Business 04 September 2014

BY JOHN-PAUL FORD ROJAS wdbusiness@b-nm.co.uk Bristol-based financial services giant Hargreaves Lansdown said it had maintained profit growth despite having to deal with strenuous new rules resulting in a major shake-up of its fee structure.

The company, one of the West’s biggest, sells funds and shares to retail investors. It reported pre-tax profits up 7 per cent to £209.8 million for the year to June 30, a slowdown on the previous year’s 28 per cent increase.

Ian Gorham, chief executive of Hargreaves Lansdown

Daily business e-briefing www.southwestbusiness.co.uk is the home of business news for the region. Visit today and enjoy a free daily e-briefing Chief executive Ian Gorham said resources had been taken up by the impact of regulatory change for the best part of 18 months but would now be redeployed to improve the business.

Anchor Road-based Hargreaves said assets under administration grew 29 per cent to £46.9 billion while net revenue was up 8 per cent to £291.9 million and total clients increased by 144,000 to 652,000.

Mr Gorham said: “During the year we have continued to expand and improve the services we provide to clients while also dealing with major regulatory change.”

Earlier this year, the group said it had cut costs for DIY investors – introducing a new charge for its Vantage fund supermarket arm, but negotiating a cut in the cost of a raft

of top funds to bring down overall fees for investors by £8 million in the first year.

The move came in response to the City regulator’s Retail Distribution Review, designed to make the breakdown of payments, between platform and fund manager, more transparent.

Mr Gorham said: “The delivery of the changes required by the Retail Distribution Review engaged company resources and time for the best part of 18 months.

“While regulatory intervention across the financial services industry shows no signs of reducing, with the Retail Distribution Review having been delivered successfully we are now able to re-deploy staff and resources on improving the business.”

The chief executive said Hargreaves had been buoyed by a busy year of stock market activity, as the FTSE 100 Index advanced 9.4 per cent over the period.

He said 118,000 investors used the firm to pick up shares in the Royal Mail flotation, representing 18.5 per cent of the public take-up of the offer.

The impact – as up to 60,000 people a day tried to contact Hargreaves and its website saw 3.5 million hits over two weeks – “put pressure on service levels” resulting in changes which were in place for the TSB float later in the year.

Elsewhere, rule changes freeing up the use of pension funds saw the group’s annuity business fall by 50 per cent, but new assets into pension drawdown arrangements were up 35 per cent on the year.

Mr Gorham said there were welcome signs of a return to stronger trading conditions with banks shoring up their balance sheets serving to enhance stability. “In particular markets are likely to be influenced by the performance of Asian economies, particularly China, and markets generally remain subject to geopolitical events,” he said.

McCarthy & Stone, the UK’s biggest retirement home builder, has raised its investment plans to £2 billion over the next four years as it benefits from a recovery across the industry.

The Dorset-based group upped its former £1.5 billion four-year investment plan, set last September, as it plans to build more homes and buy more land.

The group, which controls about 70 per cent of the owneroccupied retirement homes market, said it expects to benefit from UK demographics.

The number of people aged over 85 is poised to double by 2030 and the number of over 65s is expected to rise by 51 per

3,000

How many units per year McCarthy & Stone plan to develop

David Cameron during a visit to General Dynamics facility in Blackwood, Wales yesterday. The Ministry of Defence is signing a £3.5 billion contract for almost 600 new armoured vehicles on the eve of Nato’s summit in Wales, at which Britain will make the case for increased defence spending by the alliance’s 28 member states. The contract for 589 Scout Specialist Vehicles, being signed at General Dynamics, is the largest single order placed by the MoD for armoured vehicles for more than 30 years and a boost for the defence industry

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cent, according to a report published last year by thinktank Demos. The survey added that a quarter of those over 60 are interested in retirement living, yet only 1 per cent of older owner-occupiers currently live in specialist retirement housing.

McCarthy & Stone said it planned to double in size and develop more than 3,000 units a year over the medium term.

In June, it opened its first new regional office in 14 years, catering for north London, Buckinghamshire, Bedfordshire, Hertfordshire and Essex.

Chairman John White said: “We are raising our investment target for land and build to £2 billion over the next four years in order to respond to the significant nationwide need for high-quality, specialist housing for the growing number of over 65s who are looking to downsize.”

The boost in investment comes on the back of a trading update that saw sales jump by a quarter to £389 million.

The group is owned by a consortium that includes Goldman Sachs, Strategic Value Partners and TPG. It was founded by John McCarthy and Bill Stone in 1963 and began specialising in retirement homes in the 1970s.

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Hargreaves Lansdown powers on

Retirement developer sees further growth

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Business

2 BUSINESS THURSDAY SEPTEMBER 4 2014 WESTERN DAILY PRESS

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Sex and drug trade pep up the economy

BY JOHN-PAUL FORD ROJAS wdbusiness@b-nm.co.uk The recent downturn was less deep than previously thought while annual growth was stronger as the economy began to recover, according to revised official figures.

And it’s largely thanks to counting money spent in the black economy, including on profoundly criminal activities.

Changes to methodology used by the Office for National Statistics (ONS) show gross domestic product (GDP) shrank by as much as 6 per cent in the depths of the recession, lower than the pre-

Chancellor George Osborne has seen a boost in the figures MORE ONLINE westerndailypress.co.uk

Business coverage online everyday on our website. Visit it at www.westerndailypress.co.uk vious “peak-to-trough” estimate of 7.2 per cent.

The ONS changes include new methodology to bring economic measures into line with international standards.

Among these are the inclusion of spending on research and development and weapons as investment as well as the introduction of spending on illegal activities such as drugs and prostitution in the calculation of nation’s income.

The revisions for 1997 to 2012 show the size of the economy on average 4 per cent, or £50 billion, larger than previously thought each year.

Estimates of growth have gone up by an average of just 0.1 per cent per year to 2 per cent.

But between 2007 and 2012, average growth has been re-

vised higher by 0.5 per cent a year, mainly as a result of faster growth in investment.

The ONS chief economist Joe Grice said: “Despite the wide ranging improvements underpinning the new estimates, the broad picture of the economy has not changed much.

“Although the downturn was less deep than previously estimated and subsequent growth stronger, it remains the case that the UK experienced the deepest recession since ONS records began in 1948 and the subsequent recovery has been unusually slow.”

The revised figures showed pre-downturn growth in 2007 was 2.6 per cent, lower than the previously thought 3.4 per cent.

But the contraction in 2008 was 0.3 per cent, not 0.8 per cent as previously thought, and the decline for 2009 narrowed to 4.3 per cent, from an earlier estimate of 5.2 per cent.

Growth in each of the three subsequent years was better than previously thought.

The data failed to provide a solution to the so-called “productivity puzzle” facing economists, with output per hour worked at the end of 2012 still around 12 per cent below the projected path had pre-downturn rates of expansion been maintained.

The ONS said the length of the downturn remains unrevised.

Further figures on the impact of the changes to date will be published later this month.

It comes after the latest report from the World Economic Forum lifted the UK one place to ninth in its international competitive ratings.

Chancellor of the Exchequer George Osborne said that it was a “double dose of good economic news”.

A Treasury spokesman said: “These ONS revisions show an economy that has been growing more strongly than previously thought, with almost every quarter under this government being revised upward.”

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Market at 14year high after ceasefire hope YESTERDAY IN THE CITY The FTSE 100 Index reached a new 14-year high yesterday as traders reacted to positive economic data and signs of progress towards a ceasefire in Ukraine.

London’s top flight index peaked at 6898.7 – just 50 points shy of its all-time record – before closing 44.4 points higher at 6873.6.

The strong session came after Ukraine president Petro Poroshenko said a “ceasefire process” had been agreed, while Russian president Vladimir Putin hoped a peace deal could be reached by tomorrow. The advance was earlier driven by a report showing accelerating growth in the services sector in China, which added to optimism after a US manufacturing index reached a three-year high. This was matched in the UK after it emerged the ser-

6898.7 The FTSE 100’s closing figure last night was at a 14-year high

After a business goes into administration all sorts of assets have to be sold – but it is pretty rare that they happen to include a Dalek... Simon Cornelius-Light, a divisional director at Bristol-based ES Group’s Machinery and Business Assets team for the South West, is the man tasked with selling the Doctor Who model. It was found at the famous Woodberry Bros and Haines Limited in Highbridge, Somerset. The furniture maker – which had some 175 employees – went into administration in July. The Dalek was made by one of the company’s employees but will sold by ES Group in an online auction to take place in November. It has been appointed to dispose of some of its assets by administrator PricewaterhouseCoopers.

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vices sector grew at its fastest pace in ten months during August. But despite this service sector surge the Bank of England is expected to keep interest rates at 0.5 per cent today, which led to the pound slipping slightly against the dollar, at 1.65.

Sterling fell sharply on Tuesday on signs of a pick-up in support for a yes vote in the forthcoming Scottish referendum. Expectations that the ECB will today announce further measures to prevent the moribund eurozone from slumping into depression failed to stop the pound slipping against the euro, at 1.25.

In stocks, the improved geopolitical situation after Ukraine and Russia took steps towards a ceasefire process boosted travel stocks.

The biggest risers on the FTSE 100 Index were Ashtead up 35.5p at 1022p, CRH up 48p at 1446p, Barclays up 5.8p at 228.1p and Experian up 22p at 1075p. The biggest fallers on the FTSE 100 Index were Hargreaves Lansdown down 66p at 1073p, Admiral down 61p at 1264p, Fresnillo down 20.5p at 932p and BHP Billiton down 29p at 1891p.

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WESTERN DAILY PRESS THURSDAY SEPTEMBER 4 2014 BUSINESS 3

Pub chains’ profits set to be sky high

BY GRAEME EVANS wdbusiness@b-nm.co.uk One of the UK’s biggest pub chains has topped up the City’s profit forecasts after a better-than-expected summer for food and drink sales.

Spirit Pub Company brands include Chef & Brewer, Fayre & Square and Flaming Grill.

The company, which has numerous outlets across the West, said revenues were 2.1 per cent higher on a like-forlike basis in the 12 weeks to August 16, leading to growth of 4.4 per cent across its financial year.

Chief executive Mike Tye said the performance in the quarter was strong, particularly as market conditions re

Profit forecasts have been topped by Spirit Pub Company

£60m The profit forecasts for Spirit Pub Company after a strong summer mained challenging and the company faced testing comparatives following good summer weather last year.

He added: “We remain confident in the long-term outlook for the business and expect full year results to be ahead of market expectations.”

Spirit shares were 3 per cent higher following the guidance, which prompted analysts at Shore Capital Stockbrokers to raise their forecasts for profits to around £60 million in the year to August 16, from £56.8 million previously.

Spirit has had more than 1,200 pubs across the country following its demerger from Punch Taverns in 2011.

The managed estate comprises more than 750 sites and continues to benefit from a market-beating performance.

Food sales were 2 per cent higher on an underlying basis in the most recent quarter, while drink sales gained 2.3 per cent on a year earlier.

Spirit’s leased pub estate, which is made up of around 450 outlets, grew net income by 4.8 per cent in the 12 week period.

Leisure industry analyst Mark Brumby, of Langton Capital, said: “The numbers are good and, even with comparatives toughening, the group has managed to convey the feeling that momentum is building.

“The pub sector has arguably suffered more than most in the messy aftermath of the financial crash and, with UK consumer spending becoming healthier, Spirit may be positioning itself to benefit from a more positive trading environment.”

Spirit Pub Company has dozens of pubs and restaurants across the West including five premises under the Chef and Brewer brand.

Some of them include Cold Harbour, in Swindon, Wiltshire, George Inn, in Bathampton, Bath, Ship Inn in Alveston, Bristol, Wheatstone Inn in Barnwood, Gloucester and the Rose & Crown in Wick, Bristol.

Other premises under the Fayer and Square brand include the Talbot Inn in Keynsham, Bristol, Star in Congresbury, Bristol, Quantock in Bridgwater, Somerset, Mill House in Emersons Green, Bristol, Mill House Bath Road, Chippenham, Wiltshire, and under the Flaming Grill brand the Air Balloon in Filton, Bristol, and Castle in Bristol.

New managing director takes over at the Rec Bath Rugby have appointed Tarquin McDonald as their new managing director.

Mr McDonald had previously served as the club’s finance and strategy director since December 2012 and will take up his new role with immediate effect.

The move coincides with Bath owner Bruce Craig’s recently announced title change to executive chairman and will follow the departure of chief executive Nick Blofeld, who is stepping up to a wider group role.

Mr McDonald said: “It is an honour to take on this new position within Bath Rugby.

The club has a fantastic heritage, passionate and loyal supporters, and is an important part of the local community.

“The club remains focused on both becoming one of the best rugby clubs in Europe and keeping Bath Rugby play-

New Bath Rugby managing director Tarquin McDonald

Bath Rugby’s famous rugby ground – The Rec. Bath Rugby has has announced the appointment of Tarquin McDonald as their new managing director PICTURE: DAN MULLAN/PINNACLE

ing at its spiritual home, The Rec. “I am excited about continuing to build a business which supports success on the pitch, and which will enable the club to remain in the heart of the City.”

Mr Craig added: “I’m delighted that Tarquin has stepped up to become the managing director of Bath Rugby.

“In his previous position he made significant progress in moving forward our ambitions for re-developing The Rec, and worked closely with Nick and myself in developing the business.

“We are all incredibly excited about the season ahead and I would like to thank all our supporters for their continued support both on and off the pitch.”

The rugby side of the business will continue to be managed by head coach Mike Ford and his team, together with performance director David Thompson.

South West needs to prepare for wave of new home building

New portfolio gives a boost

There are signs the South West could see a major increase in new homes being built over the next 18 months with landowners preparing to put in applications for planning and development, according to the Bristol office of regional property specialists Bruton Knowles.

The Bristol area looks set to lead the residential property charge with an increasing number of landowners seeking valuations of potential residential sites in order to raise finance.

In the 12 months to March 2014 building started on some

Commercial property management experts at Colliers International in Bristol have been appointed by Threadneedle Investments to act as managing agents on a nationwide property portfolio.

Mike Bull, head of the Broad Quay-based Investment Property Management team, said the appointment would further raise Colliers International’s profile at the highest levels of UK business.

He said: “Threadneedle is a major player in the industry.

“It’s great to be adding to our expanding list of high profile.”

22,060 new homes across the South West of England out of 133,650 nationally. It means the country has seen a 31 per cent increase compared to the year before.

Angus Taylor, partner in Bruton Knowles, which has offices in Bristol, said: “London has led the way with residential development but we are now seeing the ripple effect hitting the South West with a number of sites preparing in the Bristol area.

There is much more confidence now that funding can be obtained for good schemes and the first step in that process is

There are signs that the South West could see a major increase in new homes being built over the next 18 months

to get a good valuation on the potential for any scheme that can be used to raise finance.

“In the last year it has mostly been niche lenders that have been financing property schemes but we are now seeing signs that the High Street banks are coming back into the market and are prepared to lend money for the right residential scheme.

“We have been involved in several valuations in the Bristol area and although inevitably some do not go ahead very quickly the climate is very positive and we would expect to see a further marked

increase in new homes getting per mission.”

In the quarter to March 2014 the number of house building starts was 11 per cent higher than the previous quarter, reaching 36,450. Some 3,729 of these were in the South West region, making it the greatest number of housing starts in any region outside of London.

According to Bruton Knowles, Bristol is leading the way in the refreshed housing market, but there are also positive signs of increased activity in Exeter and Cheltenham with strong areas of new build along the M4 and M5 corridors.

4 BUSINESS THURSDAY SEPTEMBER 4 2014 WESTERN DAILY PRESS

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Broadband funding could help thousands

Stability at risk from growth in low paid jobs

Bristol’s £5 million fund to provide better business broadband is set to move beyond borders as Bristol City Council expands its Connection Vouchers scheme.

The move means that around 2,300 small and medium-sized businesses (including registered charities, social enterprises or sole traders) located within five miles of Bristol City Council’s administrative boundary will be eligible to apply for vouchers worth up to £3,000 each to improve their internet connection. The expansion opens up opportunities for businesses in neighbouring local

More people are being forced into volatile, low-paid jobs, which threatens the stability of the economy, according to a new report.

Over one in five workers are now on low pay, with more employed than unemployed households in poverty, it was found.

The report by research group Centre for Cities and the Joseph Rowntree Foundation said the gap between good and poor quality jobs had polarised.

Cities in the North East were particularly at risk, with a third of employment in Sunderland and Hull being low paid, while in Grimsby, Blackpool and Doncaster, one in four workers earned less than two-thirds of the median national wage, the study said.

Alexandra Jones, chief executive of Centre for Cities, said: “There’s no doubt that

2,300

The number of businesses now eligible to apply for the funding authority areas, including those in Portishead, Keynsham, Kingswood, Winterbourne and Filton, among others.

The scheme, which is backed by funding from the Department for Culture, Media and Sport, has been running inside Bristol’s boundary since its formal launch in May. Applications can be made online at www.connectionvouchers.co.uk/bristol, where there is also extra detail and advice about the scheme.

Reformer Joseph Rowntree, the foundation founder

A record number of people watched aircraft above Bournemouth last weekend. Some 1.2 million people attended the seventh Bournemouth Air Festival from Thursday to Sunday. More than 840,000 visited for the weekend days, with the coastguard confirming 1,000 boats provided a view from the water.

Western Daily Press reader Andy Dain, of Colerne, Wiltshire, pictured the famous Lancaster bomber that was part of the festival

Being smaller is better for the economy

BY JEFF WELLS wdbusiness@b-nm.co.uk Small businesses are the “driving force” of our economy it has been claimed in Gloucestershire as a new report calls on county business bodies to put them in higher positions of influence.

The Federation of Small Businesses (FSB) and the Centre for Local Economic Strategies report, published yesterday, said that Local Enterprise Partnerships (LEPs) were the right and best vehicles to deliver local growth but needed to put small firms at the centre of their plans. This includes giving them more presence within GFirst LEP which covers Gloucestershire, the report said.

Mark Owen, the regional chairman of the Gloucestershire and West of England FSB who runs Moose Marketing

and PR in Gloucester, said the report was important at a time when LEPs were set to deliver a number of high-profile projects in the county.

He said: “The FSB believes that LEPs are crucial to delivering local economic growth across Gloucestershire and across England and we are happy to work with them to make this happen.

Small firms are the driving force of the local economy and will ultimately be responsible for creating the jobs and growth in the private sector which is the LEPs’ primary aim, so it is absolutely essential that we are at the heart of LEPs’ plans and decisionmaking processes.”

The report commends GFirst LEP on its work in producing its Retail Pathfinder initiative to boost the high street saying it had “an effective impact upon the town of Cirencester and local small

Mark Owen, the regional chairman of the Gloucestershire and West of England FSB who runs Moose Marketing and PR in Gloucester, believes smaller businesses are better for the economy. Above, the report highlights the impact upon the town of Cirencester

business”. However, it stresses that small businesses need to be better represented and listened to in the running of all of England’s 39 LEPs. It goes on to make a number of recommendations about how LEPs and small businesses across the country can work together to help maximise local growth opportunities.

These include greater transparency about LEPs’ work, more accountability, more small business involvement in key decision-making and making business support an integral part of LEP activity.

Neil McInroy, the chief executive of the Centre for Local Economic Strategies, who partnered the FSB in the research, said: “To date, in a majority of localities, small businesses have been neglected by LEPs. However, as LEPs will be continuing as a mechanism for central government to allocate public funds, they must become much more transparent, open and accountable. They also need to up the ante and become a true dynamo for local economic growth and activity, embedding small and local businesses in their structures and activities.”

The FSB said that small and medium-sized businesses have been responsible for more than four in five jobs created in the private sector between 2010 and 2013, and represent half (48 per cent) of private sector turnover.

low paying jobs have always existed and that some cities continue to see significant growth in high paid jobs.

“But what has changed over the past few decades is that, in many cities, the pathways to upward mobility have been severely eroded, as their jobs markets polarise and the stable jobs of the ’middle’ begin to slip away.

Julia Unwin, chief executive of the Joseph Rowntree Foundation, said: “Earlier research for JRF has demonstrated the striking growth in working families living in poverty. Economically weak cities are home to increasing concentrations of poor working households, while two-tier economies are emerging in our more successful urban centres.

“Job quality is a burning issue, particularly in lowskill, low-wage sectors such as retail, hospitality and care.”

Haulier lands candle deal A haulier is waxing lyrical about his latest contract win.

Avonmouth-based John T Evans secured a deal to deliver products across Europe for its near neighbour, Yankee Candle.

The haulier, part of the Palletways European distribution network, has unveiled a new livery for its trucks carrying the scented candles.

Martin Chalke, director at John T Evans, said: “From our depot in Bristol, we are ideally situated to collect from Yankee Candle’s Avonmouth headquarters for delivery of products to the UK and mainland Europe.” The firm’s Bristol base is the HQ for its operations outside the US.

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WESTERN DAILY PRESS THURSDAY SEPTEMBER 4 2014 BUSINESS 5

Broadband is focus for CLA county chief

BY EVA JONES wdbusiness@b-nm.co.uk Superfast broadband will open up many areas of rural Dorset to modern business.

But although it is now in its second phase in Dorset, there is still much to do to ensure full coverage of the whole county, according to the newly chairman of the Dorset CLA branch.

James Weld is a chartered surveyor, a landowner and the manager of the Lulworth Estate, which employs around 170 people and attracts some 600,000 visitors a year.

The estate owns five miles of coastline – including the iconic Lulworth Cove, Durdle Door – and the historic Lul-

James Weld, the new chairman of the Dorset CLA branch MORE ONLINE westerndailypress.co.uk

For more business news visit our website at www.westerndailypress.co.uk/ business worth Castle and over 100 listed buildings. The estate has been in his family since the mid-1600s and Mr Weld said when he became responsible for the strategic direction and day-to-day management of the estate in the early 1990s he set out his ambition to ensure the Lulworth Estate would employ at least as many people as it had done in his grandfather and great-grandfather’s time, an ambition he has now achieved.

Mr Weld played a key role in achieving World Heritage Status for the Jurassic Coast –

he has been a member of the World Heritage Steering Group since its formation in 1996 – and was prominent in the preparation and submission of the application to Unesco to have designate the Dorset and East Devon coast designated as a World Heritage Site. He also set up – and is now chairman of – the Jurassic Coast Trust a charity which raises funds to support conservation and education along the length of the Dorset and East Devon World Heritage Site and a director of the trading arm.

He currently sits on a number of the CLA’s national committees and is a board member of the Dorset Local Enterprise Partnership with responsibility for rural business.

He said: “My public works have given me extensive experience of working with people from government and local government backgrounds, understanding their problems and positions and enabling people to move forward and achieve satisfactory outcomes.”

Among those key issues, he says, are threats such as the increasing spread of bovine TB and its consequences, particularly to smaller dairy farmers; the much-talked about mansion tax – which would be unaffordable to those managing some heritage properties, who are already struggling to make ends meet and fracking, where the current government proposal would effectively nationalise some of the rights held by property owners.

But he also has an eye open for new business opportunities and lists broadband, the introduction of the National Planning Policy Framework, and LEADER, which offers funds for farm businesses and rural tourism, hopefully this time, covering the whole of Dorset.

Bank funds a new turbine for joint venture A bank has agreed to finance a third renewable energy deal with a fast-growing South West renewable development company.

The Julian Hodge Bank has lent the company £780,000 to fund the construction of a 500 kilowatt wind turbine at Dilland Farm in Holsworthy, Devon.

Now fully operational, the turbine is generating enough electricity to power around 300 homes near the Devon/ Cornwall border.

It also provides an alternative source of income for the land owner under the Gover nment’s feed-in tariff scheme. The company is a joint venture between Mark Felstead and John Pearson of Porterledge Renewable Ltd in Plymouth and Bristol-based One Wind Renewables, which is owned by Rob Paul, Joe Winton and Simon Coles.

The partnership brings to-

A new turbine has been installed near Holsworthy

Durdle Door is within the Lulworth Estate, run by James Weld, who has recently been elected as the new chairman of the Dorset branch of the CLA. He believes broadband needs to be better in the county

gether a wealth of experience to advise on the planning, construction, funding and operation of single turbines.

Paul Green, a relationship manager at Julian Hodge Bank, said: “From our point of view, wind turbines are a very viable funding proposition.

“Fully-approved schemes like this one meet all our lending requirements and we foresee more opportunities to support this expanding sector.”

The joint venture company has planning consent for a further three schemes in the South West, which will take their total investment to date to £4.6 million.”

Julian Hodge Bank obtained authorised status under the Banking Act in 1987. Its commercial division specialises in the provision of finance for property investors and developers and provide lending solutions for property projects and deposit terms for commercial and business customers

Key life decisions can be made at anytime rather than at set times of year Rupert Cox the chief executive of Somerset Chamber of Commerce

I find it fascinating how riskaverse the average “Brit” is and that it often takes certain times of the year to stimulate us into making some of the big decisions in our lives.

New Year’s resolutions; giving things up for Lent; getting engaged at Christmas; looking for a new job or school

in September; booking the summer holiday in January; moving house in the spring; or using your horoscope to make decisions.

Why do we have to use these mythical timelines to give us the confidence to make big decisions that are completely unrelated to the time of year in which the decision is made?

While it might be an interesting debate, it has become a marketer’s dream as they know when we are susceptible to change – and I have done the same in my work with Into Somerset.

One of our most successful

Rupert Cox , the chief executive of Somerset Chamber of Commerce, asks why we stick to a mythical timeline for make our decision making

campaigns to promote Somerset as a great place to work, live and do business was in September 2010 when we targeted the poor souls who had spent their holiday period in Somerset or the South West and then found themselves standing on a train station in the London commuter belt, back in the rat race of city life.

The message was simple: You can have your Somerset holiday environment everyday of your life and not just in July and August. Are you one of those people who has to be cajoled by the calendar to make a big decision, or do you pos-

sess the entrepreneurial spirit of the typical Somerset small business person who grasps an opportunity that is right for them at the right time?

I think I am the latter. I am a Taurian of course, so the phrase ‘bull in a china shop’ sits quite well on my shoulders. Happy decision making.

The Somerset Chamber of Commerce represents and works collaboratively with the Somerset business community to encourage strong, sustainable and creative alliances that promote members’ businesses, raise the profile of the county, and help to lobby for greater influence for Somerset at all levels of government.

6 BUSINESS THURSDAY SEPTEMBER 4 2014 WESTERN DAILY PRESS

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Hotel set for harvest with a difference

BY ANGELA BRENNAN wdbusiness@b-nm.co.uk A Somerset country hotel is preparing to harvest a unusual crop, one you might associate with the sea or hot country.

When you are enjoying a leisurely bath and pick up the loofah to wash your back have you ever wondered where it comes from? People might think a loofah is harvested from the sea but actually it grows on a plant and right on our doorsteps too.

But at Ston Easton Park, which dates back to the 16th century and is near Midsomer Norton, gardeners Dale Totten

20

The number of loofah plants at Ston Easton Park in Somerset and Steve Hargreaves are getting ready to harvest the plant from the hotel greenhouses.

The plant belongs to the same family as the cucumber and is known to be edible at the early stages of growth.

A loofah takes between seven and eight months to grow and the hotel has about 20 plants. Loofahs usually grow in hot countries such as Australia and India and so in the UK they need to be kept in a warm greenhouse.

Mr Hargreaves said: “Loofahs are fairly easy to grow, the hardest part is the initial stages where the warmth is important for the seed to germinate.”

Once the loofahs are at the

optimum size they are left on the vine to dry out.

He said: “When the loofah makes a hollow noise this when the skin can be peeled back to reveal the loofah.

“It then needs be to washed through and left again to dry out in a very warm and dry environment.”

But while they are waiting to harvest loofahs in October, both gardeners are scratching their heads as to how they can get a giant pumpkin out of the greenhouse.

It might not be a record breaker but weighing in at 460lb and still growing, the whopper will not fit through the doors of the old Victorian greenhouse. The gardeners are hoping that the vegetable, grown from Dills Atlantic Giant Seed from the United States, will make it to a massive 600lb.

Mr Totten said: “I have not been feeding our pumpkins with any chemical growth enhancers, just natural things for extra nutrients such as nettle tea soaked in water, comfrey tea and seaweed extract.”

BBC television’s Countryfile programme will be filming in the Victorian kitchen garden in September. The harvest themed programme will be broadcast in October.

The hotel’s annual loofah harvest takes place on October 23. Those attending will be given a two-course lunch with a glass of wine. After lunch take the short walk down to the gardens where Steve and Dale will guide you through the Ston Easton loofah experience. The event costs £39 per person. To book call 01761 241631 or email reception@ stoneaston.co.uk

FREE

Racing job is a dream role for enthusiast With a lifetime passion for horse racing, Lee Moulson now has a strategic role within the largest commercial group in the industry in the UK. At 34, Mr Moulson is regional head of sales for Jockey Club Racecourses in the South West. His original dream was to be a jockey and he was awarded the title “head lad” for being an outstanding student at the British Racing School in Newmarket. He rode as an amateur jockey until 2004 before deciding he wanted to return to education to secure a new role.

He studied business management at Warwickshire College and funded himself to gain a university degree, gaining his first role within the Jockey Club covering a maternity leave position as a hospitality sales executive at Cheltenham Racecourse.

To broaden his business awareness he then became a sponsorship, event and mar-

Lee Moulson, who has a strategic role in racing

Ston Easton Park Hotel grows its own loofahs for use in guest bathrooms and gardener Dale Toten is preparing for the harvest in October PICTURE: JON KENT

GRAND DESIGNS

LIVE TICKETS 500 pairs to be claimed See tomorrow’s westerndailypress.co.uk Terms and conditions apply.

keting co-ordinator for a group of commercial radio stations gaining swift promotion before returning to Jockey Club Racecourses as sales executive at Warwick Racecourse.

He became racing sales manager at Cheltenham Racecourse and was then promoted to the highest sales role within the Jockey Club in the South West, regional head of sales.

He has restructured the sales force in the region, created a sales hub at Cheltenham, streamlined administration and introduced united sales processes resulting in a huge uplift of hospitality sales at the Cheltenham Festival this year.

Tourism and weather talk

IT firm brings more new jobs

Following the success of the first two Tourism Society West Country events, the new body’s third event is now looming with a weather and rugby theme.

Following a year in which much of the tourism talk has revolved around the weather, spring storms and forecasts, an update on weather patterns and forecasts seems very timely for the industry.

In parallel, with Exeter also being a host city for next year’s Rugby World Cup, it is not before time for tourism businesses in the region to start planning how they can be involved. The event will be hosted at The Met Office in Exeter on September 17 from 6-9pm More information and booking is available at from the Tourism Society website at www.tourismsociety.org

An IT and business processes provider is creating more jobs in North Somerset after winning a £5.7 million contract to run a legal advice call centre.

Agilisys will run the phone and digital civil legal advice contact centre for the Legal Aid Agency for three years, and could extend for a further two. The deal will bring 50 new jobs to the firm’s customer services centre based in North Somerset Council’s office in Clevedon. The helpline service is funded by legal aid and helps determine whether people qualify for support.

The firm also created 30 new jobs at its Weston-superMare Town Hall site after securing work providing call centre and back office customer support for Westminster Council.

Weather forecasts are crucial for the tourism industry and the Met Office is hosting an event to discuss the importance in the lead up to the city hosting next year’s Rugby World Cup

WDP-E01-S3

WESTERN DAILY PRESS THURSDAY SEPTEMBER 4 2014 BUSINESS 7

Empire head to take on yachting role

BY JEFF WELLS wdbusiness@b-nm.co.uk The man at the head of global diamond empire De Beers has been appointed chairman of a luxury yacht company.

Phillipe Mellier, chief executive of the De Beers Group will take the helm at Princess Yachts International, based at Newport Street, Plymouth.

David King, a founder of the company in 1965, stands down as chairman at the end of the month to “allow new minds to lead the company”.

Chris Gates, Princess Yachts’ managing director, said: “David King is and always will be a part of Princess.

“He has been a magnificent

Phillipe Mellier, who is the chief executive of the De Beers Group

1965 The year Princess Yachts International was established servant to this company and the wider British boat building industry. This change of roles will allow us to strengthen and grow the business while still benefiting from David’s unmatched experience and skill in designing the best motor yachts in the world. We look forward to welcoming Philippe into the Princess family and benefiting from the vast experience he brings from the luxury goods and high-performance manufacturing sectors.”

Mr King will remain a dir-

ector and focus mainly on new yacht design and development, an area in which he has always been heavily involved.

The Princess board of directors has appointed Philippe Mellier as its new chairman.

Mr Mellier is a French national, domiciled to the UK, and will continue as chief executive of the De Beers Group.

De Beers, established in 1888, is an international diamond company with expertise in the exploration, mining and marketing of diamonds. It employs more than 20,000 people in operations around the world.

Now the company’s chief executive will serve in a nonexecutive capacity at Princess Yachts International.

He was previously the Executive vice president at Alstom sa, the world’s leading high-speed train producer. He has also held senior and board-level positions within Ford, Renault and the Volvo Group.

He brings experience in high-quality, performance-focused product manufacturing, marketing and sales.

Mr King said he could not have conceived of the growth and success the company has achieved since 1965.

He said: “I could not have conceived of the growth and success we have achieved over the years, success that is entirely due to the wonderful people that work here and our distributors around the world.

“From our humble beginnings we have become a worldleading company respected across the international boat building sector and one that enjoys secure ownership and management.”

“It has been my privilege and pleasure to work alongside you all. I look forward to working with you still, in my role focusing on product development.”

Firms up for graduate prize of £50,000 Two Bristol firms are in the running for an enterprise award for graduates with a top prize of £50,000.

Research and development company Omnidynamics was founded by robotics pioneers at the University of the West of England.

They began the business in their placement year during their studies.

Now the company has been shortlisted in the Lloyds Bank Enterprise Awards.

The firm created Strooder, a machine which has brought down the cost of 3D printing, and has already sold 300 units.

Also in the running is Nine Six Three Ltd. The business is a creative design business specialising in identity design.

The firm also owns Something Good, a physical store selling stationary, prints magazines and books, which

Omni Dynamics’ Greg Gruzecki and David Graves is soon to be rebranded as Papersmiths.

The regional winners will be chosen in a heat at the University of Exeter next week.

Then they will go on to compete in a national final in Birmingham on October 15.

David Beaumont, South West director of SME banking at Lloyds, said: “Three years into the competition, we’re still hugely impressed with the calibre of young businesses entering.

“The South West’s shortlist just goes to show that entrepreneurial spirit is alive and well among students and graduates.

“We know the challenges that new business owners can face when turning their passions into enterprises.

“It’s a pleasure to recognise the rising stars who have overcome these difficulties.”

Top, Princess Yachts' 'Princess 60' vessel photographed off Cornwall and bottom, Princess Yachts' V39 vessel also photographed off Plymouth PICTURE: IMAGE COURTESY OF PRINCESS YACHTS INTERNATIONAL PLC

Nearly 150 solar panels installed on brewery to cut energy costs A total of 148 solar panels costing a total of around £50,000 are now catching the last rays of summer sun on the roof at Arkell’s Brewery in Swindon, Wiltshire.

The brewery has just completed installation of the solar panels to cut energy consumption and reduce costs.

“We have three massive cooling systems to keep our beer and lager cold, all using significant amounts of energy,” said head brewer Alex Arkell.

He added: “In fact powering our cooling systems is the biggest energy cost for the

brewery. “Our beer is an allnatural product and looking after the environment that gives us the ingredients is critical.

“Over the last few years we have been working to reduce our carbon footprint.

“We first did this through buying ingredients more locally where we can and now harnessing the sunshine to reduce our energy costs.”

The brewery’s energy consumption has risen this year as sales of its 1843 lager have taken off. It requires a month of cooling as opposed to Arkell’s real ale, which needs

A total of 148 solar panels costing a total of around £50,000 are now catching the last rays of summer sun on the roof at Arkell’s Brewery

just five days of cooling before it’s ready to drink.

The capacity of the new system is 37 KWpk, which is estimated to be able to produce 35,261 kWh of electricity per year, depending on the sunshine, all of which will be used in the brewery.

Even on a late summer afternoon, the panels generate 18 kWh. “Apart from it being extremely rewarding to be using a green energy source, we estimate that we should receive payback on the solar panels within five or six years,” added Mr Arkell.

New solicitor post is secured TLT has appointed Kane Kirkbride a partner in the firm’s social housing team. He will be based in the Bristol office.

Mr Kirkbride joins from Bevan Brittan where he headed up the housing management team. He has experience advising registered providers of social housing and local authorities on a wide variety of issues including service charges, enfranchisement, solar PV schemes and housing management.

TLT's head of social housing, Paul Butterworth said: “Kane joins TLT at an exciting time for our social housing team. We have had a strong year to date and grown our national client base.”

8 BUSINESS THURSDAY SEPTEMBER 4 2014 WESTERN DAILY PRESS

Shares Price

+/-

AEROSPACE & DEFENCE Avon Rubber 6211/2 -11/2 BAE 4531/2 -13/4 Chemring Group 228 -31/4 Cobham 2997/8 -11/8 Meggitt 482 +51/8 QinetiQ 2203/4 +25/8 Rolls-Royce 1024 -7 Senior 2897/8 -15/8 Ultra Electronics 1785 -7

Year High

Year Low

6671/2 468 3193/4 3273/4 5721/2 2363/4 1289 3151/2 1971

4801/2 376 187 2547/8 4473/4 1803/4 9611/2 2527/8 1665

Witan Inv Tst

AUTOMOBILES & PARTS GKN 3563/8 +31/4 4147/8 3373/4 Torotrak 17 301/4 163/4 BANKS Barclays Bk of Ireland HSBC Lloyds Banking Gp Royal Bank of Scotland Standard Chartered BEVERAGES Barr (AG) Britvic Diageo SABMiller CHEMICALS Carclo Croda Intl Elementis Johnson Matthey Porvair Synthomer Victrex Zotefoams

228 /8 +5 /4 306 /2 207 /8 25 +3/8 303/8 163/4 6577/8 +103/4 7081/4 589 75 +1/4 861/4 71 3521/4 +3/4 3847/8 2951/2 12331/2 +16 1564 11841/2 1

3

1

642 +1 672 502 705 +4 7771/2 5541/2 18021/2 +171/2 20601/2 17091/2 33571/2 +111/2 3460 2661

1351/2 -23/4 424 107 2225 +21 2738 2101 2813/8 +1 2973/4 2303/8 3200 +16 3440 2714 2745/8 +31/4 3411/2 228 2321/4 -1/4 2913/4 2077/8 1739 +7 2026 1549 -2 2851/4 171 2461/2

CONSTRUCTION & MATERIALS Alumasc 1271/2 1421/2 Balfour Beatty 2411/8 +21/8 3213/8 Boot (Henry) 207 +63/4 234 Boustead 181/2 181/2 Clarke (T) 49 +1/4 851/2 Costain 2933/4 +33/4 3211/4 CRH 1446 +48 1788 Galliford Try 1292 +9 1354 Gleeson MJ 352 +31/2 455 Keller Group 910 +7 1299 Kier Group 1703 -9 1939 Kingspan Group 10227/8 +15/8 11715/8 1 1 Low & Bonar 81 /4 - /4 96 Marshalls 1921/2 +21/2 1963/4 1 1 1 Morgan Sindall Gp 835 /4 +4 /4 870 /2 North Midland Const 1151/2 -2 149 Titon 66 79 ELECTRICITY Drax Gp SSE

7

637 1488

+8 8221/2 -6 1595

109 2161/4 173 181/2 463/4 2493/4 1343 1015 300 844 1588 929 70 1521/2 684 105 371/2

595 1300

ELECTRONIC & ELECTRICAL EQ Dialight 9471/2 +29 1390 700 Domino Printing Sci 585 -31/2 863 576 Eurodis Electron 1 1 1 Halma 6361/2 +91/2 6361/2 528 1 1 Laird 300 /4 +5 /8 330 217 -1 365 285 Morgan Advanced 3187/8 Oxford Instruments 1172 +17 1814 1155 Renishaw 1665 -4 2223 1470 3 Ross Group 13/8 13/8 /4 Spectris 1984 +12 2561 1904 TT Electronics 1693/4 +1/4 2223/4 166 76 Volex 831/4 +3/8 1273/4 Xaar 4175/8 -63/8 1162 4175/8 XP Power 1567 -41/2 1775 1316 EQUITY INV INSTRUMENTS Aberforth Smaller Cos 1090 -1 Alliance Trust 4553/8 +13/8 Bankers IT 573 -1 BlackRock Wld Mining 4803/4 +61/4 1 British Assets Trust 138 /4 British Emp Secs&Gen 509 +11/2 Caledonia Investment 2145 -29 City of London IT 3831/4 +13/4 Dexion Absolute 1717/8 +5/8 Edinburgh Inv Tst 6131/2 +2 Electra Private Equity 2700 -14 Fidelity Euro Value 1533/4 +21/4 Foreign&Colonial 3957/8 +35/8 JP Morgan Japan IT 2243/4 +23/8 JPM Euro IT Gwth 2193/8 +45/8 Mercantile IT 1467 Merchants Trust 501 +2 Middlefield Canadian 1151/8 +15/8 Monks Inv Tst 3861/4 +21/2 Murray Income Tst 783 +12 Murray International Tst 1117 +10 North American Inc 8413/4 +13/4 Perpetual Inc&Grwth 3767/8 -1/8 RIT Cap Partners 1371 +2 Scottish Inv Tst 6011/2 +51/2 Scottish Mortgage 2321/2 +15/8 SVG Capital 419 +1 Temple Bar IT 1262 -1 Templeton Emerging Mkts 616 +91/2

1232 4617/8 595 5181/2 1433/4 509 2280 3891/4 172 621 2775 161 3957/8 2531/2 240 1664 524 1153/4 4047/8 806 1151 877 394 1371 6061/2 2321/2 466 1285 616

9641/2 4221/2 550 4301/8 1313/4 473 1765 3541/4 1471/4 563 2176 144 360 200 201 1354 4757/8 921/2 363 7351/2 921 7651/2 3453/4 1215 5661/2 1773/4 374 1160 4931/2

WDP-E01-S3

West stocks highlighted

Price

+/- Year High

710

-1

724

Year Low

614

FIXED LINE TELECOMS BT Group 3873/8 +21/8 4181/8 3405/8 Cable & Wire Comm 493/8 -1/8 573/8 391/4 Colt Group 1437/8 +7/8 1537/8 1107/8 KCOM 971/2 -1/2 1051/8 88 Talktalk Telecom 301 -43/4 3331/8 2415/8 Telecom Plus 1445 -4 1929 1179 FOOD & DRUG RETAILERS Greggs 539 -8 572 415 Morrison (Wm) 1751/4 +11/4 3021/2 1651/2 Sainsbury (J) 2963/4 +21/8 4145/8 2891/2 Tesco 2325/8 +13/4 3781/4 2251/2 Thorntons 1041/2 +1/2 167 771/4 FOOD PRODUCERS Anglo-East Plantations 6501/2 Assoc Brit Foods 2878 Carr's Milling 1667 Cranswick 1320 Dairy Crest Group 4131/4 Devro 246 Glanbia 9217/8 Greencore Gp 2705/8 Kerry Group A 46131/4 Premier Foods 441/4 REA Hldgs 4381/2 Tate & Lyle 6951/2 Unilever 2700 FORESTRY & PAPER Mondi 1039 GENERAL FINANCIAL 3i Group 3925/8 Aberdeen Asset Mgt 439 Brewin Dolphin 2901/4 Close Bros Group 1380 Guinness Peat 311/2 Hargreaves Lansdown 1073 Henderson Group 2311/8 ICAP 380 IG Group 608 Intermediate Capital 4111/2 Investec 560 IP Group 2181/2 London Stock Exchange 2060 Man Group 1221/4 Paragon 3547/8 Provident Finl 2133 Rathbone Brothers 2045 Schroders 2466 Schroders NV 1907 Tullett Prebon 2745/8 World Trade Systems 41/2

+3 722 620 +15 3125 1805 1 -51 /2 1918 1411 -25 1365 1055 -31/2 5601/2 4041/4 +11/4 338 210 -3/8 9533/4 7397/8 +11/8 301 137 +437/8 45893/8 34483/4 +3/4 1851/2 381/4 +51/2 4871/2 3591/4 +1 821 624 +20 2726 2306

+21

1123 9041/2

-2 4351/4 +31/4 500 1 -4 /2 3561/4 +10 1470 35 -66 1549 3 1 + /4 270 /4 +17/8 4583/4 -1/2 6521/2 +15/8 4963/4 +4 560 +1/2 2247/8 -11 2071 +13/4 1261/8 +1 4183/4 -7 2284 -5 2166 +13 2727 +9 2217 +31/8 3957/8 41/2

3415/8 3631/4 263 1082 283/4 9781/2 1751/2 3423/4 5601/2 3723/4 3841/4 1321/2 1510 783/8 3091/2 1549 1479 2213 1751 239 41/2

GENERAL INDUSTRIALS British Polythene 619 +2 7371/2 560 RPC 564 -11/2 6581/2 4461/8 Smith (DS) 2901/4 +27/8 3551/4 2583/4 Smiths Group 1318 +3 1525 1224 GENERAL RETAILERS Alexon 27/8 Ashley (L) 251/2 Beale 131/8 Brown (N) 4431/8 Caffyns 575 Carpetright 506 Darty 831/2 Debenhams 68 Dignity 1465 Dixons Carphone 364 Dunelm Group 880 Euro Home Retail 21 Findel 2421/2 1 Flying Brands Units 2 /2 French Connection 611/4 Halfords 4773/4 Home Retail 1863/8 Howden Joinery Gp 363 Inchcape 6741/2 JD Sports Fashion 4011/4 Kingfisher 307 Lookers 139 Mallett 46 Marks & Spencer 4411/4 1 Moss Bros Group 97 /2 Mothercare 2493/4 Next 7180 Pendragon 321/4 Signet Jewelers 7176 Ted Baker 1879 Topps Tiles 114 WH Smith 1160

+ /8 1

-43/8 -1 -1 +3/4 +3 -63/8 -14 +1/2 - /4 +13/4 +1/4 +43/4 +61/2 -13/4 +1/4 -1/2 -1 +43/4 3 - /4 3

+5 +1 +9 -36 +9

27/8 281/4 131/4 599 650 696 132 1113/4 1531 3703/8 1014 21 320 1 4 /2 92 5111/2 2231/4 3921/8 6891/2 4561/4 4441/4 150 841/2 5131/2 1241/2 4471/2 7185 393/4 7176 2327 152 1227

27/8 221/2 81/4 4027/8 415 4941/4 68 613/4 1300 2213/4 7631/2 21 2261/2 1 2 /8 283/4 3701/2 1521/2 2847/8 5561/2 2391/4 2953/8 1151/4 46 4165/8 1 67 /2 138 4940 271/4 4299 1660 801/2 818

HEALTH CARE EQPMNT & SERV Bioquell 971/2 +11/2 155 901/2 Consort Medical 915 -2 1084 8421/2 Smith & Nephew 1047 -4 1100 7471/2 Synergy Healthcare 1514 +4 1519 995 UDG Hlthcare 3463/4 +31/4 373 294 HOUSEHOLD GOODS Aga Rangemaster 151 Barratt Developments 3623/4 Bellway 1616

-1/2 188 1191/2 +3/8 4513/4 3021/8 +30 1691 1258

Price

Berkeley Grp Hldgs Bovis Homes Gaskell Headlam Group McBride Persimmon Reckitt Benckiser Redrow Taylor Wimpey Victoria

2397 8551/2 21/4 4263/4 89 1350 5370 286 1135/8 226

+/- Year High

+6 2780 2015 +181/2 9431/2 7001/2 21/4 21/4 +41/2 4921/4 370 -3/4 1261/4 883/4 +19 1471 1061 +25 5370 4269 +73/4 3441/2 227 +1/8 131 97 +21/2 4621/2 145

INDUSTRIAL ENGINEERING Assoc Brit Engineering 135 Bodycote 710 +4 Castings 470 -10 Fenner 3611/2 +2 Goodwin 3600 Hill & Smith 562 -71/2 IMI 1326 -3 Molins 138 Renold 573/4 -1/2 Rotork 2837 +46 Severfield-Rowen 611/4 +3/4 Spirax-Sarco 2945 -28 Tex Hldgs 92 Trifast 112 +1 Vitec Group 606 -1/2 Weir Group 2761 +55 INDUSTRIAL METALS First Quantum Minerals 1364

Year Low

+22

150 8281/2 520 485 4250 5691/2 1608 194 673/4 2894 651/2 3101 991/2 131 726 2761

1462

120 596 4121/2 3277/8 2960 436 1326 136 333/4 2352 531/2 2561 69 66 1 551 /2 2050

964

INDUSTRIAL TRANSPORTATION BBA Aviation 3253/4 -21/8 3533/8 293 Braemar Shipping 5001/2 +51/2 585 448 Clarkson 2362 -18 2738 1941 Fisher (J) 1370 +30 1552 1059 Ocean Wilsons 1165 +121/2 1290 9261/2 Royal Mail 4357/8 -41/8 615 330 Stobart Gp Ord 117 1521/4 114 UK Mail Gp 590 -4 715 542 -2 152 95 Wincanton 1363/4 LEISURE GOODS Games Workshp Grp 571 Hornby 67 Photo-Me 1353/4

-4 8231/2 4761/4 -3 851/2 591/2 +1/4 1491/2 98

LIFE INSURANCE Aviva 529 Friends Life Gp 3121/2 Hansard Global 931/2 Legal & General 2431/4 Old Mutual 2033/4 Prudential 14531/2 St James Place 720 Standard Life 3861/8

+3 +23/4 1 -1 /2 +15/8 +11/4 -1/2 -41/2 +23/4

MEDIA 4imprint Bloomsbury Pub BSkyB Centaur Media Chime Comms City of London Group Creston Daily Mail A Euromoney Instl Inv Future Haynes Publishing Huntsworth Indep News&Media Informa ITE Group ITV Johnston Press Moneysupermarket.com Pearson Quarto Group Reed Elsevier Rightmove STV Group Tarsus Group Trinity Mirror United Business UTV Wilmington WPP

+43/4 752 5343/4 -11/2 1881/2 142 +11/2 950 785 +11/2 76 411/4 -31/2 3741/4 3001/4 1 66 /2 171/4 115 81 +71/2 1073 749 +6 1388 1014 -3/8 191/8 57/8 1 -1 /2 225 175 -11/4 72 393/8 15 33/4 5731/2 4703/4 +25/8 3221/4 1891/2 +5/8 2191/8 1691/2 -1/8 29 31/2 -5/8 200 1423/8 -5 1365 998 175 1401/2 +61/2 999 8051/2 -28 2805 2079 -9 379 215 -1/8 2521/4 1961/2 1 -3 /4 2331/2 121 -21/2 7461/2 596 +1/4 2633/4 180 +15/8 290 185 +9 1383 1175

MINING Anglesey Mining Anglo American Anglo Pacific Res Antofagasta Hldgs Aquarius Platinum Avocet Mining BHP Billiton Bisichi Mining Coalfield Res Kazakhmys Kenmare Lonmin Randgold Res Rio Tinto Vedanta Res

7493/4 175 8841/2 603/4 313 211/4 111 880 1116 83/8 180 491/2 101/2 524 203 2191/8 37/8 1953/8 1103 1411/2 999 2452 370 2085/8 209 6321/2 2063/4 2027/8 1285

534 3825/8 121 2431/2 2093/8 1454 8791/2 4033/8

391 277 811/2 1861/2 1711/8 1121 601 3331/4

23/4 63/8 25/8 1580 +18 1648 12261/2 1631/2 +1 233 160 7921/2 +11/2 959 7461/2 231/4 -3/4 523/4 193/4 75/8 +1/4 191/4 7 1891 -29 2096 17541/2 102 125 91 65/8 5 61/4 5 3 1 302 /8 -4 /8 354 171 /2 1 1 1 11 /4 - /2 29 /8 9 230 -15/8 3523/4 2127/8 4955 -36 5235 3608 32551/2 +19 36271/2 29571/2 1082 +22 1194 775

MOBILE TELECOMMUNICATIONS Inmarsat 717 +17 771

666

Price

Vodafone Group

2093/4

+/- Year High

Year Low

+3/4 2521/4

189

NONLIFE INSURANCE Admiral Grp 1264 -61 1575 Amlin 4441/4 -71/2 4903/4 Beazley 2591/4 -3/4 2801/4 Catlin Group 520 +11/2 5861/2 Hiscox 652 +21/2 735 Jardine Lloyd Thom 1040 -10 1095 RSA Ins Gp 463 -1/2 6451/2

1195 3761/4 2003/4 468 6241/2 8911/2 963/4

OIL & GAS PRODUCERS BG Group 12321/2 +241/2 13511/2 10081/2 BP 4833/4 +61/2 5237/8 4321/4 Cairn Energy 1775/8 -23/8 2893/8 1511/4 Dragon Oil 590 -1 6321/2 5471/2 Fortune 95/8 +1/8 14 77/8 JKX Oil & Gas 461/4 +1 75 36 Premier Oil 3481/4 +1/4 368 2681/8 Royal Dutch Shell A 24481/2 +71/2 2453 1987 Royal Dutch Shell B 2556 +11 2592 20771/2 Soco International 418 +43/4 4743/4 3821/8 Tullow Oil 7311/2 -11/2 1080 704 OIL EQUIPMENT & SERVICES AMEC 1117 -3 1262 1020 Hunting 893 +31/2 9171/2 731 Petrofac 1129 -1 1478 1076 Wood Gp(J) 769 -111/2 835 6341/2 PERSONAL GOODS Abbeycrest 11/2 Burberry Gp 1474 Creighton 51/4 Lambert Howarth 181/2 PZ Cussons 374 Worthington Group 201/4

11/2 11/2 +19 1667 1374 6 33/4 181/2 181/2 -7/8 4321/2 3371/8 -7 353/4 3

PHARMA & BIOTECH 5 1 1 Ark Therapeutics /2 /8 /4 AstraZeneca 4577 +36 48231/2 3113 BTG 6581/2 +51/2 661 3651/4 Dechra Pharms 728 -3 7461/2 657 Genus 1144 +9 1450 940 GlaxoSmithKline 1467 +121/2 16901/2 1377 Hikma Pharmaceuticals 1716 -3 1817 1027 33/4 15/8 Oxford Biomedica 31/2 Shire 4939 +26 4996 2381 3 1 SkyePharma 306 /4 + /2 3163/4 781/4 Source Bioscience 121/8 14 91/4 Vectura 1351/4 -11/4 170 102 REAL ESTATE Big Yellow Gp Bolton Group (Intl) British Land Capital & Regional Cardiff Property CLS Daejan Hldgs Derwent London Development Secs Grainger Great Portland Est Hammerson Helical Bar Highcroft Invs Intu Properties Land Securities London & Assoc Prop McKay Secs Mountview Estates Mucklow (A & J) Primary Health Props Quintain Est & Dev Savills Schroder Real Est SEGRO Shaftesbury Smart (J) St Modwen Props Stewart & Wight Town Centre TR Property IT Unite Group

536 15/8 731 50 1035 1326 4925 2833 212 2085/8 655 613 3333/4 845 3451/4 1077 471/4 224 8100 465 3481/4 88 6381/2 351/4 371 689 96 369 505 240 2671/4 4385/8

+91/2 5711/2 15/8 +8 7321/2 +11/4 521/4 1050 +10 1450 +63 5125 +41 2843 +5 2671/4 +5 248 +5 6721/2 1 +2 /2 615 +21/2 400 845 +13/4 3475/8 +10 1105 -3/4 60 +1 232 +25 8825 -3 542 +1/2 370 +1 1071/4 -31/2 6791/2 351/4 +1/4 3783/4 +41/2 6931/2 -11/2 1091/2 -13/4 418 526 -5 265 1 + /4 274 +15/8 456

SOFTWARE & COMP SERV Anite 94 +1/2 Aveva Group 2144 +61 B.S.D Crown 263/4 -1/4 DRS Data & Research 163/4 Electronic Data Proc 751/2 Fidessa Gp 2265 +8 Gresham Computing 116 -1 Innovation Group 303/4 +1/4 Microgen 124 Parity 197/8 +1/4 RM 139 Sage Group 4011/2 +21/2 SDL 3271/4 -2 Triad Group 13 SUPPORT SERVICES Acal 231 -2 Aggreko 1706 +3 Ashtead Gp 1022 +351/2 Atkins (WS) 1389 -4 Babcock Intl 1122 +4

1231/2 2650 62 28 86 2615 1401/2 361/2 1391/2 391/4 151 4351/2 4031/2 151/4

403 1774 1022 1502 1471

4143/4 15/8 549 391/2 8171/2 1150 3652 2274 1881/2 1691/2 5191/2 4861/4 2661/4 660 282 881 323/4 156 6075 417 313 83 5711/2 351/4 2901/4 5791/2 831/2 297 480 194 2061/2 356

76 1895 261/2 161/2 67 1895 111 281/4 120 153/4 811/2 3127/8 252 75/8

211 1442 588 1110 1060

Price

Berendsen Brammer Bunzl Capita Group Carillion Communisis Connect Group DCC De La Rue Diploma Electrocomponents Essentra Experian G4S Harvey Nash Hays Homeserve Hyder Consulting Interserve Intertek Group Jarvis Journey Group Latchways Lavendon Litho Supplies Macfarlane Grp Management Cons Mears Group Menzies (J) MICE Group Michael Page Intl MITIE Group Northgate Office2office Paypoint Premier Farnell Regus Rentokil Initial Ricardo Robert Walters RPS Group Serco Group Shanks SIG Speedy Hire St Ives SThree Travis Perkins Tribal Grp Vp Waterman Group Wolseley

1075 421 1684 1232 3341/4 653/4 158 3560 7331/2 686 2475/8 8691/2 1075 2673/8 1111/2 1323/4 3191/4 735 665 2813 485 152 990 1971/4 5 391/4 26 466 623 6 449 3 316 /4 512 481/2 1067 1981/2 1731/2 1265/8 644 3113/8 2865/8 3123/4 1051/4 1873/8 663/4 2161/2 342 1719 177 6401/2 55 3277

+/- Year High

-9 -2 +20 +12 -61/4 -11/4 -1 -2 1 +10 /2 -4 +25/8

1128 5011/2 1690 1235 3827/8 741/4 2473/4 3669 1046 775 302 915 +22 1270 1 + /2 2731/2 +23/4 124 -1/8 156 +1 3507/8 -2 740 +81/2 745 -5 3393 485 1631/2 14071/2 +21/2 246 5 -1/4 49 1 1 - /2 29 /2 5391/2 +8 8411/2 6 -31/2 507 1 5 + /4 345 /8 -5 6151/2 563/4 -13 1196 +2 2401/2 -1/4 2341/2 +1/4 1331/8 +2 7911/2 +1/8 360 5 + /8 3595/8 -3 5741/2 +1 1201/4 +7/8 2161/4 -1/4 821/2 +11/4 2243/4 -1/4 4421/4 -2 1982 -1/4 2061/2 -71/2 6891/2 771/2 +15 3531

TECH HARDWARE & EQUIPMENT ARM Hldgs 9721/2 -131/2 1110 BATM Adv Comms 161/2 +1/4 20 3 3 Bede /4 /4 1 CML Microsystems 330 +2 /2 615 1 CSR 758 -12 806 /2 Filtronic 283/4 69 Imagination Tech 2183/4 -1/4 3521/4 Northamber 37 401/2 Pace 331 +13/8 4831/2 3 3 Plasmon /8 /8 Spirent Comms 104 -3/4 1343/4 Vislink 451/2 +1/2 521/8 TOBACCO British Amer Tobacco Imperial Tobacco

35681/2 2631

+3 -3

3603 2740

Year Low

875 403 1295 9591/2 2881/4 521/4 1381/2 2467 7101/2 6001/2 2297/8 713 9681/2 228 84 1063/4 2283/4 396 555 2533 93/8 1261/2 945 165 5 331/2 3 20 /4 3981/2 6021/2 6 4181/2 7 283 /8 3931/4 203/4 999 1777/8 1703/8 1011/2 4803/4 2771/4 241 3041/4 92 1641/4 3 49 /4 1601/2 3031/2 1574 158 4471/2 48 3020

8331/2 141/8 3 /4 3271/2 7 477 /8 23 1593/4 281/2 2491/2 3 /8 857/8 391/2

2881 2174

TRAVEL & LEISURE 888 Holdings 1351/4 +9 1721/2 1101/4 Air Partner 3847/8 +161/2 620 315 Bwin.Party Digital 951/2 +41/2 1337/8 801/8 Carnival 2290 +24 2600 2030 Compass 9841/2 -11/2 1048 8291/2 easyJet 1364 +19 1827 1200 Enterprise Inns 1243/4 +23/8 1681/8 114 FirstGroup 1271/4 +3/4 1457/8 1111/8 Fuller S.T.A. 9673/4 +283/4 1010 8701/2 Go-Ahead Gp 2273 +10 2407 1509 Greene King 8311/2 +71/2 925 764 Intercontl Htls 2323 +24 2475 1763 Intl Cons Airl 370 +51/4 4545/8 2993/8 Ladbrokes 1373/4 +21/4 2013/4 1271/4 Marston's 149 +1 1651/2 1381/4 Millennium & Copth 602 +22 6151/2 543 Mitchells & Butlers 4153/4 +7/8 4911/4 373 National Express 2583/4 +11/4 3047/8 2473/4 Paddy Power 41901/4 +1033/4 50431/2 37815/8 Punch Taverns 91/4 -3/4 161/2 81/2 Rank Group 161 -23/4 1753/4 128 Restaurant Grp 640 -10 713 518 Ryanair Hldgs 5905/8 +95/8 618 4245/8 Sportech 771/2 921/4 761/2 Stagecoach 3681/4 +33/8 3991/4 3215/8 1 1 Thomas Cook 130 /8 +2 /2 189 1151/4 TUI Travel 369 -23/4 450 3353/8 Wetherspoon (JD) 755 +1/2 882 680 Whitbread 4430 +52 4487 2937 William Hill 3551/4 +31/2 4311/4 3201/4 UTILITIES Centrica Dee Valley National Grid Pennon Group

3251/4 +1 4021/4 3041/2 1380 1605 1335 910 +71/2 910 7301/2 8201/2 +6 8211/2 631

Price

Severn Trent United Utilities AIM 1pm 21st Century Tech 600 Group Abbey Advanced Medical S Alkane Energy Alliance Pharma Amerisur Resources Aminex Andrews Sykes Aortech API Ashley House ASOS Aukett Fitzroy Robinson Avanti Capital Avesco Gp Bailey (CH) BCB Holdings Berkeley Mineral Resources Best of the Best Billington Hldgs Braime (TF & JH) 'A' N/ Vtg Capital Mngt & Inv Castleton Tech Celtic Chamberlin Clean Energy Brazil Clear Leisure Coal of Africa Colefax Concurrent Tech Connemara Mining Company CPL Resources Crimson Tide Cropper (J) Daisy Gp Dart Group Densitron Tech Dewhurst Dewhurst A Dillistone Group Dolphin Capital Investors Ebiquity Eckoh Eco Animal Health Egdon Resources Eleco Faroe Petroleum Feedback FII Group Finsbury Food Fletcher King Forbidden Technologies Futura Medical Fyffes Global Energy Gooch & Housego Grafenia Great Eastern Energy Green Compliance Griffin Mining GW Pharmaceuticals Havelock Europa Hayward Tyler Heavitree Brewery Heavitree Brewery A Helios Underwriting Highland Gold Mining Hydro Intl I S Solutions Independent Res IndigoVision Interior Services Iomart James Halstead Jelf Group Johnson Service Latham (J) Leed Petroleum Lok'n Store London Capital London Security M&C Saatchi Majestic Wine Mercer Resources Metro Baltic Horizons Mirada Miton Group MS Intl Mulberry Group Nanoco Group Nasstar Nationwide Accid Repair Netcall Next 15 Comms Nichols Nighthawk Energy North River Resources Northern Bear Numis Corp

+/- Year High

1980 +30 8841/2 +121/2

Year Low

2000 1637 908 6411/2

Price

Optimal Payments

4853/4

72 150 595 190 13/8 751/2 92 1 /4 13/8 5 3 /8 335 44 31/4 5471/2 15/8 4121/2 1861/2 220 61/8 425 295 1051/2 351/2 120 46 1681/2 3 23 /4 22 105 3 1 /8 63/4 62 511/2 22 563/4 823/4 431/2 717 215/8 125 1 373/4 436 233/8 79 330 1771/2 153 671/4 105 54 21/8 475 3191/2 2801/8 2901/4 1233/8 61 4921/2 215 243/4 2350 254 408 5 /8 12 1 12 /4 373/4 1991/2 7551/2 1151/4 83/8 691/2 621/4 1271/2 9831/2 10 7 /8 583/4 246

981/2 49 150 941/2 1 625 542 /2 270 + 11/2 791/2 112 71/2 31/4 -1/8 91/4 4071/2 481/2 51/4

-41/8 +1 -1/8 -10 +1/2

-1/4 -1/4

-1/4 +1 -1/4 +411/4

-13/8 -93/4 +21/2

-11/2 -1/2

+2 -3/8 1 +7 /2 +1/2 -11/2 -71/2

+1/2 +33/4 +53/4

-1/4 +51/2

+21/2 +1 -21 +1/8

-7

6421/2 13/4 425 204 3001/2 75/8 525 345 1241/2 411/2 135 461/2 222 355/8 291/2 153 15/8 63/4 773/4 53 363/4 80 111 1011/2 7341/2 23 200 1 2 /8 411/4 5231/2 241/8 931/2 3371/2 1821/2 159 833/4 1311/2 711/2 85/8 520 3331/2 319 3343/4 1331/2 64 5221/2 1 /8 2281/2 371/4 2625 3353/8 590 13/8 241/2 181/2 513/8 2111/2 1075 1841/4 115/8 901/2 63 131 1237 141/4 7 /8 591/2 3443/4

175 1 /2 627/8 681/2 1 /4 13/8 3 2 /4 2821/2 361/2 21/4 5021/2 11/8 310 135 190 5 425 2721/2 88 35 1 118 /2 1 22 /8 1611/2 73/4 183/8 104 5 /8 63/4 471/2 301/2 161/2 501/2 631/2 421/2 5171/2 123/8 1231/2 7 /8 28 1 69 /2 161/2 45 325 1771/2 1161/2 561/4 1031/2 421/2 21/8 2871/2 1961/2 2061/8 2601/4 841/2 483/4 3571/2 1471/2 201/2 1750 2351/4 386 5 /8 10 9 311/2 170 6361/2 86 61/8 1 48 /2 391/2 711/2 9191/2 73/8 1 /2 171/2 217

-1/4

301/2

Ottoman Fund Oxeco

701/2 -1 84 36 8 43/8 47/8 -1/8 1 1 1 20 /4 23 /2 15 /2 900 900 7391/4 1 118 -2 /2 1301/2 86 51 357/8 375/8 +7/8 3 1 1 33 /4 40 /2 31 /2 631/2 +1/4 661/4 421/4 7 5 /8 3 /8 365 370 262 1311/2 30 321/2 611/2 -71/2 801/2 611/2 101/4 273/8 101/4 2689 -98 7050 2176 93/4 41/8 71/4 60 150 40 116 235 961/2 1 155 204 142 /2 133/4 17 13 1 + 21/2 11/4 2 /8

+/- Year High

261/2

510

Year Low

216

+1 471/2 251/2 +1/2 311/4

93/4

Panmure Gordon & Co

1341/2

Panther Securities

3421/2

350

305

71/2

-3/8 151/2

71/4

Patagonia Gold Paternoster Res

1771/2 1341/2

/4

/8

3

1

Penna Consulting

1281/2

Pennant Intl

851/2

Personal Group

/4

1

135 831/2 +1 1001/2

535

-5

571

73 380

Petra Diamonds

181

-3/4 2165/8 1071/2

Petrel Resources

63/4

-1/2 171/2

Pittards

125

+1 2021/2

100

121/8

-5/8 245/8

97/8

Polo Resources

63/4

Portmeirion

875 -71/2 8971/2 6821/2

Prime Active Cap

63/4

12

5

93

100

71

Prime People

11

241/2

11

Progility

93/8

-1/8 107/8

43/4

Publishing Technology

190

6221/2

160

Pro Global Ins Sols

Pursuit Dynamics

391/2 191/2

35

Qihang Eqpt

51/2

Qonnectis

341/2

63/4

51/2

Rangers Intl

243/4

54

Real Good Food

291/2

+1 713/4 261/4

56 311/2 22

Redhall Group

161/2

603/4 161/2

Renew Holdings

2921/2

2921/2 1241/4

RGI International

1103/8

-5/8 1321/4 911/8

Rockhopper Exploration

921/2

RTC Group

1581/2

Sabien Technology

86

-2 421/2 141/2

36

201/2 +11/4 433/4 151/2

Safeland

441/2

+1/2

45 181/4

Sagentia Gp

1251/2

1611/2

Scapa Group

131

-7 1471/2

83

911/2

95

66

62

701/4

59

SciSys Secure Property Dev & Inv Services Power Tech

124

71/8

77/8

35/8

113/4

163/4

31/2

Sinclair (Wm)

69

-1/2 1311/2

51

Sirius Minerals

113/4

-3/4 151/2

6

Slingsby (HC)

400

4371/2

315

Software Radio Technology

26

-1/2 347/8 191/4

591/2

-1/2 1041/2 591/2

Servoca

Sopheon Statpro

84

951/2

271/8

Sterling Energy Stilo International

35/8

Sutton Harbour

+1/8

Synetics

43/8

3

34 231/2

33

Swallowfield

79

56 257/8

951/2

1091/2

78

3771/2

615

329

1940 +21/2 20771/2 15721/2

Taliesin Property Tasty

104

1231/2 901/2

Telford Homes

3291/2 -11/2

Telme Group

1521/2

+2

/4

Ten Alps

3

Thorpe (FW)

1321/4 +33/4

Total Produce

79

Trakm8 Hldgs

74

Transense Techs

57/8

Turbo Power Systems

3

Ultima Networks

7

Univision

3

375 2671/4 163

113

11/4

3

100 651/2 -2

92

17

+5/8 101/8

41/2

/8

/8

3

1

1

7

/8

5

13/4

23/4

11/8

441/2

+1/4 441/2 251/8

57

+1 661/2 501/4

5

/8 /4

URU Metals Vernalis

/4

145 1061/4

Vertu Motors VPhase

/8 /2 /8

/8

1

Walcom Group

13/4

Walker Greenbank

1911/2

Weather Lottery

3

13/4

+1/2 2151/2 1361/2

/8

/4

1

1

WYG

110 +11/2 1161/2 931/8 5991/2 -11/2

23/8

/8

11/2

Wynnstay Group

+

1

West African Diamonds

1

681 5571/2

Wynnstay Props

325

Young Brewery A

960 -271/2 10971/2

915

Young Brewery N/Vtg

740

850

655

117/8

-1/8 241/2

10

73/4

14

53/8

Zincox Resources Zoo Digital

3471/2

275

BRITISH FUNDS

Consol 21/2%

63 -23/32 6429/32

561/16

Consol 4%

9719/32 -17/32 10117/32 9025/32

Conv 2.5%

8815/32 -15/32

Tres 21/2%

6327/32

911/4

773/8

-7/8

66 5615/32

War Ln 31/2%

915/32 -13/16

941/8 7913/32

Tres 8% 15

1093/8 -1/32 11623/32

1093/8

Tres 21/2% IL 16 33417/32 -1/32 34323/32 3343/16 Tres 83/4% 17

12129/32

-1/8 12829/32 12127/32

Tres 8% 21

13721/32

-1/4 14123/32 13521/32

Tres 5% 25

1233/8 -13/32 12417/32 11611/16

Tres 6% 28

1391/8 -9/16 14023/32 12911/16

Tres 41/4% 32

1195/32 -19/32 12029/32

1091/4