statisticians.

The 2.7 per cent annual CPIinflation rate recorded in theUK in September was wellabove the overall EU rate of 1.3per cent and the 1.1 per cent inthe eurozone, said Eurostat.

By comparison, inflationwas zero per cent in Ireland,one per cent in France and 1.6per cent in Germany, whileprices are falling year on yearin Bulgaria, Greece andLatvia, according to the Euro-stat figures.

Labour Treasury spokeswo-man Catherine McKinnellsaid yesterday: “This is yetmore evidence of the cost-of-living crisis facing familiesacross Britain after threeyears of this Government’sfailing policies. Prices havenow risen faster than wages in39 out of 40 months underDavid Cameron and now welearn that we have the highestrate of inflation of any EUc o u n t r y.

“David Cameron is so out oftouch he thinks people arebetter off, but working peopleare over £1,500 worse off sincehe came to office.”

Future brighterfor publisher

Inflation worryrisks growth

Customers at butcher’s in first fourdays of trading in Chippenham

1,200

BusinessSainsbury’s celebrates afterdefying low-budget rivals Page 4

2 WEST COUNTRY BUSINESS THURSDAY NOVEMBER 14 2013 WESTERN DAILY PRESS WDP-E01-S3

Turbine firmdrawn to baseHQ in BristolBY GAVIN [email protected]

A Spanish wind turbine man-ufacturer has chosen to baseits headquarters in Bristol asit endeavours to get a footholdin the UK market.

Norvento is a 30-year-oldfamily business that makes100kw turbines for the“medium wind” market, thatused for on-site generation tosupply businesses or farms.

The company has signed alease on premises in Avon-

mouth, from where it will baseits technical and servicingteam and some sales staff. Thecentre will also be used fortransit and storage of tur-b i n e s.

Ivo Arnùs, director of busi-ness development, said Bristolwas the perfect location for thefir m.

“Bristol is an area with goodu n ive r s i t i e s, ” he said. “It iswell connected with Spainwith direct flights, it is close toWales which we think is aninteresting and relatively un-explored market and it is thecrossroads of the M5 connect-ing to the North and M4 toLondon. It makes sense logist-ically and in terms of humanresources as we can recruitengineers here.”

The company is leasing a4,000 sq ft site and will initiallyhave four people based in Bris-tol but hopes to quicklyexpand into double figures.“We want to sell 50 to 60 tur-bines a year, so that will meana bigger operation,” said MrAr nùs.

The turbines will still bemade in Spain, for now atleast, as Mr Arnùs said thebusiness would have to reach“certain economies of scale”before considering investingin manufacturing facilities.

“We are providing high-quality jobs and want to workwith the universities as we area very research and develop-ment focused company,” saidMr Arnùs.

The company has a round-the-clock monitoring stationin Spain, which will also over-see its UK turbines and, itsays, allows it to offer “bigwind” levels of service onmedium-scale developments.

It believes its nED 100 tur-bine is ahead of the compet-ition in terms of low noiselevels and ease of connecting itto the National Grid.

Norvento has signed agree-ments with several renewablecompanies and is looking atsites across the UK.

Norvento, a family owned Spanish company, will use its Bristol base to make turbines for the small-to-mediumwind market, such as those on farms and homes

Experiments and experience bring brewer’s skill to a younger marketFresh from his “quar ter-lifecrisis”, master brewer ShaneO’Beirne is loving life as thecreative force behind a newdrink venture.

“Beerd Brewery exists topush the boundaries of qualitybeer as we know it,” said the30-year-old head brewer at theBeerd micro-brewery, an armof Bath Ales which hopes toappeal to the younger beerd r i n ke r.

“I love beer. I get a lot offreedom to make differentkinds of beer – different fla-vours and different styles.

“By combining internation-al influences and flavours

with the traditional Britishbrewing techniques, we’re of-fering drinkers somethingunique with each brew.”

But it wasn’t always so. MrO’Beirne was a project man-agement engineer until decid-ing in his mid-20s that histalents lay elsewhere. Evenafter training as a masterbrewer it wasn’t all straight-fo r w a rd .

“I was working for a large-scale lager brewer producingthe same thing all the time andI hated it,” he explained. Butnow he has found his calling.The venture produces ale byfive barrels a time (about 850

litres) and sells them to pubsacross Bristol, Bath andbeyond, not just Bath Ales es-tablishments or the Beerd pubin St Michael’s Hill. And as amicro-brewery, the range isalways changing.

“I produce a new beer aboutevery couple of weeks,” saidMr O’Beirne. Which meanscustomers always havesomething new to try.

Bath Ales managing direct-or Robin Coulling said the newbrand would allow the com-pany to experiment, withoutmessing with its popular corep ro d u c t s.

“Demand for quality and

craft beer is rising fast and ourcore range of beer attracts newdrinkers all the time,” he said.“In the last few years our busi-ness has gone from strength tostrength. We’ve significantlyexpanded the brewery to keepup with demand for our qual-ity beer.

“With Beerd Brewery wehave created a way for us toexperiment with new styles ofbeer without taking focusaway from our core range.With a distinct identity con-sumers will know that a Beerdbeer offers something inter-esting, yet still crafted to thevery highest standards.”

Beerd on St Michael’s Hill, Bristol, is the arm of Bath Ales targeted at theyounger end of the real ale market. Shane O’Beirne is head brewer

An Airbus employee whospent part of his childhood in aone-bedroom caravan after hisf ather’s business collapsedhas been presented with anaward by Vince Cable.

Adam Taylor was nomin-ated for the James CaanAward for an InspirationalYoung Person by his col-leagues and received it as partof the Deputy Prime Minis-ter’s Opening Doors BusinessAwards 2013, held at Lan-caster House in London.

Mr Taylor, 24, was nomin-ated for the award by col-leagues at Airbus who recog-nised his exceptional talentand his determination.

Born in Woolwich, at thetime one of south-eastL o n d o n’s most disadvantagedboroughs, Adam is the eldestof three sons whose father wasa lorry driver and whosemother left school at 14.

As a child, he was singledout as an underachiever with

Fi s h - a n d - c h i p sjibe turned intoawards success

special needs, but as a ten-year-old was determined toprove wrong a teacher whotold him his only job would beserving burgers and chips in afast-food restaurant.

But after gaining entry to –and thriving at – g rammarschool, he graduated withfirst-class honours in airtransport management fromLoughborough University andbeat 100 applicants for agraduate placement schemewith Airbus.

He said: “I’m not one ofthose people who finds aca-demic work easy, but I knowthat if you work hard enough,nothing is impossible.

“I’ve always thought that youcan turn a bad experience intoa positive by learning to makesure it doesn’t happen again.

“My mum and dad didn’twant me or my brothers tostruggle and really pushed usto do as well as we could.

“They have made me who Iam today, so this award istheirs as much as it is mine.”

AdamTaylor withhis awardat theceremony inLondon

IKEA GOES SOLAR

For most of us, it’s the place to gofor a cheap kitchen, lamp orfurniture, but now Ikea has addeda new dimension – selling solarpanels. The Swedish furniture giant– which has a store in Bristol’ sEastgate Centre – could becomean unlikely player in mayor GeorgeFerguson’s vision to have Bristolbecome a ‘solar city’. JoannaYarrow, head of sustainability IkeaUK and Ireland, said: ‘We’reexcited to be able to helpcustomers take positive actions athome for both the environmentand their wallets. We know thatour customers want to live moresustainably and we hope workingwith Hanergy to make solar panelsaffordable and easily availablehelps them do just that.’ Ikea saysmany people were put off panelsbecause they were ‘ugly’ and didnot know if Britain had enoughsunshine for them, but it says thepanels it sells are more attractiveand would save most households£700 a year on their bills.

WESTERN DAILY PRESS THURSDAY NOVEMBER 14 2013 WEST COUNTRY BUSINESS 3WDP-E01-S3

Ciren’s allureputs it at topof the shopsBY JEFF [email protected]

Retail rents in Cirencester aregrowing as fast as top Londonshopping centres, with justtwo other locations outsideLondon in the top ten.

The Cotswolds town isplaced sixth in the country inthe latest UK retail breakdownfrom Colliers International.Outside London, the onlyothers to make the top tenwere Skegness and Lincoln.

C i re n c e s t e r ’s prime rentswere up 23 per cent on lastyear, with Chippenham (10 percent) and Cheltenham (2.9 percent) also increasing the Cots-wo l d s ’ s t o ck .

But the the autumn/wintermarket survey highlights agrowing divide between thebest and worst perfomers,with rent in some centres fall-ing 21 per cent.

Colliers’ head of retail, Nick

around the UK showed thatpositive retail sales growth re-ported every month this year2013 – with the exception ofApril – had helped stabiliserental levels across the UK,with more showing growth orstable rents than decline.

Mr Turk said: “The UK eco-nomy is gathering pace andrising consumer confidencecoupled with the summerheatwave allowed retailers tocapitalise on strong footfall.”

Regionally, the South Westfinished mid-table, with aver-age prime rents of £81. Se-lected centres had enjoyedhigher prime rents, with Bathleading the pack at £190/sq ft.

But five South West townswitnessed declines of between13 and 21 per cent.

Yeovil and Bournemouthsaw prime rental levels fall 21and 20 per cent respectively,followed by Taunton, whichdropped 17 per cent. The pop-ular resorts of Newquay andWeston-super-Mare saw de-clines of 16.7 and 13.3 per cent,though Dorchester bucked thetrend with a 14.3 per cent rise.

The Colliers Internationalreport revealed that Newportwas the worst performing loc-ation, with rents dropping by31 per cent to £55/sq ft.

This and other poorly per-forming towns faced a numberof common problems, said MrTurk, notably out-of-townshopping centres and theonline marketplace.

Despite these local setbacks,Nick Turk said the report re-vealed an unusually upbeatpicture for UK retailing.

He said: “A key driving forcebehind a sustained recovery isconsumer confidence, whichhas improved throughout 2013and this is reflected in increas-ing demand for vacant units.”

It was a tough job but someone had to do it, and now Seb Smith has finished his summer job testing 186 waterslides in 18 water parks at First Choice’s all-inclusive SplashWorld resorts across 15 countries. That equates to astaggering 216 hours of sliding this summer, covering approximately 26.5 miles of slides. He has also notched up61,690 air miles. To carry out his role Mr Smith, aged 22, from Cheddar, Somerset, has travelled on 32 planes,nine boats, three jeeps, two quad bikes, two camels, a scooter, a bicycle and even a submarine. Now Mr Smith,who studied design and colour technology at the University of Leeds, has been asked to design his idealwaterslide based on everything he experienced. He said: ‘It really has been the greatest job in the world’

Beauty firm hopes to bask in Downton Abbey’s successBilled as the most successfulBritish TV drama of all time,Downton Abbey has revivedthe fortunes of ITV – and now aGloucestershire firm ishoping to get some of its glorywith the launch of a beautyrang e.

Gloucestershire firm SLG,which already supplies tohigh-street names includingBoots and Topshop, has signedand exclusive deal to supplyMarks & Spencer with the firstofficial range of DowntonAbbe y beauty products.

The company, which em-ploys 85 people at its factory inGloucester and 35 at its designand development studios inMontpellier, Cheltenham,hopes to make the most of thetiming, which sees a climax tothe fourth series of the drama,as well as the run-up to Christ-m a s.

Brad Wald, chief commer-

cial officer with the series pro-ducers International Televi-sion Production, said: “M a rk s& Spencer feel this is a great fitfor the Downton Abbey brand,and we are confident thisbeautiful range will appeal tofans of the television show.”

The Downton Abbey gift col-lection is said to capture the“classic elegance of the Ed-wardian era” with packagingin gold, emeralds and bur-g u n dy.

SLG is a family-owned busi-ness founded in 1985 byGraham Dunkley, father of thec o m p a ny ’s present ownerMiles Dunkley. His businesspartner is Patricia Topping.

Last month, SLG announcedit was moving production ofsome of its beauty productsback to the county from China,creating new jobs for localp e o p l e.

Mr Dunkley said they were

delighted to have teamed upwith Marks & Spencer and theproducers of the series.

“We see this as a perfect fitbetween the show’s audienceand the Marks & Spencer con-s u m e r, ” he said.

SLG is transferring the pro-duction line for its highvolume nail polish removerwipe products from the FarEast to its Gloucester plant atKingsholm, creating five newj o b s.

The company said it was thereduction in lead times andlower transport costs thatmade UK manufacturing veryattractive for both its existingcustomers and new ones.

Turnover at SLG has morethan doubled of late, growingat 120 per cent over the pastfour years, from £7.7 million in2009 to £17 million this year,with a forecasted turnover of£20 million in 2014.

British diners are famed fortheir reluctance to voice theircriticisms of a meal, no matterhow bad.

And now a technology firmfrom Bristol is hoping that itcan steer diners to be moreforthright, with a tablet ap-plication that allows ratings tobe made – and dealt with – onthe spot, assuming of course,they put anything other than“great, thanks”.

B S Te ch ’s “How Are WeDoing?” system generates livefeedback, with customershanded touch-screen tabletsand asked to complete a shortreview of their experience.

The system is the brainchild

Food feedbacklets dinershave their say

of Andrew Reynolds, who in-vented the fully managedsystem for the sector afterbeing asked to transcribe hun-dreds of handwritten reviews.

Since its launch the systemhas been taken on board by theMezze restaurants chainacross its South West sites andThe Indian Cottage in Penhow,South Wales, with Mr Reyn-olds saying that a trial hadseen a 25 per cent increase inbookings at one venue.

He said: “I realised thatthere was a niche in themarket for an electronic realtime review process ratherthan people filling in custom-er cards or using internet re-views sites.

“Customers love the touch-screen technology and thevenues say it is having a hugeimpact on the way theymanage their business andwith customer retention.

“It also gives customers theoption of subscribing to thevenue so they can stay intouch and receive news of thelatest events and offers viaemail campaigns.”

Increase in prime retail rents inshopping centres

23%

AndrewReynolds ofBSTech withhis newfeedbacksystem

Turk, said the Cotswolds con-tinued to set the pace.

“The outstanding success ofthe area’s retail attractionsgoes hand in hand with a par-ticularly resilient Cotswoldshospitality sector. It’s remark-able to think the rise in primerents in Cirencester has keptpace with the major Londonlocations as they have leftmost of the rest of the UKstanding.”

The survey of 421 centres

SLG, which makes beauty products at its base inGloucestershire, has an exclusive deal with Marks &Spencer to supply Downton Abbey products

WESTERN DAILY PRESS THURSDAY NOVEMBER 14 2013 WEST COUNTRY BUSINESS 5WDP-E01-S34 WEST COUNTRY BUSINESS THURSDAY NOVEMBER 14 2013 WESTERN DAILY PRESS WDP-E01-S3

Lyneham jobsboost amidregion’s dropTRISTAN [email protected]

The first wave of new jobs cre-ated by the Government’s £230million plan to create a majormilitary college in the Westarrived yesterday – on the daywhen unemployment roseacross the region.

Amid little fanfare, the Min-istry of Defence this weekbegan advertising large num-bers of jobs for tradespeople towork on the mammoth task ofupgrading and convertinghundreds of homes in thenorth Wiltshire village ofLyneham, where the former,famous, RAF base is beingtransformed into Britain’sfirst tri-service defence tech-nical training college.

The old base’s accommod-ation dates from the 1960s and1970s and although much of itwas sold off at the turn of themillennium, the military stillown hundreds of homes insideand outside the base, whichwill accommodate thousandsof college staff and the stu-

ment in the region increasedby 11,000 in the three months toSeptember, official figureshave revealed.

The jump is a shock in theregion, which usually sees afall in the unemployed duringthe tourist-busy summermonths. The South West alsobucked the national trend,which saw unemployment fallacross the country.

The region has been hit witheven more bad jobs news sincethe period the figures appliedto. Since September, hundredsof job losses have been an-nounced at Bristol City Coun-cil, and at the Exeter base ofbudget airline FlyBe.

The poor figures for theregion were put down to slug-gish growth in the privatesector in the South West, andto the ongoing hit from localauthority and other public-sector cuts. During the threemonths the figures were coun-ted, Wiltshire Council shedhundreds of jobs.

The Office for National Stat-istics (ONS) showed that atotal of 173,000 people were un-employed in the regionbetween July and September.

The region’s unemploymentrate was 6.4 per cent and saw arise of 6.8 per cent during theperiod.

The number of people inwork nationwide has reachedan all-time high of almost 30million, but a record numberare working part-time becausethey cannot find full-time jobs,the figures show.

The national employmenttotal is the highest since re-cords began in 1971 after ahuge increase of 177,000between the three months toJune and the quarter toSe ptember.

At the same time, unemploy-ment nationally fell by 48,000to 2.47 million, the lowest sincethe spring of 2011, while thenumber of people claiming job-s e e ke r ’s allowance was cut forthe 12th month in a row inOctober, down by 41,700 to 1.31million, the lowest for almostfive years.

The number of peopleclassed as economically inact-ive, including those lookingafter a sick relative, or peoplewho have given up looking forwork, also fell – down by 69,000to 8.92 million.

But other data from the ONSshowed that 1.46 millionpeople were working part-timebecause they could not find afull-time job, an increase of24,000 over the quarter, and thehighest figure since recordsbegan in 1992.

Almost a third of workingmen are in part-time employ-ment because they cannot finda full-time job, compared to 13per cent of women.

The number of men andwomen working full-time in-creased, but there was a 22,000fall in women in part-time jobs.

dents who will attend the train-ing facility every year.

The MoD won planning per-mission for the massive pro-ject earlier this autumn, andhas already begun signing upmajor contractors to do thephysical work of demolishingbuildings and building newo n e s.

But the work of convertingand creating new homes andaccommodation is being donein partnership with a localhousing association, and ad-verts for a huge team of plumb-ers, plasterers, decorators,electricians, tillers and gas fit-ters have been published thiswe e k .

Local councillor AllisonBucknell heralded it as greatnews, and said council chiefshad pressed hard for the MoDto employ as many local peopleas possible. The loss of the RAFbase, which was home to theHercules transport plane, wasestimated to have cost theNorth Wiltshire economy asmuch as £90 million a year.

But while north Wiltshireexperienced good jobs newsyesterday, the South West gen-erally took a knock. Unemploy-

Fashion chainlooks to expandafter profits liftFashion retailer New Look,which has its roots in the WestCountry, has reported a suc-cessful second half, returningto profit after a dismal firsthalf in which it lost £13.6 mil-lion.

The Weymouth-based firm,which began its life in Tauntonin 1969, has been heavily in-volved in a refurbishment pro-ject, and has also set out itsintentions to expand overseas,with six stores in China agreedand set for opening in 2014.

Gross earnings rose by19.3 per cent to £103.7 million,with a profit figure before taxof £13.8 million, a massivetur naround

Group revenue was up by6 per cent to £753.2 million, upfrom £710 million, and drivenin large part by a massivegrowth in the business’sonline sales of 78.8 per cent,with growth of 5.9 per cent onits own website.

In Poland, New Look wantsto buy out its local franchisepartner and in Russia it isaiming to move from a fran-chise to a joint-venture so itcan accelerate expansion.

In Germany, New Look hasten concessions in departmentstores but now says that itwants to open its own stores.

In all four markets – andFrance, where New Look ownsthe Mim chain – the retailer isalso planning to open local lan-guage websites after enjoying

success via Asos, the onlinefashion store, where sales rose78 per cent during the half,with two-thirds of sales over-s e a s.

Anders Kristiansen, chiefexecutive officer, said: “Ourstrategy is delivering, andthere is real momentum in thebusiness. I am particularlypleased with the margin im-provement brought about byour continued focus on costcontrol, tight stock manage-ment and reduced discount-ing.

“E-commerce continues topower ahead. The improvedfunctionality of our site andenhanced delivery optionshave been well received by cus-tomers and we are continuingto invest in this very importantpart of our business.

“Internationally the oppor-tunity is huge. We are doingour due diligence carefully butwe are on track to open ourfirst Chinese store by spring2014.

“In line with the rest of thesector, current trading is morechallenging and as yet we arenot seeing any benefits of eco-nomic recovery feed throughto our customers’ p o cke t s.However, we are confident thatthe strength of New Look’soffer, namely our product, ourwebsite, our stores and ourpeople, means that we are wellplaced for the busy Christmastrading period and beyond.”

A new study has concluded thatworking-class teenagers are aroundthree times less likely to go to atop university than their richerclassmates, even though they mayhave the grades to win a place.The study, commissioned by theSutton Trust, found that inEngland, children with professionalparents are about three times morelikely to attend a prestigiousRussell Group institution than thosefrom working-class homes

S a i n s bu r y ’s yesterday repor-ted a half-year profits haul of£400 million after its share ofthe grocery market rose to thehighest level in a decade.

The chain, which operatesmore than 1,100 supermarketsand convenience stores, saidthe performance for the 28weeks to September 28 was up7 per cent on a year ago.

S a i n s bu r y ’s has been theonly one of the big four su-permarkets to grow its marketshare amid pressure from dis-counters Aldi and Lidl.

It now accounts for 16.8 percent of the market, havingachieved 35 consecutive quar-ters of underlying sales growth.Own-brand sales are growing attwice the rate of branded goodsand the supermarket’s Tastethe Difference range has seendouble-digit growth.

The company added 393,000square feet of new space

through six supermarkets, 50convenience stores and two ex-tensions, meaning overall half-year sales were 4.4 per centhigher at £13.9 billion.

Stripping out new storespace, sales rose by 1.4 per centon a year earlier, although thechain expects this rate to comeunder pressure as it facestougher comparables with ayear earlier.

Chief executive Justin Kingalso warned that customerbudgets remain tight and thatthe economic recovery maytake time to translate intostronger household confid-e n c e.

Shares were more than 1 percent higher yesterday after thehalf-year profits figure came inat the top end of City fore-c a s t s.

Richard Hunter, head ofequities at Hargreaves Lans-down Stockbrokers, said:

Former top City regulator SirHector Sants has resignedfrom his post in charge of com-pliance at Barclays after beingsigned off work last monthwith stress and exhaustion.

Barclays said Sir Hector,who was on sick leave until theend of the year, stepped downafter deciding he would not beable to return to work in thenear term.

His departure comes lessthan a year after he took on therole of head of compliance, gov-ernment and regulatory rela-tions at the scandal-hit bank –a post he took on after agruelling five years at the helmof the Financial Services Au-thority (FSA) in the run up toand throughout the financialc r i s i s.

Antony Jenkins, group chiefexecutive at Barclays, said: “Al-though only with us for 10months, he has made signi-ficant progress towards creat-ing a world class compliancefunction at Barclays and in

improving our relationshipswith regulators and govern-ments. I know my colleagueswill join me in expressing ourappreciation to Hector, as wellas wishing him a speedy re-c ove r y. ”

The compliance role left bySir Hector is seen as a key partof the overhaul being led by MrJe n k i n s.

Barclays has launched thesearch for a permanent re-placement for Sir Hector, withAllen Meyer, head of compli-ance, corporate and invest-ment banking, taking on thejob on an interim basis.

Sir Hector’s health woescome after Lloyds BankingGroup chief executive AntonioHorta-Osorio also took twomonths off at the end of 2011due to sleep deprivation andexhaustion. The bank is alsolooking for a chief operationsand technology officer follow-ing the resignation of ShayganKheradpir to become chief ex-ecutive of a firm in the US.

“Without question, this is astrong performance from a re-surgent Sainsbury, eventhough clouds remain on theinvestment horizon.”

He warned that intense com-petition, commodity pricesand the company’s sole UKfocus limited its scope for fur-ther expansion.

The company is on track tomeet its full-year target for onemillion square feet of newspace but said a review of itsproperty pipeline has identi-fied some sites where it nolonger wants to build a su-permarket. This resulted in aone-off write-down of £92 mil-lion in yesterday’s results.

Sainsbury's said online gro-cery sales were now growing atover 15 per cent, with anannual turnover of more than£1 billion. It is also meeting itstarget of opening two conveni-ence stores per week, meaningits number of smaller storeswill overtake supermarketslater this year.

The company quoted in-dustry figures showing that itsS a i n s bu r y ’s Local stores ac-count for nearly one third ofthe UK’s convenience marketgrowth, with sales of nearly£1 billion in the half-year.

Sainsbury’s celebratescontinued growth as itshrugs off budget rivals

Unemployment rate in the SouthWest from July to September

6.4%

Sainsbury’s Taste the Differencerange has been one of its strongestperformers, hitting double-digitgrowth as own brands outperformbranded goods

Top, former top City regulator SirHector Sants, who has resignedfrom his post in charge ofcompliance at Barclays after beingsigned off work last month withstress and exhaustion. Above,Antony Jenkins, group chiefexecutive at Barclays

Wyke Farms, the UK’s largest independent cheese producer, has honoured its Master Cheese Grader as he marked 50 years of selecting and gradingcheese at Wyke Farms. Master Cheese Grader, Nigel Pooley, has graded over 1.4 million tonnes of cheddar at Wyke, playing an integral part in ensuringthe quality of Wyke Farms’ cheddar. So valued is Nigel’s nose that the Somerset firm has insured it for £5 million with insurance firm Lloyds of London

The year in which New Lookopened its first store – in Taunton

1969

Estimated cost to north Wiltshireof the closure of RAF Lyneham

£90mExhaustion takes toll onbank’s stressed executive

Working-class teenagers arearound three times less likelyto go to a top university thantheir richer classmates, eventhough they may have thegrades to win a place, researchsug g ests.

A new study concludes thatthe difference in the numbersof advantaged and disadvant-aged youngsters going to uni-versity is not just down to theiracademic achievement ats ch o o l .

It argues that some of thediscrepancy is “unexplained”and it could be that many stu-dents from lower-income fam-ilies with decent grades maybe choosing to go to other uni-ve r s i t i e s.

The study, commissioned bythe Sutton Trust, looked at thenumbers of children from dif-ferent backgrounds going totop universities in England,the US and Australia.

It found that in England,children with professional par-ents are about three timesmore likely to attend a RussellGroup institution – c o n s i d e re damong the best in the country –than those from working-classh o m e s.

About 73 per cent of this gapwas down to the pupils’ p re -vious academic achievement,the study concluded. But thismeans that more than aquarter of the differencecannot be explained in thisw ay.

“This suggests that there aresignificant numbers of work-ing-class children who, eventhough they have the academicability to attend, choose toenter a non-selective institu-tion instead,” the researchfo u n d .

The study notes that at thetop English universities onlyone in eight young under-graduates come from “l owe r ”occupational backgrounds,compared to more than half atsome of the newer institutions.More than two-fifths of stu-dents at Oxford and Cam-bridge went to private schoolwhile at some of the modernuniversities the figure is twoor three per cent, the reportsaid.

The study is due to bepresented at a Sutton Trustsummit on university access,and the trust’s chairman SirPeter Lampl said: “This newresearch confirms that thereare many able children eithernot applying or not being ad-mitted to the best universities,and this is true internation-a l ly. ”

Dr Wendy Piatt, directorgeneral of the Russell Group,said: “It is also the case thatsome very bright students arenot encouraged to apply forleading universities. Wecannot offer places to thosewho do not apply or who havenot done the right subjects tostudy their chosen course.”

A Business Departmentspokeswoman said: “We wanteveryone with the desire andtalent to be able to study atuniversity, irrespective oftheir background.

“Last year the proportion ofdisadvantaged English 18-year-olds applying to uni-versity was at its highestl eve l . ”

Study points toclass divide inour universities


Charity finance: health and wealth for wiseBY NIGEL MORRISONAdvisory partner, Grant Thornton

In straitened times, with con-tinued public-sector cuts,many charities are squee zed.

Charities that get public-sector funding are increas-ingly finding pressure onworking capital – contractswith some local authorities,which have historically beenpaid in advance, are moving topayment in arrears, alongwith an element of payment byresults. This often causes atightened cash position wherethe biggest overhead is staffand there is limited opportun-ity to alter payment patterns.

Many charities’ boards are

Tom Hanks, starring in Captain Phillips, comes face to face with modern-day pirates. He would have been glad of a new device developed by a company in Dorset to deter unwelcome intruders.The invention has received backing from Exeter-based ‘crowd funding platform’ Crowdcube, and more than 80 investors pledged £100,000 to The Guardian, a plastic fitting that preventsgrappling hooks from taking hold on the railings of a ship. The device was created by Portland-based Marine & Auto Security Solutions. The funding will be used to market the productinternationally and enable the company to build up stocks in the Middle East and Far East to reduce delivery times. Inventor Teresa Stevens said: ‘It is far safer, cheaper and more effective thanthe razor wire, water jets and armed guards currently used by ship owners’

A winemaker who began hiscareer making cider sold atthe first Glastonbury festivalshas been recognised for hiscontribution to the organicm ove m e n t .

Somerset winemaker HughTripp was among a group ofgrowers and farmers given aplaque by Monty Don, pres-ident of the Soil Association,at its annual conference inLondon.

Mr Tripp first planted vinesat his property in East Pen-nard in 1981. He was determ-ined not to resort to sprays –against advice – and had thegood fortune to plant the vari-ety Seyval, which is naturallyresistant to mildew.

Ignorant of this, Mr Trippchose this variety because heliked the Seyval wine from

Wi n e m a k e rhonoured withorganic award

Wootton Vineyard, but it star-ted Avalon Vineyard on theroad to certified organicstatus in 1987.

At that time “org anic” winewas virtually unknown, so MrTripp was something of a pi-oneer. Since then, it hashugely grown in popularityand even the EU has come torecognise it.

Mr Tripp was a keen cider-maker back in the 1970s, join-ing a small co-operative atWorthy Farm, Pilton, using anold, hand-turned press.

So a new cider orchard wasplanted at Avalon, with softfruits planted between theapple trees. These fruitsprompted diversification intoa whole range of fruit wines,mead and finally liqueurs. Allhave proved useful when theSeyval vine, sometimes a shycropper, has a poorer year.

The Pennard Quality Spark-ling Wine 2010, made by thetraditional “champa gne”method, is available fromtheir shop at East Pennard.

reluctant to source externalfinance, in contrast to the com-mercial, housing and educa-tion sectors, where this ap-proach is commonplace. Withmany trustees having a com-mercial background in their‘day jobs’ it is perhaps sur-prising. So why are some cau-tious of financing arrange-ments?

Some charities’ gover ningdocuments do not allow themto borrow unless in respect ofland transactions. Althoughthere are provisions under theCharities Act 2011 to increasepowers to borrow, some trust-ees may be unaware of this orchoose to rely on generatedfunds, rather than finance.

Additionally, granting se-curity over a charity’s assetscan be complicated from a reg-ulatory point of view and maybe something trustees are re-luctant to do.

All charity boards shouldrefer to their constitutionbefore undertaking any finan-cing decisions to ensure theyact within their powers, andshould also be aware that it ispossible to rewrite the con-stitution to allow borrowing.

There is also the element ofrisk. Where a charity is un-incorporated, there is a pos-sibility that the trustees willbecome liable if the charity isunable to repay debts, so thetrustees may choose to avoid

bor rowing. For some charit-ies, the board position canthen become that they will notconsider finance in any form,common among unincorpor-ated smaller charities, whereit is rare to see borrowings ofany type on their balances h e e t s.

Trustees should seek adviceon any matters where they arenot experts, or they could beregarded as having acted im-pr udently. A large array of fin-ancing options can overwhelmtrustees, who opt for what theysee as the safest option: nofinance in any form.

But this may not be the bestcourse. After all, it is trustees’responsibilities to act in the

best interests of the charityand in line with its objectives,which finance may allow.

Most banks have specialistnot-for-profit teams who un-derstand the unique chal-lenges charities face whenconsidering finance. Althoughhistorically it has been un-usual for charities to borrow,charity finance is becomingmore commonplace although,like commercial borrowing,the finance should be soughtfor a specific requirement andsupported by a robust plan.

Where charities are openabout their plans andr at i o n a l e, funders and donorsare able to understand andsupport their strategy.

Hugh Trippselling hiswines at afood festivalin Burnhamon Sea

Nigel Morrison of Grant Thorntonsays charities should not rejectfinance by default – though itshould still be used wisely

WESTERN DAILY PRESS THURSDAY NOVEMBER 14 2013 WEST COUNTRY BUSINESS 7WDP-E01-S3

Quedam ‘haskey to town’sretail success’BY JONATHAN [email protected]

A thriving Quedam shoppingcentre will act as a catalyst forthe regeneration of Yeovil’seconomy, say the men chargedwith the centre’s rejuvenationfollowing its £15.1 million salelast week.

Nigel Poad and Andy Bailey,of Insite Asset Management,which is managing the centreon behalf of new ownerBenson Elliot, have promisedto sign up brands “never seenb e fo re ” in the town.

Managing director Mr Poadsaid: “One of the reasons our

ment (UK) Limited forms partof its “reach for the regions”campaign, where the companyhopes to regenerate “u n l ove d ”town centres.

Extending the Quedam tohouse a major departmentstore and filling all of thevacant units are among thec o m p a ny ’s plans for Yeovil.

Negotiations to buy theshopping centre took time –but Mr Poad said extensiveresearch was carried outamong local shoppers and re-tailers for more than sixm o n t h s.

He said: “We first camedown here in April and it hastaken a long time, but that’sexpected in the market we’reworking in. Our client has hiseyes wide open and sees greatpotential. Yeovil has so manythings in its favour.

“You can’t own and run asuccessful shopping centrewithout knowing what thecustomers want and seekingto deliver that.”

The future of some of theQuedam’s main clients wasshrouded in uncertainty thisyear as the international re-cession threatened to claim ahost of national chains.

HMV went into administra-tion in January, while 14 jobsin Yeovil were lost in 2012when Peacocks went into ad-ministration after it failed torestructure £240 million of itstotal £750 million debt.

Director Mr Bailey said:“The press often focuses onretailers going bust and shopsclosing down. However, HMVchose Yeovil as one of thestores to remain open. Pea-cocks also went bust but re-opened in Yeovil.

“They had the chance toditch these stores but didn’t asthey saw the town’s potential.”

The Quedam showcase last year. Yeovil has managed to keep hold of HMV and Peacocks, despite the two chainsgetting into serious financial difficulties in the last year

client bought the Quedamshopping centre is because hesaw a great opportunity tobuild something.

“We don’t regard this as justa property asset, it’s a livingplace which plays a large partin local people’s lives. TheQuedam is not about thebricks and mortar – it’s aboutthe customers and the retail-ers. The fundamental purposeof the shopping centre is toserve the people of Yeovil.

“We sense the responsibilitywhich we have to act as acatalyst for the regenerationof Yeovil and we believe that asuccessful Quedam will helpcreate a successful townc e n t re. ”

Benson Elliot’s acquisitionof the shopping centre fromUBS Global Asset Manage-

Fast way to savetime and moneySuper-fast broadband willsave British households atotal of £270 million and 60million hours of leisure timeeach year by 2024, a newreport predicts.

Better connectivity wouldhelp more people save cash byavoiding commuting and cutannual business travel by 3.3billion miles (5.3 billion km) ayear – around 9 per cent of thecurrent annual UK total –research on the Govern-ment’s broadband investments t at e s.

A net employment rise ofabout 56,000 jobs by 2024 isalso predicted although thisfigure has a relatively highdegree of uncertainty.

The findings are containedin the UK Broadband ImpactStudy Impact Report, by ana-lysts SQW with CambridgeE c o n o m e t r i c s.

Waitrose takeson town Co-opWaitrose is set to open a storein Keynsham next year, re-placing the Co-operative onBroadmead Lane.

The store will close in Feb-ruary next year and willreopen as Waitrose a monthl at e r.

The company confirmed all84 staff at the shop will beoffered the opportunity to joinWaitrose and become partnersin the John Lewis Partner-ship. Waitrose is also hopingto create jobs.

Director of development atWaitrose, Nigel Keen, said:“We have wanted to open ashop in Keynsham for a longtime and are looking forwardto becoming part of the localc o m m u n i t y.”

There had been speculationthat Waitrose would be part ofthe Somerset town’s centralre d eve l o p m e n t .

Axminster millput up for saleAn industrial building thatformerly housed AxminsterCar pets’ Buckfastleigh spin-ning mill is for sale.

Alder King have been in-structed by Buckfast Abbey tomarket the former RileyBuilding, a 112,880 sq ft sitebuilt in 1989. It is among anumber of buildings on a ten-acre site next to the grounds ofthe Benedictine abbey, whichacquired the site from admin-istrators after Axminster Car-pets fell into administration inM a rch .

The carpet business and itsAxminster-based operationswere acquired by investors ina separate rescue buyout.

The Abbey has retainedownership of the remainingbuildings, which also includea historic mill building, builtby entrepreneur SamuelBerry in the early 1800s.

Developers are being sought to take on a site in Weston-super-Mare,close to the seafront and with permission for 41 flats. The LyntonHouse Hotel in Madeira Road occupies a 0.38-acre site and is beingmarketed by Flax Bourton-based CJH Land at £750,000 freehold.

Seafront flats opportunity offered

Rates hint liftssterling amidUS uncertaintyYESTERDAY IN THE CITY

Speculation that interest rateswill rise sooner than expectedfuelled by a more optimistictone from the Bank of Englandlifted the pound yesterday.

Governor Mark Carney saidthe “recovery has finallytaken hold”, adding that theBank expects the 7 per centunemployment rate thresholdfor a possible interest rate risewill be reached earlier than ithad thought in August.

While the message helpedlift sterling, the FTSE 100Index tumbled by more than 1per cent, or 96.8 points, to 6630,also affected by fears overmonetary policy in the US.

The pound was up one centat US$1.60 at the close inLondon, while it also madegains against the single cur-rency, climbing by a cent toreach 1.19 euros.

Mr Carney sought to stressthat the 7 per cent unemploy-ment threshold governing theBank’s forward guidancepolicy on interest rates wasmerely a staging post.

But it was not enough toreassure the City, where it iswidely expected that they arein line to rise in 2015.

The wider slump was alsofuelled by continued uncer-

Year in which interest rates arethought likely to climb

2015tainty over when the US Fed-eral Reserve will begin thetapering of America’s hugeasset-buying programme,which has nursed it out ofre c e s s i o n .

On Wall Street, the DowJones Industrial Average wasalso in the red, while Frenchand German bourses saw de-clines too.

In London, heavyweightfallers included Barclays,which declined 7.3p to 249.5p,while oil giant Royal DutchShell fell 56.5p to 2108.5p.

BSkyB also remained underpressure – down 35p at 805p –after its failure to land UefaChampions League rightsfrom 2015. ITV, which alsomissed out in the auction toBT, fell 6.5p to 181.8p.

Supermarket chain Sains-bu r y ’s defied the weak tradingconditions in the FTSE 100Index to climb by 3 per cent, up11.9p to 410.7p.

This was after a better-than-expected 7 per cent rise inprofits to £400 million for thesix months to September 28underlined its reputation asthe best performing of the bigfour supermarket chains.

The biggest FTSE 100 riserswere Sainsbury’s, up 11.9p to410.7p, Centrica up 3.5p to363.9p, United Utilities up 3.5pto 692p and easyJet up 6p to1 2 3 3 p.

The biggest FTSE 100 fallerswere RSA Insurance, down5.3p to 104.1p, BSkyB down 35pto 805p, Persimmon down 46pto 1154p and ITV down 6.5p to1 8 1 . 8 p.

Sum for which the Quedam waslast week sold to Benson Elliot

£15m


SharesPrice +/- Year

HighYearLow

Price +/- YearHigh

YearLow

Price +/- YearHigh

YearLow

Price +/- YearHigh

YearLow

Price +/- YearHigh

YearLow

Price +/- YearHigh

YearLow

Price +/- YearHigh

YearLow

West stocks highlighted

AEROSPACE & DEFENCEAvon Rubber 5511/2 -2 5591/2 3291/2B AE 4471/4 -43/4 468 3003/4Chemring Group 2051/4 -3 3211/8 2051/4Cobham 2683/8 +11/4 3073/4 1921/4Me g gitt 5051/2 -5 5721/2 3683/8QinetiQ 1963/4 -1/2 2111/8 179Ro l l s - Ro yc e 1210 -3 1240 8441/2Senior 2871/2 -1/4 300 1857/8Ultra Electronics 1880 -27 1981 1505

AUTOMOBILES & PARTSGKN 3625/8 -23/8 3761/4 201To ro t ra k 253/8 -15/8 351/2 231/2

BANKSB a rc l ay s 2491/2 -71/4 3337/8 2341/4Bk of Ireland 225/8 -1/4 227/8 77/8HSBC 6831/4 -13 7697/8 5953/4Lloyds Banking Gp 75 -11/8 803/8 44Royal Bank of Scotland 3247/8 -63/4 3847/8 2661/8Standard Chartered 1448 -371/2 18371/2 1395

BEVERAGESBarr (AG) 523 +11/2 5881/2 4551/2Britvic 585 -9 625 386D i age o 19921/2 -22 21361/2 1787SABMiller 31671/2 -471/2 3657 2619

CHEMICALSC a rc l o 350 -3 501 3423/4Croda Intl 2341 +9 2841 2251Elementis 2483/4 -51/2 275 2091/4Johnson Matthey 3004 -50 3059 2190Por vair 2721/4 +1 2981/2 139Synthomer 2237/8 -91/8 2573/4 1601/2Tre at t 5971/2 6321/2 367Vi c t rex 1563 -21 1765 1458Zotefoams 181 224 1801/2

CONSTRUCTION & MATERIALSAlumasc 1291/2 -1 137 82Balfour Beatty 2663/4 -73/4 2911/2 2075/8Boot (Henry) 194 -31/2 201 131Boustead 181/2 181/2 181/2Clarke (T) 64 -21/2 721/4 413/4Costain 2883/4 -73/4 306 227CRH 1582 -27 1609 1090Galliford Try 1116 -8 1157 678Gleeson (MJ) 3151/4 -33/4 3543/4 1521/2Keller Group 977 +12 1161 6071/2Kier Group 1688 -120 1830 1115Kingspan Group 11033/8 +41/4 10991/8 607Low & Bonar 751/4 80 50Marshalls 174 -51/2 184 961/2Morgan Sindall Gp 825 -141/2 8391/2 508North Midland Const 149 149 95Po c h i n s 38 391/2 23Titon 431/2 451/2 22

ELECTRICITYDrax Gp 653 +161/2 7171/2 5241/2SSE 1399 -6 1676 1364

ELECTRONIC & ELECTRICAL EQDialight 8991/2 +1 1399 897Domino Printing Sci 673 -81/2 717 5321/2Eurodis Electron 1 1 1Halma 566 -61/2 578 4111/2Laird 2471/8 -33/8 2533/4 1711/8Morgan Advanced 2951/2 -21/2 318 2401/4Oxford Instruments 1458 +33 1752 1209Re n i s h aw 1754 -1 2081 1494Ross Group 7/8 13/8 1/2Spectris 2283 -36 2470 1773TT Electronics 191 -1 202 114Vo l ex 1163/4 -11/4 157 84Xaar 9451/2 +301/2 9451/2 263XP Power 1570 -12 1605 955

EQUITY INV INSTRUMENTSAberforth Smaller Cos 9871/2 -131/2 1014 655Alliance Trust 4411/2 -41/4 4641/4 3633/4Bankers IT 573 -7 586 427BlackRock Wld Mining 4623/8 -157/8 6221/2 4241/2British Assets Trust 1401/2 -13/4 1433/4 1163/8British Emp Secs&Gen 486 -41/8 522 448Caledonia Investment 1878 -22 1970 1457City of London IT 368 -4 3763/4 3033/4Dexion Absolute 1533/4 -21/4 156 137Edinburgh Inv Tst 578 -3 621 4861/2Electra Private Equity 2270 -2 2398 1795Fidelity Euro Value 1518 -19 1569 1174Fo re i g n & C o l o n i a l 3751/2 -51/2 383 3041/4JP Morgan Japan IT 241 -1 2473/4 1541/2JPM Euro IT Gwth 218 -3 224 161Mercantile IT 1477 -13 1519 1020Merchants Trust 497 -8 515 3611/2Middlefield Canadian 103 115 991/2Monks Inv Tst 386 -51/4 395 300Murray Income Tst 778 -14 820 6561/2Murray International Tst 1082 -14 1245 9821/2North American Inc 860 -10 9151/2 6671/2Perpetual Inc&Grwth 3495/8 -13/8 364 2751/2RIT Cap Partners 1244 -25 1285 1109Scottish Inv Tst 5851/2 -71/2 606 464Scottish Mortgage 9641/2 -231/2 1023 6671/2SVG Capital 3893/8 -71/8 416 2641/2Temple Bar IT 1217 1241 961Templeton Emerging Mkts 554 -121/2 678 514Witan Inv Tst 6471/2 -5 6601/2 474

FIXED LINE TELECOMSBT Group 3747/8 -21/4 3785/8 219Cable & Wire Comm 473/8 -1 483/8 341/4Colt Group 1261/2 -2 1351/2 931/2KC O M 1051/8 +1 1051/8 681/4Talktalk Telecom 2773/4 +23/8 2773/4 208Telecom Plus 1490 -39 1573 8441/2

FOOD & DRUG RETAILERSG re g g s 4521/4 -1/4 5231/2 3921/8Morrison (Wm) 274 -3/4 3021/2 2485/8Sainsbury (J) 4103/4 +117/8 4103/4 3217/8Te s c o 3643/4 -21/8 3873/4 315Th o r n t o n s 115 -1/2 117 285/8

FOOD PRODUCERSAnglo-East Plantations 639 -341/2 750 630Assoc Brit Foods 2264 -7 2271 1386Carr's Milling 1635 -40 1760 950C ra n sw i c k 1118 +4 1189 733Dairy Crest Group 520 -13 539 3487/8D ev ro 320 +13/4 380 2897/8Glanbia 886 -7/8 9271/8 636Greencore Gp 1867/8 -71/2 1945/8 883/4Kerry Group A 39171/8 -8 40313/4 31591/8Premier Foods 129 -3 1851/2 593/4REA Hldgs 4303/4 +3/4 4843/4 3591/4Tate & Lyle 814 -7 883 7361/2U n i l eve r 2459 -28 2885 2290

FORESTRY & PAPERMondi 1010 -35 1122 625

GENERAL FINANCIAL3i Group 3703/4 -121/4 3871/2 2053/4Aberdeen Asset Mgt 4067/8 -10 4921/8 3285/8Brewin Dolphin 278 -1/4 2871/4 1693/4Close Bros Group 1231 -17 1300 8331/2F&C Asset Mngmt 94 -11/4 1103/8 90Guinness Peat 31 331/2 231/2Hargreaves Lansdown 1149 -20 1190 6791/2Henderson Group 2161/4 -33/4 2233/8 1091/8ICAP 3913/4 +151/2 4221/4 2803/4IG Group 624 -21/2 6261/2 4163/4Intermediate Capital 4741/2 -103/4 5011/2 2871/4I nve s t e c 4173/4 -93/8 5131/2 3723/4IP Group 150 -2 1585/8 1051/8London Stock Exchange 1555 -50 1682 930Man Group 831/4 -13/4 1343/8 713/4Pa rago n 331 -41/2 3545/8 2381/4Provident Finl 1563 -26 1773 1287Rathbone Brothers 1538 -18 1691 1208S c h ro d e r s 2468 -34 2690 1518Schroders NV 2005 -18 2217 1236Tullett Prebon 3121/4 -25/8 3957/8 219World Trade Systems 41/2 41/2 41/2

GENERAL INDUSTRIALSBritish Polythene 733 +3 733 383REXAM 5181/2 -81/2 5471/2 4305/8RPC 4791/4 -13 517 378Smith (DS) 2915/8 -41/8 3081/4 1971/2Smiths Group 1407 -21 1455 1018

GENERAL RETAILERSA l exo n 27/8 27/8 27/8Ashley (L) 261/2 -1 291/2 24Beale 10 201/2 91/2Brown (N) 514 -61/2 577 339Caffyns 4921/2 5371/2 365Carpetright 6231/2 -17 700 585Carphone Whse 256 -8 266 188Dar ty 881/2 -1 891/2 39D eb e n h a m s 1007/8 -13/8 1177/8 783/4Dignity 1367 -21 16871/8 1034Dixons Retail 473/4 +7/8 49 243/4Dunelm Group 8841/2 -51/2 1047 613Euro Home Retail 21 21 21Findel 255 +1 2581/4 108Flying Brands Units 41/8 +13/8 6 23/8French Connection 387/8 -15/8 421/2 231/2Halfords 4725/8 -43/8 4863/8 299Home Retail 1941/8 -21/2 2011/8 1043/4Howden Joinery Gp 3241/8 -23/4 332 1611/2HR Owen 1581/2 1723/4 61I n c h c ap e 609 -10 645 3981/2JD Sports Fashion 1210 -12 1222 670Kingfisher 3891/2 -3 420 2687/8L o o ke r s 130 -1 131 72Mallett 781/2 +1 841/2 611/2Marks & Spencer 4891/4 -87/8 5131/2 359Moss Bros Group 72 75 531/2M o t h e rc a re 396 -5 4923/4 271N ex t 5450 -30 5540 3542Pe n d rago n 38 393/4 133/4Signet Jewelers 4802 -23 4934 3217Ted Baker 1790 -10 2017 947Topps Tiles 893/4 -11/8 95 47WH Smith 980 -8 992 609

HEALTH CARE EQPMNT & SERVBioquell 147 +2 160 130Consort Medical 881 -6 914 6601/2Smith & Nephew 8041/2 -11/2 806 6401/2Southern CrossH e a l t h c a re

61/4 61/4 61/4

Synergy Healthcare 1051 -11 1165 921UDG Hlthcare 3045/8 -17/8 3605/8 231

HOUSEHOLD GOODSAga Rangemaster 1221/2 -31/8 1353/4 56

Barratt Developments 312 -151/4 3551/4 1811/4B e l l way 1414 -46 1534 951Berkeley Grp Hldgs 2197 -71 2450 1501Bovis Homes 751 -361/2 8511/2 4891/4G a s ke l l 21/4 21/4 21/4Headlam Group 3963/4 -23/4 415 3021/2McBride 110 +1/2 1463/4 101Pe r s i m m o n 1154 -46 1305 745Reckitt Benckiser 4748 -88 4950 3704Re d ro w 2657/8 -53/4 2753/8 154Taylor Wimpey 1033/8 -35/8 1137/8 565/8Vi c t o r i a 254 +11/2 254 1871/2

INDUSTRIAL ENGINEERING

Assoc Brit Engineering 140 145 115B o dyc o t e 647 -121/2 685 3623/4Castings 4551/2 4551/2 291Fe n n e r 415 +73/4 4351/4 3057/8G o o dw i n 3580 -120 3820 1600Hill & Smith 5101/2 -31/2 514 3871/2IMI 1498 -12 1563 942Melrose Ind 3091/8 -71/8 3213/4 2067/8Molins 1871/2 -5 194 134MS Intl 1781/2 -1/2 2611/2 172Re n o l d 391/2 -31/2 46 17Rotor k 2866 -4 3037 2320S eve r f i e l d - Ro we n 65 1201/2 371/4Spirax-Sarco 2906 -30 3090 21891/8Tex Hldgs 751/2 821/2 521/2Tr i f a s t 841/2 -23/4 871/4 431/4Vitec Group 698 -2 726 559Weir Group 2200 2474 1710

INDUSTRIAL METALS

First Quantum Minerals 1104 -55 1399 8721/2

INDUSTRIAL TRANSPORTATION

BBA Aviation 3343/8 -71/4 3435/8 1953/4Braemar Shipping 546 -7 555 350Clarkson 2088 -12 2370 1150Fisher (J) 1096 -2 1148 7831/2Irish Continental Units 21815/8 +1/4 21983/8 14851/8Ocean Wilsons 1098 +3 11571/2 8971/2Stobart Gp Ord 1371/4 -3/4 148 741/2UK Mail Gp 577 -101/4 645 280Wincanton 124 -11/4 139 433/4

LEISURE GOODS

Games Workshop 770 -41/2 8231/2 601H o r n by 84 +21/2 871/2 59Photo-Me 144 +23/4 145 49

LIFE INSURANCE

Av iva 4313/4 -63/4 4491/8 2941/8Hansard Global 100 -27/8 136 855/8Legal & General 2097/8 -17/8 2177/8 1395/8Old Mutual 1973/8 -31/8 2215/8 1661/8P ru d e n t i a l 1243 -12 1290 8391/2Re s o l u t i o n 3441/8 -47/8 3591/2 2277/8St James Place 6411/2 -81/2 679 392Standard Life 3353/4 -51/4 4213/4 2993/4

MEDIA

4imprint 618 -11/2 650 335Bloomsbury Pub 173 -31/2 1803/4 102BSkyB 805 -35 950 745Centaur Media 56 +1/4 60 31Chime Comms 3111/4 -53/4 324 2083/4City of London Group 51 -1 75 501/2C re s t o n 961/2 -3/4 109 751/4Daily Mail A 816 -5 835 4561/4Euromoney Instl Inv 1120 +5 1209 7471/2Future 161/4 213/8 121/4Haynes Publishing 196 196 157H I BU 1/8 1/2 1/8Huntswor th 651/2 67 37Indep News&Media 83/4 103/4 21/2Informa 5571/2 -71/2 5681/2 3801/2ITE Group 303 +3/4 3221/4 190ITV 1813/4 -61/2 1951/8 92Johnston Press 14 -5/8 19 113/4M o n ey s u p e r m a r ke t . c o m 186 +2 221 1423/8Pe a r s o n 1301 -10 1365 1119Quarto Group 161 1621/2 137Reed Elsevier 8731/2 -141/2 888 6021/2R i g h t m ove 2510 -93 2652 1436STV Group 3191/2 -1 330 100Tarsus Group 249 -23/4 2521/4 1773/4Trinity Mirror 138 +41/4 138 781/4United Business 6941/4 -91/4 788 636UTV 214 -13/4 227 1151/2Wilmington 222 +13/4 222 1371/2WPP 1307 -40 1368 802

MINING

Anglesey Mining 51/8 -1/8 151/2 51/8Anglo American 14081/2 -32 2072 1207Anglo Pacific Res 217 -13/4 289 161Antofagasta Hldgs 8131/2 +1 1381 7841/2Aquarius Platinum 413/4 -1/2 751/4 36Avocet Mining 143/8 +1/8 731/4 63/4BHP Billiton 1904 -361/2 2236 16661/2Bisichi Mining 120 1261/2 95Coalfield Res 61/2 87/8 27/8Ka z a k h my s 2401/4 -13/4 826 2333/4Ke n m a re 201/2 -1/4 371/4 203/8Lonmin 332 -31/2 515 2531/2Randgold Res 4509 -102 6670 3972

Rio Tinto 31941/2 -721/2 3757 2582Vedanta Res 1011 -29 1335 992

MOBILE TELECOMMUNICATIONSI n m a r s at 666 -71/2 749 560Vodafone Group 2293/8 -17/8 2321/2 1541/2

NONLIFE INSURANCEAdmiral Grp 1262 1416 1060Amlin 4313/4 -4 4373/4 3703/4B e a z l ey 2401/8 +11/8 2423/4 1671/4Catlin Group 514 -51/2 5521/2 4557/8Jardine Lloyd Thom 1008 -1 1028 734RSA Insurance Gp 1041/8 -51/4 1361/4 1041/8

OIL & GAS PRODUCERSBG Group 1248 -211/2 1283 10001/2BP 4811/4 -25/8 4891/4 4165/8Cairn Energy 2691/8 -43/4 2961/8 2513/4Dragon Oil 583 +1 662 510For tune 91/2 - 121/2 71/8JKX Oil & Gas 741/4 -1/4 803/8 481/2Premier Oil 3261/4 -53/4 4001/4 3211/4Royal Dutch Shell A 20281/2 -57 23091/2 1987Royal Dutch Shell B 21081/2 -561/2 2365 20771/2Soco International 3953/8 -45/8 430 3467/8Tullow Oil 8801/2 -191/2 1396 8801/2

OIL EQUIPMENT & SERVICESAMEC 1162 -16 1207 9651/2Hunting 8151/2 -221/2 941 716Pe t ro f a c 1403 -21 1737 1194Wood Gp(J) 812 +281/2 9151/2 7201/2

PERSONAL GOODSA bb eyc re s t 11/2 11/2 11/2Burberry Gp 1462 -26 1667 1164C re i g h t o n 51/4 6 2Lambert Howarth 181/2 181/2 181/2PZ Cussons 3761/4 -25/8 4321/2 3381/2Worthington Group 3 8 3

PHARMA & BIOTECHArk Therapeutics 1/4 - 31/2 1/4A s t ra Z e n e c a 3267 -171/2 35211/2 27921/2B TG 4455/8 -91/4 4547/8 3171/2Dechra Pharms 670 -7 780 569G e nu s 1242 -6 1594 1242G l a xo S m i t h K l i n e 16083/4 -283/4 1782 13171/2Hikma Pharmaceuticals 1200 -8 1219 7251/2Oxford Biomedica 25/8 - 27/8 13/8S h i re 2761 -59 2858 1727S k ye P h a r m a 1161/4 +53/8 1161/4 431/2Source Bioscience 103/4 111/8 91/8Ve c t u ra 1071/2 -1 117 77

REAL ESTATEBig Yellow Gp 460 -9 489 3227/8Bolton Group (Intl) 15/8 15/8 15/8British Land 6061/2 -131/2 658 506Capital & Regional 42 -3 451/4 241/2Cardiff Property 845 845 730CLS 1215 -9 1260 6561/2Daejan Hldgs 3965 -105 4200 2760Derwent London 2415 -27 2574 1999Development Secs 236 -61/2 244 143G ra i n ge r 2011/4 -3 2061/8 1111/2Great Portland Est 558 -13 598 4511/2Hammerson 5171/2 -41/2 554 4583/4Helical Bar 3113/4 -3 318 178Highcroft Invs 685 695 575Intu Properties 333 -33/4 366 3005/8Land Securities 967 -7 999 7621/2London & Assoc Prop 42 42 211/2McKay Secs 192 -1 1931/2 1311/2Mountview Estates 7129 +54 7129 43621/2Mucklow (A & J) 502 -8 510 3473/4Panther Securities 330 +21/2 3421/2 285Primary Health Props 3233/4 -13/4 3641/2 3121/2Quintain Est & Dev 901/2 -2 100 513/4S av i l l s 643 -1 6641/2 4071/4Schroder Real Est 351/4 351/4 351/4S E G RO 3261/4 -23/8 3363/4 2215/8Shaftesbur y 589 -41/2 668 5241/2Smart (J) 881/2 901/2 721/2St Modwen Props 3461/8 +11/8 3611/2 206Stewart & Wight 525 600 525Town Centre 227 -1 230 1783/4TR Property IT 219 -33/4 2337/8 1571/2Unite Group 3991/8 -15/8 4081/2 2603/4

SOFTWARE & COMP SERVAnite 911/2 -1 162 763/4DRS Data & Research 231/4 231/4 151/4Electronic Data Proc 701/2 721/2 521/2E m bl a ze 491/2 61 43Fidessa Gp 2120 +1 2190 1297Gresham Computing 1341/4 -11/8 1401/2 653/4Innovation Group 32 32 211/4I nve n s y s 4987/8 -1/8 5091/2 2731/2Ko f a x 3731/2 -11/2 388 2603/4M i c ro ge n 1261/2 +1/2 1551/2 112Pa r i t y 327/8 44 181/2RM 1153/4 +13/4 124 64Sage Group 346 +1/4 3871/4 3043/8SDL 2621/2 553 252Triad Group 141/4 161/2 51/2

SUPPORT SERVICESAcal 3263/4 -151/4 355 1573/4A g g re ko 1583 +1 2254 1442Ashtead Gp 6681/2 -231/2 730 3731/4

Atkins (WS) 1254 +3 1261 710Babcock Intl 1295 -11 1306 957B e re n d s e n 9391/2 -12 980 573B ra m m e r 440 -60 500 2403/4Bunzl 1395 -14 1414 1009Capita Group 970 +1/2 1057 713Carillion 2971/2 -61/4 3313/4 2443/4C o m mu n i s i s 621/2 68 343/4DCC 2792 -48 2861 22De La Rue 825 -41/2 1046 8231/2Diploma 650 -131/2 693 438E l e c t ro c o m p o n e n t s 2893/8 -21/4 2981/4 2037/8E s s e n t ra 7741/2 -171/2 830 543Experian 1195 -10 1288 980G4S 256 -1 3131/2 2071/2Harvey Nash 93 +1 953/8 541/2H ay s 1223/4 -2 1253/4 763/4Homeser ve 250 +43/8 2935/8 1855/8Hyder Consulting 560 -15 575 377Interser ve 614 -9 631 3491/8Intertek Group 3171 -33 3453 2828Jar vis 93/8 93/8 93/8Journey Group 149 150 1151/2L a t ch wa y s 13721/2+1021/2 13721/2 940L ave n d o n 1793/4 +13/4 1961/2 126Litho Supplies 5 5 5Macfarlane Grp 391/8 393/8 241/2Management Cons 25 +1/8 32 211/4Mears Group 448 -31/2 4521/4 3023/4Menzies (J) 7531/2 -131/2 8411/2 573MICE Group 6 6 6Michael Page Intl 476 -101/2 5021/2 3463/8MITIE Group 3101/4 +1/4 3147/8 248Nor thgate 4273/4 -4 4583/4 249Office2office 37 -11/4 126 333/4Pay p o i n t 1020 -10 1185 8141/2Premier Farnell 2313/4 -23/4 2383/8 1655/8Re g u s 1975/8 -23/8 2141/8 96Rentokil Initial 106 1123/4 85Ricardo 5851/2 -41/2 6611/2 3495/8Robert Walters 320 -15 336 191RPS Group 2861/2 -41/2 2991/4 1951/2Serco Group 504 -71/2 6831/2 504Shanks 110 -1/4 1101/4 73SIG 2053/4 -41/8 2103/4 102Smiths News 2123/4 +13/4 2123/4 149Speedy Hire 661/4 -2 70 331/4St Ives 1781/4 -6 188 100S Th re e 3331/2 -3/4 370 2991/2Travis Perkins 1707 -28 1858 1060Tribal Grp 172 -1 2061/2 961/4Vp 5001/2 510 313Waterman Group 611/4 633/4 361/2Wo l s e l ey 3277 -66 3483 26365/8

TECH HARDWARE & EQUIPMENTARM Hldgs 9231/2 -91/2 1097 711BATM Adv Comms 181/2 -1/4 21 133/4Bede 3/4 3/4 3/4CML Microsystems 5271/2 550 364CSR 481 +31/8 607 332F i l t ro n i c 633/4 -1/2 831/4 32Imagination Tech 2423/8 +23/8 552 2351/8Nor thamber 35 401/2 271/2Pa c e 3053/8 +41/4 3233/4 1771/4Plasmon 3/8 3/8 3/8Spirent Comms 1111/8 -1/2 1691/4 1081/4Vi s l i n k 483/4 +1/8 521/8 251/4Wolfson Microelectronics 136 -2 2261/4 136

TOBACCOBritish Amer Tobacco 3380 -43 3784 3091Imperial Tobacco 2363 -7 2534 2120

TRAVEL & LEISURE888 Holdings 1591/4 -21/4 186 1053/4Air Partner 570 +15 570 2721/2Bwin.Party Digital 130 +51/2 156 1011/4C a r n iva l 2268 -20 2628 2030Compass 8881/2 -161/2 9101/2 6871/2e a s y Je t 1233 +6 1448 641Enterprise Inns 1397/8 -73/4 1573/4 653/4F i r s t G ro u p 1175/8 -25/8 2233/4 92Fuller S.T.A. 930 969 726Go-Ahead Gp 1603 -28 1738 1220Greene King 8171/2 -231/2 8971/2 5891/2Intercontl Htls 1814 -25 2039 1572Intl Cons Airl 3713/4 -121/2 3841/4 1581/2L a d b ro ke s 1863/4 -23/4 2431/8 1673/8Marston's 1493/8 -23/4 1651/2 1183/4Millennium & Copth 586 -11/2 6151/2 456Mitchells & Butlers 3993/4 -87/8 460 296National Express 2521/4 -35/8 2747/8 1641/2Paddy Power 51685/8 -293/8 59153/8 45561/8Punch Taverns 11 -11/2 151/2 61/2Rank Group 142 -51/4 1771/2 1371/4Restaurant Grp 5561/2 -141/2 581 364Ryanair Hldgs 477 -77/8 6271/2 3797/8Spor tech 86 -1/2 108 64S t age c o a c h 3523/4 -2 3551/4 2657/8Thomas Cook 1433/4 -21/8 1705/8 20TUI Travel 3773/4 -45/8 4011/2 2463/4Wetherspoon (JD) 7011/2 -20 767 4933/4Wh i t b re a d 3363 -80 3467 2314William Hill 3787/8 -61/4 4941/2 3287/8

UTILITIESCentrica 3637/8 +31/2 4021/4 3131/2Dee Valley 1530 +5 1530 1325National Grid 7761/2 -41/2 8471/2 682Pennon Group 6451/2 7271/2 598

Severn Trent 1824 +3 2090 1519United Utilities 692 +31/2 7871/2 647

AIM1pm 39 457/8 131/421st Century Tech 63/4 16 5600 Group 18 18 103/4A bb ey 8421/2 +5 8371/2 530Advanced Medical S 1011/4 -1 1041/2 54Alkane Energy 401/2 411/4 23Alliance Pharma 343/4 381/2 307/8Amerisur Resources 45 -1/2 58 391/4A m i n ex 2 - 53/4 2Andrews Sykes 325 342 200Antisoma 11/4 2 11/4Aor tech 125 -21/2 1311/2 411/2API 80 92 543/4Ashley House 227/8 251/4 107/8ASOS 5675 -24 5944 2198Aukett Fitzroy Robinson 63/8 61/2 21/4Avanti Capital 981/2 -11/2 1011/2 531/2Avesco Gp 2211/2 235 154Bailey (CH) 1901/2 204 1521/2BCB Holdings 15 213/4 15Berkeley MineralRe s o u rc e s

21/4 3 21/8

Best of the Best 571/2 +1 611/2 20Billington Hldgs 1021/2 +2 1021/2 38Braime (TF & JH) 'A' N/Vtg

545 5521/2 4721/2

Capital Mngt & Inv 1971/2 200 32Celtic 66 +1/2 66 381/4Chamberlin 841/2 -1 1741/2 76Clean Energy Brazil 17/8 +1/8 71/2 17/8Clear Leisure 13/8 5 13/8Coal of Africa 77/8 -1/8 23 71/8Colefax 345 355 2221/2Concurrent Tech 38 541/2 371/2Connemara MiningC o m p a ny

5 +1/8 91/4 43/4

CPL Resources 535 +321/2 535 2621/2Crimson Tide 13/4 13/4 11/8Cropper (J) 360 +10 420 1701/2Daisy Gp 176 -5 181 85Dart Group 2081/4 -71/2 2691/4 91Densitron Tech 63/4 91/8 51/4D ew h u r s t 500 5421/2 440Dewhurst A 3221/2 3721/2 2721/2Dillistone Group 1171/2 1241/2 661/2Dolphin Capital Investors 39 -1 411/2 253/4Ebiquity 122 122 92E c ko h 283/8 -1/8 281/2 141/8Eco Animal Health 2071/2 270 194Egdon Resources 81/4 -1/4 117/8 77/8Eleco 20 +1/4 241/8 7Eros Intl 2351/2 2971/2 191Faroe Petroleum 130 -2 1491/2 1051/2Fe e d b a c k 5/8 3/4 3/8FII Group 63/4 63/4 63/4Finsbury Food 691/2 +1/2 773/4 38Fletcher King 35 351/2 25Forbidden Technologies 331/2 +1 361/2 181/2Futura Medical 513/4 -23/4 80 513/4F y f fe s 721/8 721/4 37Global Energy 843/4 -41/4 1221/2 69Gooch & Housego 618 -2 620 415G ra fe n i a 193/8 32 181/2Great Eastern Energy 1721/2 -21/2 2731/2 1721/2Green Compliance 11/8 8 7/8Griffin Mining 353/8 -1/2 381/2 261/2GW Pharmaceuticals 175 +41/2 175 391/2Hampden Underwriting 1361/2 1361/2 100Havelock Europa 191/4 223/8 111/4Hayward Tyler 643/4 -41/4 691/2 161/2Heavitree Brewery 325 3371/2 325Heavitree Brewery A 1821/2 1921/2 175Helphire Grp 51/2 + 53/4 11/2Highland Gold Mining 70 -1/2 116 521/2H i rc o 20 523/8 191/4Hydro Intl 105 -1/2 126 871/2I S Solutions 541/2 541/2 371/2ILX Group 83/8 125/8 7I m ag i n at i k 1/8 - 3/8 1/8Independent Res 73/4 -1/8 111/8 47/8I n d i go Vi s i o n 333 +101/2 4211/2 2871/2Interior Services 2631/2 2831/2 1321/2Iomar t 257 -3 319 192James Halstead 2761/2 -1/2 660 2373/4Jelf Group 891/4 941/2 601/2Johnson Service 501/2 531/2 335/8Latham (J) 396 -11/2 4041/2 270Leed Petroleum 1/8 - 1/4 1/8Lok'n Store 1961/2 +2 2161/2 1111/2London Capital 35 513/4 271/2London Security 18571/2 -421/2 1900 16871/2M&C Saatchi 3283/4 +11/4 3283/4 170Majestic Wine 553 -8 561 397Mercer Resources 7/8 13/4Metro Baltic Horizons 121/2 131/2 43/4M i ra d a 115/8 141/2 87/8Miton Group 481/4 +1/4 481/4 203/4Mulberry Group 1030 -10 1449 850Nanoco Group 147 -11/2 199 67Nasstar 111/4 133/8 93/4Nationwide Accid Repair 651/2 78 481/2Netcall 411/2 45 28Next 15 Comms 861/2 115 711/2Nichols 1169 -12 1237 825Nighthawk Energy 103/4 12 3North River Resources 3/4 + 11/8 3/8Northern Bear 25 251/2 13Numis Corp 2431/2 -3/4 2511/2 117

Optimal Payments 300 3171/2 108Ottoman Fund 33 37 29O xe c o 121/4 141/2 83/4Panmure Gordon & Co 1761/2 225 1321/2Patagonia Gold 133/8 -1/8 27 8Paternoster Res 3/8 5/8 1/4Penna Consulting 90 971/2 621/2Pennant Intl 74 891/2 411/2Personal Group 4451/2 -7 455 320Petra Diamonds 1093/4 +1/2 132 100Petrel Resources 141/4 -3/8 231/4 137/8Pittards 3 31/4 17/8Por tmeirion 6921/2 +21/2 705 4871/2Prime Active Cap 7 71/2 5Prime Focus London 45/8 93/4 25/8Prime People 76 76 461/2Publishing Technology 495 -15 6221/2 114Pursuit Dynamics 223/4 +1/8 331/2 9Qihang Eqpt 61/2 10 61/4Qonnectis 44 -21/2 461/2 25RAM Active Media 2 101/2 2Rangers Intl 451/2 93 411/2Real Good Food 673/4 673/4 36Redhall Group 531/2 75 411/2Re d s t o n e 7/8 103/8 3/4Renew Holdings 1631/2 +2 1631/2 811/2RGI International 1321/2 136 1041/8Rockhopper Exploration 1393/4 -2 1751/2 1123/4RTC Group 151/2 +1/2 17 11Sabien Technology 383/4 433/4 20S a fe l a n d 261/4 28 51/4Sagentia Gp 152 153 86Scapa Group 92 951/2 611/2SciSys 731/2 821/2 62Services Power Tech 41/8 57/8 33/4Ser voca 63/8 7 23/8Sinclair (Wm) 841/2 -8 1531/2 841/2Sirius Minerals 6 -1/4 291/4 6Slingsby (HC) 375 5371/2 375Software RadioTechnolog y

323/8 +1/8 361/4 177/8

Sopheon 90 +21/2 150 741/2SPDI Secure 681/2 74 601/8S t at p ro 931/2 106 731/2Sterling Energy 42 -11/2 435/8 331/4Stilo International 33/4 47/8 35/8Strategic NaturalRe s o u rc e s

43/8 -3/8 28 41/8

Sutton Harbour 281/4 35 213/4S wa l l ow f i e l d 861/2 1091/2 721/2Synetics 5571/2 5621/2 2841/2Taliesin Property 1615 16471/2 11221/2Ta s t y 117 120 501/2Taw a 171/2 451/2 17Telford Homes 3441/4 +31/4 365 160Telme Group 134 +1/2 1391/2 86Ten Alps 11/8 23/4 11/8Terrace Hill 271/2 -1/2 28 97/8Thorpe (FW) 136 +4 136 92Total Produce 711/2 711/2 39Trakm8 Hldgs 33 34 16Transense Techs 63/4 13 63/8Tr ave l ze s t 13/8 57/8 1/4Turbo Power Systems 1/2 7/8 1/8TVC Holdings 553/8 84 47Ultima Networks 1 11/4 3/4U n iv i s i o n 5/8 - 11/8 1/2URU Metals 21/2 31/2 17/8Ve r n a l i s 273/4 +1/4 31 193/8Vertu Motors 591/2 -1/2 613/4 37VPhase 1/8 7/8 1/8Walcom Group 3 3 21/2Walker Greenbank 1511/2 -1/2 160 70Weather Lottery 1/8 1/8 1/8West African Diamonds 11/8 - 31/8 7/8W YG 108 -31/4 1113/8 61Wynnstay Group 626 -11/2 6371/2 4051/2Wynnstay Props 275 275 2721/2XXI Century Inv 13/4 37/8 15/8Young Brewery A 1005 10821/2 6921/2Young Brewery N/Vtg 685 -21/2 7271/2 5521/2Zincox Resources 161/2 +1 431/4 141/2Zoo Digital 111/2 -1/2 153/4 61/4

BRITISH FUNDSConsol 21/2% 583/32 +5/16 661/32 561/16

Consol 4% 937/8 +1/4 1002 9/32 902 3/32

Conv 2.5% 809/32 +1/8 911 7/32 76Tres 21/2% 585/16 +3/16 671/2 533/4War Ln 31/2% 821 3/32 +7/32 927/16 792 7/32

Tres 8% 15 1151/2 -1/32 1237/16 1151/2Tres 21/2% IL 16 3407/8 -3/16 3537/8 3397/8Tres 83/4% 17 1273 1/32 -1/32 1372 9/32 1277/8Tres 8% 21 1391 5/32 - 1533/4 1385/8Tres 5% 25 1197/8 -1/32 1331 5/32 1185/32

Tres 6% 28 1333/8 -3/32 1503/32 1311 5/32

Tres 41/4% 32 1115/8 -1/16 1252 3/32 1091 1/16

ReportsTODAYInterims Asda (Q3),Carphone Warehouse,N o rc ro sTrading updates Centrica,Taylor WimpeyReport Council ofMortgage Lenders arrearsand repossessions andbuy-to-let figuresRates Bank of Englanddecision on interest ratesTOMORROWNo events

POUND ABROADEURO 1.13 euroDOLLAR 1.52 dollarsAUSTRALIA 1.62 dollarsBRAZIL 3.31 realsCANADA 1.59 dollarsCHINA 8.65 yuan

HONG KONG 11.69 HK dollarsINDIA 88.97 rupeesJAPAN 150.58 yenSOUTH AFRICA 15.40 randSWITZERLAND 1.39 francsTURKEY 3.08 lira

Major movers

Fenner 450 +4234 +10.48 +11.39

Esure Group 224 +1134 +5.51 +0.13

Bwin.Party Digital 130 +512 +4.42 +7.44

ICAP 39134 +151

2 +4.12 +3.32Wood Gp(J) 812 +281

2 +3.64 +1.88Xaar 9451

2 +3012 +3.33 +14.19

Sainsbury(J) 41034 +117

8 +2.98 +3.45Bank of Georgia 2161 +61 +2.90 +8.00Drax Gp 653 +161

2 +2.59 +2.35Oxford Instruments 1458 +33 +2.32 +13.02

FTSE 100 Index

Risers▲ Price Rise p % rise Wk% chng

Kier Gp 1688 -120 -6.64 -7.71NMC Health 3461

4 -2114 -5.79 -3.40

Enterprise Inns 13978 -73

4 -5.28 -2.71RSA Insurance 1041

8 -514 -4.84 -13.32

Barratt Devs 312 -1514 -4.67 +0.42

Ferrexpo 17834 -83

4 -4.64 -9.70Bovis Homes Gp 751 -361

2 -4.63 -1.18BSkyB 805 -35 -4.17 -14.36Greencore Gp 1867

8 -712 -3.86 -2.40

Persimmon 1154 -46 -3.83 -2.70

Fallers▼ Price Fall p % fall Wk% chng

6580

6620

6660

6700

6740WEDNESDAY

8 9 10 11 12 1 2 3 4 cls

Close - Down 96.79 at 6630.00

Business 14 November 2013

Documents

Transcript of Business 14 November 2013