Message to George: rates are sky high BY JEFF WELLS wdbusiness@b-nm.co.uk Businesses across the Greater Bristol area face a combined £506 million tax bill unless the Government changes course on business-rate increases. Last year, companies in Bristol, South Gloucestershire, North Somerset and Bath and North East Somerset paid combined business rates of £490.3 million, in figures supplied by CVS Commercial Valuers. That will rise tied to the recent inflation figure of 3.2
Phil Smith of Business West says the rates system is broken
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The length in months of the proposed rates freeze BUSINESS DEBATE westerndailypress.co.uk
Share your opinions on this issue with other Western Daily Press readers online at www.westerndailypress.co.uk per cent RPI, adding £15.6 million to the bill. RPI is generally the higher of the two common inflation measures. A growing number of business organisations are calling on Chancellor of the Exchequer George Osborne to change the system in his Autumn Statement to be delivered on December 5. Business West and the British Chambers of Commerce are calling for a two-year freeze in rates, costing the Treasury £1.7 billion, and wholesale reform thereafter. Managing director Phil
Smith said: “There is no question that the business-rates system is broken. This is a tax that hits companies of all sizes long before they a make profit, and acts as a drag on business growth and investment. “The cost of spiralling business-rate bills is without a doubt the main issue facing fir ms’ ability to grow.” Rating expert Ben Batchelor-Wylam, from Colliers Inter national’s Bristol office, said: “Business rates are a make-orbreak issue. They are the main reason why potential occupiers do not take new space. Worse still, the incremental creeping cost of rates is pushing many businesses over the edge. Enough is enough. The retail sector is certainly not out of the woods, and recovery remains very patchy across the region, let alone the UK. “Freezing rates will give many shops the breathing space they need to see out the recession. “Realistically, fundamental changes will not happen overnight – but change is needed.” He said that in the longer term, changes to the system could include dropping the link to RPI, addressing issues around online retailers and brining forward the next revaluation. The Confederation of British Industry has called for the Government to commit to full reform, and in the short term to cap the annual businessrates increase at 2 per cent and introduce an incentive for companies to move into vacant property to boost local high streets. In the meantime, CVS Commercial Valuers and Surveyors is urging firms to appeal their bill. Rates are based partly on the rateable value of business premises, something that has not been reviewed since 2008 and is not due to be looked at again until 2017. But three quarters of businesses do not appeal their rateable value.
Students start revolutionary degree course A new course at UWE Bristol aimed at producing graduates with degrees plus experience of running their own businesses has just welcomed its first cohort of 37 students. The course structure is ground-breaking – no classrooms, compulsory lectures or exams – and has been introduced to the UK for the first time this year. Called Team Entrepreneurship, the degree course is based on methods pioneered in Finland and also run successfully in Spain and Hungary, and has been described as a revolution in management education. Course leader Carol Jarvis from UWE’s Bristol Business School said: “Running a real business – devising a product or service and selling it to customers – is what drives the students’ learning. All students have an equal financial stake in the companies they
Carol Jarvis is running the new business course at UWE Bristol
Chancellor George Osborne looks at the jet engine of land speed record car Bloodhound during a visit to the Bloodhound Technical Centre at Avonmouth near Bristol on September 12. Business leaders in the West are calling on Mr Osborne to change the business rates procedure PICTURE: CHRIS ISON/PA
create and will learn to manage the risks and rewards this entails. “We believe they learn better, and the information is retained, as they acquire knowledge when they need it. They learn by applying theory to practice and by reading material as it becomes relevant to them. The first group of students are already showing themselves to be confident, resilient, highly motivated team members.” The students meet in a hightech ‘hub’ rather than a traditional classroom, with areas for team meetings, workshops and ideas sessions. Along with the novel surroundings, the recruitment process was different too, based on a ‘taster’ day, group interviews and personal profiling. They have no set timetable, although they can attend any lecture from the Faculty of Business and Law, and work 9-5 each day during a longer academic year. This year, students have got the challenge of raising an average of £2,500 per person from their enterprises.
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Thousands of post offices to be modernised BY MARCUS DENBY wdnews@b-nm.co.uk Thousands of post offices are to be modernised under a £640 million investment boost aimed at maintaining the network over the next few years. The Government said the current number of 11,500 branches will be maintained until 2018, services will be improved and a “new style” of branch introduced. The Communication Workers Union said up to 4,000 postmasters faced compulsory redundancy under the plans while the postal consumer group said the announcement will pave the way for compulsory changes to thousands of post offices and will “radically reshape” the network.
‘We recognise the important service that post offices provide’ Postal Affairs Minister Jo Swinson Paula Vennells, chief executive of the Post Office, said: “We are investing to dramatically improve what we offer, making it easier for customers to do business with us and enabling us to become more commercially sustainable in the future. “We are modernising our branch network, increasing the range of financial products we offer and providing new digital platforms. We are going to be wherever our customers are, whether it is close to home, to work or online. “The additional funding confirmed today allows us to develop our branch investment programme and bring its benefits to more customers. It will see up to 8,000 branches modernised and additional investment in over 3,000 community and outreach branches. Over 1,400 have already been modernised since April 2012 with
34,400 additional opening hours across the UK. “The size of the branch network will be maintained at around its current position of over 11,500 post office branches. Customers have been clear, that they want Post Office services in their communities and on high streets; we want this too whilst also meeting their changing needs, and in turn helping subpostmasters thrive.” Jo Swinson, Postal Affairs Minister, said: “We recognise the important service that post offices provide to small and often remote communities, sometimes even as the only shop in the area. This is why we are dedicating specific funding to support modernisation and strengthen the existence of these branches.” Meanwhile, Government ministers yesterday defended the controversial privatisation of Royal Mail amid questions over whether they were “conned” over the share price. Business Secretary Vince Cable and Business Minister Michael Fallon faced a grilling by MPs over the setting of the share price, which soared from its opening level of 330p within minutes of trading last month. The coalition has been accused of selling the company too cheaply after shares initially increased by more than a third and broke through the 500p mark within a week. Mr Cable told the Business Select Committee that he “categorically” rejected claims that taxpayers had lost out, insisting it would take time for the share price to settle down. Just before the committee hearing, Royal Mail revealed operating profits nearly doubled to £283 million for the six months to September 29 from £144 million a year earlier, although figures were boosted by £95 million after a VAT credit and lower-than-expected costs of its overhaul programme.
City sees big rise in take-up of office space The number of businesses requiring offices in Bath has dramatically increased in the last 12 months, according to the Carter Jonas Bath’s latest research report on commercial property in the city. Commercial Edge Bath shows a 39 per cent increase to 114,200 sq ft in the take-up of office space in 2012 compared with 2011, with two of the biggest relocations being Bath solicitors Withy King at Midland Bridge House and hightech engineers Altran at St Lawrence Court, Southgate. Philip Marshall, commercial partner and head of Carter Jonas in Bath said: “Encouragingly, letting activity has increased for three years in a row and with market sentiment continuing to improve during 2013, takeup is expected to marginally exceed its 2012 level by the end of the year. “Bath tends to be resilient to recession and this still seems to be the case today.”
Letting activity continues to increase, says Philip Marshall
Workers in Bath have been working out. Staff from lawyers to supermarket workers have been encouraged to take part in a keep fit routine during their lunch break. The Beefcakes and Healthy Shakes event saw Bath Rugby players Will Skuse, Tom Heathcote and Dave Sisi visiting workplaces across the city and taking employees through a mini-fitness programme. They were joined by TV presenter Charlie Vernon and Mark Hawthorn from Beyond the Kale, who provided the participants with healthy shakes. Among the sites the group visited was the Sainsbury’s store at Green Park Station, where deputy manager Dave Boddy was an enthusiastic participant
An area identified for future growth is the creative and ICT (information and communications technology) sector. The sector is currently the fourth largest in Bath contributing around £220 million to the GVA (gross value added) employing 6,700 people. The sector is forecast to witness a 20 percent growth by 2026. Mr Marshall said: “The provision of suitable office accommodation should be considered as a matter of urgency. It’s essential to ensure sufficient capacity is provided for the expansion of Bath and North East Somerset to create a viable and successful office market capable of driving forward an integral part of the local economy. At present the quality of the office stock in Bath is very poor.” To request a copy of Commercial Edge Bath contact Joy Fortune in the Bath office, 01225 747263, or email bath@ carterjonas.co.uk
New atrium will have part to play in restoring Bristol theatreland One of Bristol’s best-known visitor attractions will get a much needed shot in the arm if plans are approved for a new frontage at the city’s Old Vic Theatre. That’s according to heritage expert James Edwards from Colliers International. He believes the rethink is about 250 years overdue. The West planning and heritage specialist said: “The Bristol Old Vic is one of the brightest jewels in the city’s crown but elements of the frontage have been a blot on the streetscape for decades. “King Street is one of the
city’s most resonant visitor attractions and the drab frontage has struck a jarring chord since it was installed back in the Seventies. “This is a shame as the historic thoroughfare has always been close to the city’s heart whisking visitors back hundreds of years in just a few hundred yards.” The ambitious £12 million facelift envisaged by designers Haworth Tompkins includes a light and airy new atrium fronting onto King Street. The plans are presently being considered by Bristol City Council planners.
Heritage expert James Edwards backs plans for Bristol’s Old Vic
James Edwards said: “When it was first built back in the 1760s the theatre was hidden away behind a row of houses in order to avoid falling foul of Government censorship codes. “The refurbishment in the early 1970s brought the front of house space forward onto King Street which was no doubt a logical thing to do but it is a pretty uninspiring piece of 70s architecture and not really consistent with the fantastic historic properties which surround it. “The external brick colour is at odds with other prop-
erties and it appears to the passer-by as completely dead frontage. “This is totally at odds with the rest of King Street – which is a thriving visitor attraction in its own right with a real buzz about the place day and night. The present building doesn’t even have any windows at ground level and really stifles the street scene.” James, who has lobbied extensively to perserve Bristol’s maritime and built heritage, said the planned atrium would rejuvenate the Old Vic in much the same way as the
recent refurbishments had the nearby Colston Hall. He concluded: “The plans create an exciting new space for the venue and turns what was a broadly uninviting entrance into an exciting and contemporary meeting place bringing a much needed boost to this city institution. “It really is great to see this most important of theatres being improved in this way.” For further details contact James Edwards, Planning and Heritage, Colliers International, Bristol 0117 917 2000.
THEATRE FRIDAY
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Clear quality in tourism award finals BY MARCUS DENBY wdbusiness@b-nm.co.uk After assessing nearly 350 entries, a record 213 visits and 20 hours of panel meetings, 63 finalists and 34 highly commended entries have been announced in this year’s South West Tourism Excellence Awards. From theses, 59 finalists will carry the South West’s flag in the national VisitEngland awards in May. Considered the “official” tourism awards for the region, covering Somerset, Bath, Wiltshire, Gloucestershire, Bristol and the Isles of Scilly, as well as linking closely with the awards in Cornwall and Devon and the new awards scheme in Dorset. Eligible winners will also progress to the national VisitEngland awards in London. All entrants will receive feedback, giving them the best opportunity to hone their entry in future years and make improvements. Alongside numerous firsttime entrants, this year’s list of winners includes many former entrants whose past feedback has helped them. Pippa Griffith, curator of recent winner, the Tiverton Museum of Mid-Devon Life,
350
Entries into the contest, with winners being named in 2014 said: “The rewards have been fantastic. Winning two prestigious awards has really helped us to raise our profile.” Sponsor support meant entry was free, with 16 categories to choose from. Up to four finalists have been announced in each category, but all will have to wait until January 30 to learn whether they have won gold, silver or bronze at the awards ceremony at the Holiday Inn in Plymouth. This year’s judging was the tightest ever, with winners separated by fractions in their mystery shop scores and requiring lengthy debates by judging panels, which met for more than 20 hours. Chairman of the South West Awards Panel, Alistair Handyside, said: “This year sees a truly excellent collection of winners across the South West, with many new entrants as well as well-known established beacon businesses. The awards night promises to be a spectacular showcaset.” ■ Full details can be found at www.southwesttourism awards.org.uk
ROLL OF HONOUR Listings are in alphabetic order Bed & breakfast and guest accommodation of the year – finalists Launceston Farm B&B, Blandford Forum, Dorset; Pendragon Country House, Davidstow, Cornwall; Pentillie
The Yeovilton International Air Day is among the finalists for the South West Tourism Awards, as is Brownsea Island
Castle, St Mellion, Cornwall; The Seafood Restaurant – restaurant with rooms, Padstow, Cornwall Highly commended The Elmdene, Torquay, Devon; The Village Pub, Cirencester, Glos Self catering establishment of the year – finalists The Big House Company, Wellington, Somerset; Greenwood Grange, Dorchester, Dorset; Headland Hotel, Newquay, Cornwall; Seahorse Apartments & Westward Living at Duckhaven Stud, Westward Ho! Devon Highly commended Little White Alice, Carnmenellis, Cornwall; West Pitt Farm, Tiverton, Devon Tourism event of the year – finalists Ageas Salisbury International Arts Festival, Salisbury, Wiltshire; Dorset Seafood Festival, Weymouth, Dorset; Falmouth Oyster Festival, Falmouth, Cornwall; RNAS Yeovilton International Air Day, Yeovilton, Somerset Highly commended Exeter Festival of South West Food & Drink, Exeter, Devon; Veuve Clicquot Polo on the Peach, Watergate Bay, Cornwall Holiday park of the year – finalists Cofton Country Holidays, Dawlish, Devon; Gwel an Mor Resort, Portreath, Cornwall; Highlands End Holiday Park, Bridport, Dorset; Wooda Farm Holiday Park, Poughill, Cornwall. Highly commended Finlake Holiday Park, Chudleigh, Devon; The Park Mawgan Porth, Mawgan Porth, Cornwall; Perran Sands Holiday Park, Perranporth, Cornwall; South Lytchett Manor Caravan and Camping Park, Lytchett Minster, Dorset. Tourist information service of the year – finalists Dartmouth TIC, Devon; English Riviera Visitor Information Service, Devon; Lyme Regis TIC, Dorset; Poole Welcome Centre, Dorset. Highly commended Bodmin Visitor Information Centre, Cornwall; Ilfracombe Tourist Information Centre, Devon; Launceston TIC, Cornwall. Venue & business tourism award – finalists Arundell Arms Hotel, Lifton, Devon; Deer Park Country House Hotel, Weston, Devon; Dartington Hall, Dartington, Devon. Small visitor attraction of the year – finalists Geevor Tin Mine, Pendeen, Cornwall; St Austell Brewery Visitor Centre, St Austell, Cornwall; Tiverton Museum of Mid-Devon Life, Tiverton, Devon; National Trust Coleridge Cottage, Nether Stowey, Somerset. Highly commended National Trust Trerice, Kestle Mill, Cornwall; Wild Futures Monkey Sanctuary, Looe, Cor nwall. Tourism activity, sport & experience of the year – finalists Arundell Arms Hotel, Lifton, Devon; Calvert Trust Exmoor, Kentisbury, Devon; National Trust Brownsea Island, Poole, Dorset; Polkerris Beach, Polkerris, Cornwall. Highly commended Big Zoo Animals Keeper Experience at Noah’s Ark Zoo Farm, Wraxall, Somerset; Le Vignoble, Plymouth, Devon. Tourism superstar award for customer service – finalists Geoff
Curtis from Brownsea Island, Poole, Dorset; Dickon Allen from Montacute House, Montacute, Somerset; Christine Horsnby from Perran Sands Holiday Park, Perranporth, Cornwall; Matt Druce from Westward Living at Duckhaven Stud, Westward Ho! Devon. Taste of South West award – finalists Bybrook Restaurant at the Manor House, Castle Combe, Wiltshire; Eastbury Hotel, Sherborne, Dorset; The Herring, Mawgan Porth, Cornwall; River Cottage Canteen & Deli, Plymouth, Devon. Highly commended Juliet’s Garden Restaurant & Bar, St Mary’s, Isles of Scilly; Northcote Manor Country House Hotel, Umberleigh, Devon; Porthminster Beach Cafe, St Ives, Cornwall; Tudor Farmhouse Hotel & Restaurant, Clearwell, Gloucestershire. Tourism pub of the year – finalists The Cornish Arms, St Merryn, Cornwall; The New Inn, Tresco, Isles of Scilly; Pandora Inn, Mylor, Cornwall; Start Bay Inn, Torcross, Devon. Highly commended The Inn at Cranborne, Cranborne, Dorset. The Jack in the Green, Rockbeare, Devon; The Lamb Inn, Sandford, Devon. Sustainable tourism award – finalists Arundell Arms Hotel, Lifton, Devon; Compton Pool Farm, Marldon, Devon; Little White Alice, Carnmenellis, Cornwall; Railholiday, St Germans, Cornwall. Highly commended Hedgehog Corner, Uplyme, Devon; Pennywell Farm, Buckfastleigh, Devon. Large visitor attraction of the year – finalists The Big Sheep, Bideford, Devon; Cotehele, Saltash, Cornwall; Longleat, Warminster, Wiltshire; Trebah Garden, Mawnan Smith, Cor nwall. Highly commended Eden Project, Bodelva, Cornwall; The Lost Gardens of Heligan, Pentewan, Cornwall; RHS Rosemoor, Great Torrington, Devon; Pennywell Farm, Buckfastleigh, Devon. Access for all award – finalists A Little Bit of Heaven, Lostwithiel, Cornwall; Calvert Trust Exmoor, Kentisbury, Devon; Countryside Mobility South West, Exeter, Devon; • Mortons House Hotel, Corfe Castle, Dorset. Highly commended Wingz Bird & Animal Sanctuary, Par, Cor nwall.
The stunningly located Hell Bay hotel on the tiny Scilly island of Bryher is one of the finalists in the small hotel category. It is joined by the Barnsley House Hotel in Gloucestershire, The Old Rectory Hotel in Devon and the Talland Hotel in Cornwall
Large hotel of the year – finalists Bedruthan Hotel & Spa, Mawgan Porth, Cornwall; Headland Hotel, Newquay, Cornwall; Lucknam Park Hotel & Spa, Colerne, Wiltshire; The Manor House Hotel & Golf Club, Castle Combe, Wiltshire. Small hotel of the year – finalists Barnsley House Hotel, Cirencester, Gloucestershire; Hell Bay Hotel, Bryher, Isles of Scilly; The Old Rectory Hotel, Martinhoe, Devon; Talland Bay Hotel, Looe, Cornwall. Highly commended The Alverton, Truro. Cornwall; Bridge House Hotel, Beaminster, Dorset; Percy’s Country Hotel, Virginstow, Devon.
01452 880000
brutonknowles.co.uk
For Sale – C2 Building and Grounds 164 Hucclecote Road, Gloucester, GL3 3SH • 1,022 sq m (11,000 sq ft) GIA approx. (EPC=C) • 0.54 ha (1.33 acres) approx. • Potential for alternative uses, conversion and new build development (STP) Contact: robert.anthony@brutonknowles.co.uk
22 BUSINESS THURSDAY NOVEMBER 28 2013 WESTERN DAILY PRESS
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Students’ digs increasingly in private hands BY JEFF WELLS wdbusiness@b-nm.co.uk The South West and Wales has the highest proportion of privately owned student accommodation in the UK. The first research of its kind has revealed who owns student accommodation in the UK. With 53 per cent of ownership in the hands of the universities themselves, it is estimated 47 per cent are now privately owned, with the largest of these providers being Unite and UPP combining to make up 35 per cent of the private market. GVA, the UK’s largest independent commercial property adviser, has presented this unique study of the structure of the UK’s student housing sector by analysing 27 of the main student towns and cities, including Bristol, Cardiff and Exeter, covering over 70 universities to provide
80%
Student accommodation in South West that is privately owned the most comprehensive study of its kind in recent years. According to GVA, the South West now has the highest proportion of privately owned student accommodation in the UK at 80 per cent, with Exeter University being the only university in the study with 100 per cent private ownership. Here the university portfolio has been provided primarily via estate transfer, refurbishment and new development, a model which is also repeated to varying degrees at Plymouth. Gordon Isgrove, Director of Land and Development at GVA in Bristol, comments: “Our research is the first of its kind in the UK. What it demonstrates
is the extent of the private sector market share in student accommodation, and one that continues to grow. With the influx of overseas investment into this sector, particularly from the US, we expect the extent of privately owned student housing to grow beyond 50 per cent of total market share well before 2016.” The research covers almost 325,000 beds in approximately 1,000 schemes across the UK. 172,076 beds or 53 per cent of total purpose built stock is owned by universities ensuring they remain the main key player within the student accommodation sector. However, over the past 20 years, the privately owned market share has seen major growth, now standing at 47 per cent, accounting for 150,000 beds. The largest private owner in the UK is Bristol-based Unite, with 34,000 beds accounting for 22 per cent of the private market. Its closest competitor is UPP, which boasts a 13 per cent market share. Brandeaux remains the third largest provider with 10 per cent. Other providers include Victoria Hall, Mansion, MCR, Roundhill Capital, Knightsbridge and IQ. The top 10 providers have a market share within the private bed sector of 68 per cent. Across the regions, this share falls no lower than 51 per cent. There are three regions, the Midlands, Yorkshire and North West, where market share is above 70 per cent, while in the South West and Wales it increases to 80 per cent. The research also highlights the ratio of private to university owned accommodation at individual universities; rental values; which private operators own what; domestic and international demand; and the nature of the existing investment and development markets in this growing sector.
Appointments to freshen up laundry firm Gloucestershire-based commercial laundry Paragon has promoted two of its senior operational staff at its biggest UK laundry as part of its continuing focus on efficiency and productivity. The appointments are in line with Paragon’s goal to be the commercial laundry of choice for businesses requiring workwear or linen services. Former Cheltenham laundry general manager Andrew Glassford has been promoted to the position of group operations support director, with Andy Coulthard appointed to replace Andrew at Cheltenham as general manager. In this role, Andrew will help Paragon meet its business objectives, with a focus on the delivery of processing and quality standards, whilst helping to drive efficiency and continuous improvement in all aspects of the operational
Andrew Glassford has been promoted, with Andy Coulthard replacing him at Cheltenham
The story of the Great Western Railway is being told in Bath. A treasure trove of railway posters, paintings and 19th-century prints forms part of a new exhibition at the city’s Victoria Art Gallery. Bath and the Great Western Railway, which runs until February 2, tells the story of the way that Britain’s transport system was radically changed for ever. It features posters from the early 20th century, urging people to journey to ‘the Georgian City’ with the slogan ‘it’s quicker by rail’. The exhibition, with 60 exhibits, is complemented by a model railway based on Oldfield Park station. Gallery manager Jon Benington is pictured admiring one of the exhibits
side of the business including the purchasing of one of its key products, linen. Andrew has been with Paragon since he was a teenager, when his uncle David Stevens, joint managing director, gave him his first job at their laundry in Bridgwater, where he started sweeping floors. Over the space of 15 years he has worked his way up from shift supervisor to production manager before being named general manager of the Cheltenham site. To allow Andrew to move into this new role, Paragon has also promoted Andy Coulthard to the role of general manager of the Cheltenham laundry from his previous role as factory manager. Andy brings a wealth of experience as a factory manager and general manager for a leading international bespoke carpet business.
Investment in new training centres for engineers and scientists of future Hundreds of millions of pounds is to be pumped into training postgraduates to work in engineering and science, it has been announced. Around £350 million of public money is to go towards funding 70 new training centres for students to gain a PhD alongside the work-based skills and knowledge needed in these key industries. These Centres for Doctoral Training (CDTs) will be set up at 24 UK universities, according to the Engineering and Physical Sciences Research Council (EPSRC), which has allocated the money. It said that the funding has
been targeted at the areas which are vital to the UK’s future economy. Science Minister David Willetts said: “Scientists and engineers are vital to our economy and society. It is their talent and imagination, as well as their knowledge and skills, that inspire innovation and drive growth across a range of sectors, from manufacturing to financial services. “I am particularly pleased to see strong partnerships between universities, industry and business among the new centres announced today. This type of collabor-
David Willetts, top, and James Dyson are backing the new centres
ation is a key element of our industrial strategy and will continue to keep us at the forefront of the global science race.” EPSRC chair Paul Golby said: “Centres for Doctoral Training have already proved to be a great success and the model is popular with students, business and industry. These new centres will give the country the highly trained scientists and engineers it needs and they will be equipped with skills to move on in their careers.” Sir James Dyson, design engineer and founder of Dyson, whose Wiltshire-based firm is
involved in seven CDTs, said: “To compete internationally Britain needs to export worldbeating inventions which are the result of intellectual property developed by our companies and universities. We must support British engineers and scientists at all levels, rewarding them properly for their work. This investment is heartening, but genuine research and development takes time. Continuing robust investment is required if we are to see the breakthroughs which will deliver the growth we require.” As part of the event EPSRC’s CEO, Professor David Delpy
and BT’s Research MD, Tim Whitley will officially sign a Memorandum of Understanding to cement collaborative working. This much closer relationship will help to ensure that long-term pre-competitive research in priority areas, which align with EPSRC and BT’s strategies, delivers not just academic excellence, but high levels of economic and societal impact. The Engineering and Physical Sciences Research Council (EPSRC) is the UK’s main agency for funding research in engineering and the physical sciences.
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AEROSPACE & DEFENCE Avon Rubber 5811/2 +12 BAE 4261/4 -31/2 Chemring Group 2027/8 -2 Cobham 2651/4 +1/4 Meggitt 4935/8 +31/2 QinetiQ 215 -15/8 Rolls-Royce 1247 +9 Senior 2851/2 +1/2 Ultra Electronics 1815 -22
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AUTOMOBILES & PARTS GKN 3835/8 +73/4 3835/8 2207/8 Torotrak 24 -1/2 351/2 231/2 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 Treatt Victrex Zotefoams
262 /2 +1 /4 333 /8 243 /4 225/8 +1/8 223/4 91/8 6841/4 -21/8 7697/8 6315/8 771/4 +2 803/8 453/4 3305/8 +3/4 3847/8 2661/8 1453 +3 18371/2 1395 1
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CONSTRUCTION & MATERIALS Alumasc 128 137 Balfour Beatty 2701/4 +47/8 2911/2 Boot (Henry) 213 +53/4 213 Boustead 181/2 181/2 Clarke (T) 67 721/4 Costain 3021/4 -1/2 306 CRH 1562 +11 1617 Galliford Try 1117 +16 1157 Gleeson (MJ) 3445/8 +13/8 3543/4 Keller Group 1053 -16 1161 Kier Group 1760 +38 1830 Kingspan Group 10375/8 +45/8 1134 Low & Bonar 711/4 +1/4 80 Marshalls 178 -1/2 184 1 Morgan Sindall Gp 784 +12 839 /2 North Midland Const 134 149 Pochins 41 +1/2 41 Titon 45 46 ELECTRICITY Drax Gp SSE
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82 207 /8 133 181/2 441/4 2321/4 1130 7071/2 1671/2 635 1144 6591/4 50 971/2 508 95 23 22 5
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ELECTRONIC & ELECTRICAL EQ Dialight 9351/2 +41/2 1399 Domino Printing Sci 691 +5 717 Eurodis Electron 1 1 Halma 590 +31/2 5941/2 Laird 2571/8 +43/8 2601/4 Morgan Advanced 295 +1 318 Oxford Instruments 1490 +20 1752 Renishaw 1864 +24 2081 7 Ross Group /8 13/8 Spectris 2398 +37 2470 TT Electronics 1941/4 +1/2 202 Volex 1141/2 +11/4 155 Xaar 984 +74 1015 XP Power 1465 -1 1605
897 560 1 4351/2 1711/8 2401/4 1209 1494 1 /2 1834 1321/2 84 264 9611/2
EQUITY INV INSTRUMENTS Aberforth Smaller Cos 1007 +7 Alliance Trust 447 +7/8 Bankers IT 587 +1 BlackRock Wld Mining 445 +2 British Assets Trust 1401/2 +1/2 British Emp Secs&Gen 493 +13/8 Caledonia Investment 1915 +22 City of London IT 3703/8 +3/8 Dexion Absolute 155 -1/4 Edinburgh Inv Tst 5831/2 +2 Electra Private Equity 2352 +52 Fidelity Euro Value 1517 -5 Foreign&Colonial 3781/2 +1 JP Morgan Japan IT 240 -51/4 JPM Euro IT Gwth 219 -1 Mercantile IT 1490 +10 Merchants Trust 501 +5 Middlefield Canadian 102 -11/8 Monks Inv Tst 3821/4 +1/4 Murray Income Tst 784 +7 Murray International Tst 1046 -4 North American Inc 856 -15 Perpetual Inc&Grwth 360 +4 RIT Cap Partners 1253 +8 Scottish Inv Tst 594 +21/2 Scottish Mortgage 991 +16 SVG Capital 4071/8 +3 Temple Bar IT 1230 +4 Templeton Emerging Mkts 5521/2 Witan Inv Tst 651 +11/2
670 3743/4 446 4241/2 1197/8 4581/2 1492 313 138 506 1844 1221 315 1541/2 1641/2 1046 3807/8 991/2 3061/2 665 1024 679 286 1109 4831/2 725 271 9891/2 514 4901/2
1014 4641/4 5871/2 6221/2 1433/4 522 1970 3763/4 1563/4 621 2398 1569 383 2473/4 224 1519 515 115 395 820 1245 9151/2 364 1285 606 1023 416 1241 678 6601/2
Price
+/- Year High
Year Low
FIXED LINE TELECOMS BT Group 3737/8 +13/4 382 Cable & Wire Comm 475/8 +1/4 483/8 Colt Group 1273/4 +11/8 1351/2 KCOM 1003/4 -11/2 1051/8 Talktalk Telecom 2667/8 +3/8 2811/2 Telecom Plus 1875 -54 1929
2311/8 345/8 931/2 681/4 214 861
FOOD & DRUG RETAILERS Greggs 4427/8 +31/4 Morrison (Wm) 2633/4 Sainsbury (J) 406 +1/4 Tesco 3451/2 +1/8 Thorntons 137 +83/4
3921/8 2485/8 3217/8 3221/2 315/8
FOOD PRODUCERS Anglo-East Plantations 670 Assoc Brit Foods 2292 Carr's Milling 1730 Cranswick 1165 Dairy Crest Group 517 Devro 2851/2 Glanbia 8737/8 Greencore Gp 1843/4 Kerry Group A 39181/8 Premier Foods 120 REA Hldgs 4437/8 Tate & Lyle 787 Unilever 2460 FORESTRY & PAPER Mondi 1013 GENERAL FINANCIAL 3i Group 3637/8 Aberdeen Asset Mgt 487 Brewin Dolphin 277 Close Bros Group 1343 F&C Asset Mngmt 941/8 Guinness Peat 301/4 Hargreaves Lansdown 1191 Henderson Group 214 ICAP 4151/8 IG Group 608 Intermediate Capital 4203/4 Investec 4233/4 IP Group 1967/8 London Stock Exchange 1625 Man Group 871/2 Paragon 3443/4 Provident Finl 1601 Rathbone Brothers 1545 Schroders 2461 Schroders NV 1969 Tullett Prebon 3261/4 World Trade Systems 41/2
5231/2 3021/2 4145/8 3873/4 137
-20 750 +42 2351 +5 1760 +11 1189 +1/2 539 -13/4 380 -53/8 921 +37/8 1945/8 +227/8 40047/8 -2 1851/2 -73/4 4843/4 -31/2 883 -4 2885 +22 +3/8 +53/4 +1/4 +13 -1/4 +8 -3/8 +133/4 +8 -1/2 3 +2 /8 +20 +11/2 +31/2 -9 +20 -6 +12 1 +4 /4
630 1465 9731/2 782 3663/8 2851/2 6313/4 91 3138 3 59 /4 3591/4 7361/2 2319
1122 6411/2 3871/2 4921/8 2871/4 1343 1103/8 331/2 1191 2233/8 4221/4 6261/2 5011/2 5131/2 1967/8 1682 1343/8 3545/8 1773 1691 2690 2217 3957/8 41/2
2111/4 3331/4 1821/2 8601/2 90 231/2 1 679 /2 1191/2 2803/4 422 2871/4 3801/8 1051/8 971 735/8 2401/4 1287 1208 1596 1303 224 41/2
GENERAL INDUSTRIALS British Polythene 737 7371/2 383 REXAM 503 +121/8 5471/2 436 RPC 500 -1 517 378 Smith (DS) 3041/4 +77/8 3081/4 2023/4 Smiths Group 1386 +8 1455 1091 GENERAL RETAILERS Alexon 27/8 Ashley (L) 271/4 Beale 91/2 Brown (N) 524 Caffyns 525 Carpetright 5851/2 Carphone Whse 2801/2 Darty 851/2 Debenhams 96 Dignity 1341 Dixons Retail 51 Dunelm Group 875 Euro Home Retail 21 Findel 2583/4 Flying Brands Units 35/8 French Connection 383/8 Halfords 4931/4 Home Retail 1941/4 Howden Joinery Gp 3271/8 HR Owen 156 Inchcape 5991/2 JD Sports Fashion 1227 Kingfisher 396 Lookers 123 Mallett 78 Marks & Spencer 4895/8 1 Moss Bros Group 68 /2 Mothercare 3911/2 Next 5530 Pendragon 351/4 Signet Jewelers 4737 Ted Baker 1947 Topps Tiles 116 WH Smith 968
Barratt Developments Bellway Berkeley Grp Hldgs Bovis Homes Gaskell Headlam Group McBride Persimmon Reckitt Benckiser Redrow Taylor Wimpey Victoria
3463/4 1531 2430 8221/2 21/4 4103/8 108 1246 4883 2883/8 1141/2 280
+/- Year High
+91/4 3551/4 +34 1534 +45 2450 +17 8511/2 21/4 -5/8 415 +13/4 1463/4 +18 1305 +2 4950 +83/8 2883/8 7 +2 /8 1141/2 +81/2 280
Year Low
1947/8 9871/2 1634 550 21/4 3021/2 101 784 3879 1583/8 591/4 1871/2
INDUSTRIAL ENGINEERING
Assoc Brit Engineering Bodycote Castings Fenner Goodwin Hill & Smith IMI Melrose Ind Molins MS Intl Renold Rotork Severfield-Rowen Spirax-Sarco Tex Hldgs Trifast Vitec Group Weir Group
140 6061/2 427 437 34761/2 5361/2 1475 2951/4 1921/2 1761/2 463/4 2809 627/8 2919 75 82 641 2148
INDUSTRIAL METALS First Quantum Minerals 1010
-10 -81/2 -3 +13/4 +961/2 -31/2 -8 +11/4
-16 +17/8 +10 +13/4 -2 +17
-35
150 685 4551/2 4571/8 3820 5471/2 1563 3213/4 194 2611/2 463/4 3037 1201/2 3090 821/2 871/4 726 2474
115 4031/2 300 3057/8 1600 393 1040 2123/4 1351/2 172 191/2 2469 371/4 2267 521/2 44 559 1787
1399 8721/2
INDUSTRIAL TRANSPORTATION BBA Aviation 3217/8 +23/4 3435/8 2111/2 Braemar Shipping 5461/2 +31/2 559 350 Clarkson 2016 -66 2370 1150 Fisher (J) 1126 +2 1148 7833/4 Irish Continental Units 20997/8 +411/4 21833/4 15085/8 Ocean Wilsons 1055 -221/2 11571/2 8971/2 Stobart Gp Ord 1403/4 -1/2 148 741/2 UK Mail Gp 605 +41/4 645 292 Wincanton 1281/2 +111/2 139 433/4 LEISURE GOODS Games Workshop 730 Hornby 85 Photo-Me 1413/4 LIFE INSURANCE Aviva Hansard Global Legal & General Old Mutual Prudential Resolution St James Place Standard Life
8231/2 601 871/2 64 1471/4 517/8
432 97 2141/2 194 1294 3503/4 624 3517/8
+71/8 4491/8 -41/2 136 +21/4 2177/8 2215/8 +17 1294 +73/8 3591/2 +2 679 +2 4213/4
2941/8 931/8 1441/4 1703/4 865 2373/4 3971/4 3173/4
623 1713/4 819 553/4 308 441/2 991/4 9071/2 1179 161/8 196 1 /8 681/2 7 10 /8 5581/2 308 1901/8 14 1773/8 1350 162 889 2534 306 2477/8 1781/4 683 215 2251/2 1355
-4 /4 650 340 +23/4 1803/4 102 +2 950 759 +23/4 60 31 1 -6 /2 324 2193/4 75 441/2 +1/2 109 751/4 +1 915 5241/2 +19 1209 765 -1/2 213/8 121/4 200 157 1 1 /2 /8 +1/4 681/2 37 5 1 1 - /8 12 /2 2 /2 +61/2 5681/2 4203/8 +13/8 3221/4 1935/8 +31/4 1951/8 987/8 -1/4 19 113/4 -23/4 221 1423/8 +9 1365 1119 1621/2 137 +2 889 628 +21 2652 1436 330 100 +3/8 2521/4 181 -13/4 180 791/4 -5 788 636 +13/4 227 121 1 +1 /4 227 1417/8 +8 1371 856
MEDIA
27/8 27/8 +3/4 291/2 24 201/2 91/2 1 +5 577 357 /2 +71/2 5371/2 365 +31/2 700 582 2811/2 1881/2 891/2 39 -1 1177/8 783/4 1 3 +2 1687 /8 1057 /4 +1 51 253/4 -10 1047 613 21 21 +71/2 2583/4 108 51/8 23/8 -3/4 421/2 241/2 1 +5 /2 4931/4 299 +11/4 2011/8 1113/4 +11/2 332 1661/4 1723/4 61 +5 645 421 -10 1248 670 +11/4 420 2687/8 -1/4 1311/2 73 841/2 611/2 1 1 -1 /4 513 /2 359 +1/4 75 531/2 -61/2 4923/4 271 +15 5540 3639 +2 393/4 14 -5 4934 3269 +6 2017 996 +12 116 481/4 1 - /2 992 609
HEALTH CARE EQPMNT & SERV Bioquell 135 -21/2 160 130 Consort Medical 862 -41/2 914 6601/2 Smith & Nephew 8121/2 +21/2 813 6571/2 Southern Cross 61/4 61/4 61/4 Healthcare Synergy Healthcare 1038 1165 982 UDG Hlthcare 3053/4 -67/8 3605/8 256 HOUSEHOLD GOODS Aga Rangemaster 1501/4
Price
+8 1501/4 665/8
4imprint Bloomsbury Pub BSkyB Centaur Media Chime Comms City of London Group Creston Daily Mail A Euromoney Instl Inv Future Haynes Publishing HIBU 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 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
1
4 151/2 4 1338 /2 +4 2072 1207 3 202 /4 -9 289 161 776 -3 1381 776 43 +1/2 751/4 36 731/4 63/4 141/4 1844 +3 2236 16661/2 110 1261/2 95 6 87/8 27/8 2233/4 -105/8 826 2233/4 191/8 +5/8 371/4 181/2 3081/4 +3/4 3801/8 2531/2 4235 +34 6665 3972 1
Price
Rio Tinto Vedanta Res
3139 875
+/- Year High
+29 -5
3757 1335
Year Low
2582 875
MOBILE TELECOMMUNICATIONS Inmarsat 6921/2 +5 749 5841/2 Vodafone Group 229 + 2343/8 1541/2 NONLIFE INSURANCE Admiral Grp 1245 +10 1416 Amlin 4531/4 +55/8 4531/4 Beazley 246 +2 246 Catlin Group 542 +7 5521/2 Jardine Lloyd Thom 1026 +5 1028 RSA Insurance Gp 1063/4 +5/8 1361/4
1115 3733/8 1741/4 4571/2 7571/2 1021/4
OIL & GAS PRODUCERS BG Group 1256 +10 1283 10071/2 BP 482 -5 4931/2 4241/4 Cairn Energy 268 +7/8 2961/8 2513/4 Dragon Oil 5611/2 -71/2 662 510 + 121/2 71/8 Fortune 93/8 JKX Oil & Gas 73 -1/2 793/4 481/2 Premier Oil 3081/8 -21/4 4001/4 3081/8 Royal Dutch Shell A 2055 -10 23091/2 1987 Royal Dutch Shell B 21481/2 -12 2365 20771/2 Soco International 4023/4 +7/8 430 3467/8 Tullow Oil 863 +31/2 1377 8591/2 OIL EQUIPMENT & SERVICES AMEC 1124 -46 1207 9651/2 Hunting 8011/2 -2 941 726 Petrofac 1240 +1 1737 1177 1 Wood Gp(J) 777 /2 +6 9151/2 7201/2 PERSONAL GOODS Abbeycrest 11/2 11/2 11/2 Burberry Gp 1527 +38 1667 1217 6 2 Creighton 41/8 Lambert Howarth 181/2 181/2 181/2 1 1 1 1 PZ Cussons 390 /2 +9 /2 432 /2 338 /2 Worthington Group 3 7 3 PHARMA & BIOTECH 1 3 Ark Therapeutics /8 + 33/8 /4 AstraZeneca 34201/2 -51/2 35211/2 29091/2 BTG 544 +22 544 3171/2 Dechra Pharms 683 -51/2 780 575 Genus 1228 +8 1594 1220 GlaxoSmithKline 1615 +1 1782 13341/2 Hikma Pharmaceuticals 1206 1222 744 + 27/8 13/8 Oxford Biomedica 21/2 Shire 2784 -19 2858 1806 SkyePharma 1171/2 +1/2 1191/2 431/2 Source Bioscience 123/4 123/4 91/8 Vectura 1071/2 +33/4 117 77 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) Panther Securities 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
4791/4 15/8 609 411/2 845 1215 4290 2430 2263/4 2041/2 576 5141/2 326 710 322 9551/2 421/4 185 70371/2 505 3221/2 338 95 6401/2 351/4 3323/4 6251/2 91 3595/8 525 2321/2 227 399
+91/4 -21/2 +15 +31 +8 +1 +21/2 +9 +6 1 +5 /2 -11/4
+25 +3 +5 +3/4 +101/2 +3 /4 +101/2 3
+85/8 +51/2 +2 -1
SOFTWARE & COMP SERV Anite 87 DRS Data & Research 24 Electronic Data Proc 701/2 Emblaze 491/2 Fidessa Gp 2085 +12 Gresham Computing 1241/2 -1/4 Innovation Group 323/4 +3/4 Invensys 502 +1 Kofax 3813/4 +133/4 Microgen 125 Parity 30 -2 RM 1103/8 +1/8 3 1 Sage Group 347 /4 +1 /4 SDL 2633/4 +33/4 Triad Group 151/4 +3/4 SUPPORT SERVICES Acal 339 Aggreko 1558 Ashtead Gp 6931/2
+4 +2 +14
489 3371/2 15/8 15/8 658 540 451/4 267/8 845 730 1260 6711/2 4290 2850 2574 2056 244 143 2061/8 1111/2 598 4655/8 554 468 326 2051/2 710 575 366 3005/8 999 799 43 211/2 200 1311/2 7075 45621/2 515 3501/4 3421/2 2921/2 3641/2 3121/2 100 521/4 6641/2 441 351/4 351/4 3363/4 2335/8 668 550 91 721/2 3611/2 2173/4 600 525 233 1783/4 2337/8 1641/2 4081/2 2661/8 162 24 721/2 61 2190 1 140 /2 323/4 5091/2 388 1551/2 44 124 1 387 /4 553 161/2
763/4 16 521/2 44 1400 1 66 /2 221/4 3811/4 2603/4 112 181/2 64 3043/8 252 51/2
355 1573/4 2254 1442 730 3781/2
Price
Atkins (WS) Babcock Intl Berendsen Brammer Bunzl Capita Group Carillion Communisis 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 Smiths News Speedy Hire St Ives SThree Travis Perkins Tribal Grp Vp Waterman Group Wolseley
1337 1307 9211/2 4411/2 1394 9771/2 2981/4 58 2900 861 715 291 810 1142 261 92 1217/8 1 256 /8 625 6421/2 3083 93/8 149 13371/2 182 5 39 1 26 /2 4433/4 770 6 4663/8 1 308 /4 4101/2 381/2 1068 2211/8 196 1023/4 574 3151/8 2931/4 438 1081/4 2145/8 2221/4 643/4 1783/4 3263/4 1832 1831/2 5421/2 571/2 3395
Risers ▲
+/- Year Year High IP Group Low
+3 1337 -4 1333 1 +8 /2 980 1 -3 /2 500 -2 1414 +61/2 1057 +37/8 3313/4 2443/4 -3/4 68 343/4 -15 2915 231/4 -55 1046 8231/2 -191/2 7341/2 479 -11/4 301 2041/4 +16 830 543 -3 1288 980 -1/8 3131/2 2071/2 953/8 56 +7/8 1253/4 771/4 1 5 5 -3 /4 293 /8 185 /8 625 397 -13 6551/2 357 +12 3453 2922 93/8 93/8 150 1151/2 14071/2 940 3 + /4 1961/2 132 5 5 393/8 243/4 1 1 + /4 32 21 /4 -61/4 4521/4 3121/4 -11/2 8411/2 590 6 6 +77/8 5021/2 356 7 -5 /8 317 248 +41/2 4583/4 2531/4 126 333/4 +3 1185 8141/2 -23/4 2383/8 1743/8 +7/8 2141/8 963/8 1123/4 87 +4 6611/2 358 3 +1 /8 336 193 -51/8 2991/4 1951/2 +1/4 6831/2 4185/8 +1 1101/4 73 -1/4 2161/4 1123/8 1 1 -2 /4 224 /2 149 +3/4 70 343/4 -31/4 188 100 +101/2 370 3031/2 +12 1858 1060 +51/4 2061/2 971/4 +71/2 5421/2 313 -1/2 633/4 361/2 +46 3483 2796
TECH HARDWARE & EQUIPMENT ARM Hldgs 1004 +1 1097 BATM Adv Comms 173/4 21 3 3 Bede /4 /4 CML Microsystems 565 565 1 1 CSR 503 /2 +3 /2 607 Filtronic 611/4 831/4 Imagination Tech 2451/2 -41/2 552 Northamber 36 401/2 Pace 3181/4 -1/4 3233/4 3 3 Plasmon /8 /8 Spirent Comms 1073/4 +3/4 1691/4 1 1 Vislink 47 +2 /4 52 /8 Wolfson Microelectronics 1493/4 +1/4 2261/4 TOBACCO British Amer Tobacco Imperial Tobacco
3273 2361
TRAVEL & LEISURE 888 Holdings 1641/2 Air Partner 557 Bwin.Party Digital 127 Carnival 2230 Compass 9381/2 easyJet 1444 Enterprise Inns 1431/4 FirstGroup 1143/4 Fuller S.T.A. 9701/2 Go-Ahead Gp 1616 Greene King 864 Intercontl Htls 1907 Intl Cons Airl 3761/2 Ladbrokes 1761/8 Marston's 1551/8 Millennium & Copth 5891/2 Mitchells & Butlers 4001/8 National Express 2563/4 Paddy Power 4630 Punch Taverns 111/4 Rank Group 1421/2 Restaurant Grp 576 Ryanair Hldgs 5097/8 Sportech 86 Stagecoach 3591/4 Thomas Cook 1531/4 TUI Travel 3623/4 Wetherspoon (JD) 7191/2 Whitbread 3553 William Hill 3783/4 UTILITIES Centrica Dee Valley National Grid Pennon Group Severn Trent
Price
Rise p
196 NMC Health 420 Xaar1 984 740 /2 United Utilities Hochschild Mining 133 9651/2 BTG 544 AIM 527 Polymet 576 Int Sports Direct Intl 732 289 1pm Kenmare Resources 19 1009 21st Century ICAP 415Tech Ferrexpo 754 600 Group177
+5 +6 +1 +2 5 -1 /8 -9 +12 +15 -13/4 -11/4 +5 -5 +191/2 +2 +1/2 -11/4 +31/4 +1 -45/8 -141/8 +1/4 -21/4 +4 +101/8 1 - /8 -3/8 +5/8 +11/4 +3 +11 1 + /4
3784 2534
743 133/4 3 /4 3731/2 332 333/8 2351/8 271/2 181 3 /8 1003/4 1 25 /4 136 3091 2120
186 1071/4 5841/2 275 156 1011/4 2628 2030 9381/2 721 1448 709 1573/4 86 2233/4 92 1 1 990 /2 753 /4 1738 1232 8971/2 610 2039 1644 3841/4 1683/4 2431/8 1673/8 1651/2 1183/4 6151/2 4803/4 460 296 2747/8 1721/4 5876 45841/8 151/2 65/8 1771/2 1371/4 581 364 6231/4 3891/2 108 66 3593/4 2861/2 1705/8 253/4 4011/2 269 767 4933/4 3553 2378 4941/2 3335/8
3401/4 +33/4 4021/4 3257/8 1555 15621/2 1325 7751/2 +1/2 8471/2 682 638 +51/2 7271/2 601 1746 -15 2090 1550
7 8
7 8
1 2
1 8
1 8 1 2
+20 +39 +74 +6 +22 +20 +25 + +13 +5
1 2
7 8
5 8
3 4
3 8
12
1
Fallers ▼
% rise +/- Wk% chng Year Price Year High Low De La Rue +11.31 +27.86
+10.38 6561+8.13 /2 -1/2 +5.43 +4.21 +3.94 371+3.53 /2 +3.46 3 7 +3.44 /8 +3.14 21 -1/4
Abbey 8491/2 Advanced Medical S 991/2 Alkane Energy 413/8 Alliance Pharma 347/8 Amerisur Resources 49 Aminex 15/8 Andrews Sykes 320 Antisoma 11/4 Aortech 131 API 801/2 Ashley House 271/4 ASOS 5721 Aukett Fitzroy Robinson 61/4 Avanti Capital 125 Avesco Gp 221 Bailey (CH) 1901/2 BCB Holdings 141/4 Berkeley Mineral 21/4 Resources Best of the Best 58 Billington Hldgs 1011/2 1 Braime (TF & JH) 'A' N/ 557 /2 Vtg Capital Mngt & Inv 210 Celtic 661/2 Chamberlin 81 Clean Energy Brazil 13/4 1 Clear Leisure 2 /2 Coal of Africa 73/4 Colefax 3921/2 Concurrent Tech 361/2 Connemara Mining 51/8 Company CPL Resources 545 Crimson Tide 15/8 Cropper (J) 3731/2 Daisy Gp 1871/2 Dart Group 236 Densitron Tech 75/8 Dewhurst 495 Dewhurst A 310 Dillistone Group 106 Dolphin Capital Investors 393/4 Ebiquity 1211/2 Eckoh 281/4 Eco Animal Health 1951/2 Egdon Resources 73/4 Eleco 20 Faroe Petroleum 1241/4 7 Feedback /8 FII Group 63/4 Finsbury Food 68 Fletcher King 35 Forbidden Technologies 363/4 1 Futura Medical 51 /4 Fyffes 71 Global Energy 97 1 Gooch & Housego 699 /2 Grafenia 181/2 Great Eastern Energy 170 Green Compliance 11/8 Griffin Mining 321/4 GW Pharmaceuticals 1903/4 Hampden Underwriting 1361/2 Havelock Europa 191/2 Hayward Tyler 651/2 Heavitree Brewery 325 Heavitree Brewery A 1821/2 Helphire Grp 53/8 Highland Gold Mining 60 Hirco 20 Hydro Intl 106 I S Solutions 53 ILX Group 83/8 1 Imaginatik /8 Independent Res 73/4 1 IndigoVision 357 /2 Interior Services 264 Iomart 2611/2 James Halstead 3003/4 Jelf Group 851/4 Johnson Service 501/4 Latham (J) 3921/2 1 Leed Petroleum /8 Lok'n Store 1911/2 1 London Capital 35 /2 London Security 18871/2 M&C Saatchi 3243/8 Majestic Wine 5791/2 3 Mercer Resources /4 Metro Baltic Horizons 121/2 1 Mirada 9 /8 Miton Group 48 Mulberry Group 1009 Nanoco Group 1411/2 Nasstar 101/2 Nationwide Accid Repair 651/2 Netcall 441/4 Next 15 Comms 86 Nichols 1182 7 Nighthawk Energy 10 /8 5 North River Resources /8 Northern Bear 271/2 Numis Corp 275 Optimal Payments 3323/4 Ottoman Fund 33
+10.53 +5.13 1 787 /2 -0.30 +21.97 -2.59 +6.24 457/8 -4.35 16 +6.38 1 -0.67 21 /2
1
3
1
1
+11/2 611/2 1031/2 5571/2
20 38 480
-85 -1 /2 +6 1
-
+10
210 32 661/2 381/4 -2 168 76 71/2 15/8 1 3 - /4 5 1 /8 -1/4 23 71/8 3921/2 2221/2 541/2 361/2 91/4 43/4
+11/2 +103/4
-51/2 +3/4 +1/8 +1 +1/2 -1/8
-21/4
+4 -1/4
+163/4 +1/2
+1/8 -1/2
+4 +1/2 1 +4 /4 +81/4 -3/4 -1 -11/8 +4
+7/8 -40 -3 +13/8 +7 +7/8 +11/2 -1 -43/4
545 2621/2 13/4 11/8 420 1701/2 1871/2 85 2691/4 115 91/8 51/4 5421/2 440 3721/2 2721/2 1241/2 701/2 411/2 26 122 92 291/8 141/4 270 1921/2 117/8 73/4 241/8 7 1491/2 1051/2 3 1 /8 63/4 63/4 773/4 38 361/2 25 363/4 181/2 3 80 50 /4 721/4 40 1 122 /2 69 1 699 /2 415 31 181/2 2731/2 170 7 45/8 /8 381/2 261/2 3 1 190 /4 39 /2 1361/2 100 223/8 111/4 691/2 161/2 3371/2 325 1921/2 175 53/4 13/4 116 521/2 523/8 191/4 126 871/2 541/2 371/2 125/8 7 1 3 /8 /8 111/8 47/8 4211/2 2871/2 2831/2 1321/2 319 192 655 2373/4 941/2 68 531/2 335/8 4041/2 270 1 1 /4 /8 2161/2 1131/2 3 1 51 /4 27 /2 1900 16871/2 3283/4 176 590 397 13/4 131/2 43/4 141/2 87/8 481/4 203/4 1449 850 199 711/2 133/8 93/4 78 481/2 45 28 115 711/2 1237 825 12 3 3 11/8 /8 271/2 13 276 117 3371/2 108 37 29
4
4
4
4
2
-55 -10 -46 3 15 /8 -23 -54 1761/2 -19 1 -312 /2 -6 3/8 -6 -13 90 5 8
1 2
7
7
cls
4
Fall pPrice % fall +/-
Price
3
530 54 23 7 30 /8 1 39 /4 15/8 200 11/4 411/2 543/4 107/8 2460 21/4 531/2 154 1521/2 131/2 21/8
-1 -
3
861 Kazakhmys 223 AMEC 1124 649 Oxeco Lancashire Hldgs 797 Telecom Plus 1875 Panmure Gordon & Co Diploma 715 Patagonia Gold 127 1353i/8 Infrastructure UDG Hlthcare 305 5 Eng Paternoster Res340 Ophir Penna Consulting 642 103Interserve /4
8491/2 106 413/8 381/2 58 53/4 342 2 1311/2 92 273/8 5944 61/2 1261/2 235 204 213/4 3
+1/2 +17/8
2
8
8
Pennant Intl 80 Personal Group 4271/2 Petra Diamonds 109 Petrel Resources 131/4 Pittards 27/8 Portmeirion 710 Prime Active Cap 81/2 Prime Focus London 3 Prime People 76 Publishing Technology 5871/2 Pursuit Dynamics 23 Qihang Eqpt 61/2 Qonnectis 481/2 RAM Active Media 2 Rangers Intl 421/4 Real Good Food 653/4 Redhall Group 52 3 Redstone /4 Renew Holdings 1601/2 RGI International 1293/4 Rockhopper Exploration 143 RTC Group 16 Sabien Technology 37 Safeland 28 Sagentia Gp 1441/2 Scapa Group 913/4 SciSys 705/8 Services Power Tech 51/8 Servoca 61/2 Sinclair (Wm) 881/2 Sirius Minerals 7 Slingsby (HC) 375 Software Radio 285/8 Technology Sopheon 90 SPDI Secure 681/2 Statpro 88 Sterling Energy 40 Stilo International 33/4 Strategic Natural 43/8 Resources Sutton Harbour 263/4 Swallowfield 861/2 Synetics 615 Taliesin Property 1625 Tasty 1201/2 Tawa 17 Telford Homes 3651/4 Telme Group 136 Ten Alps 1 Terrace Hill 311/8 Thorpe (FW) 130 Total Produce 711/2 Trakm8 Hldgs 341/2 Transense Techs 65/8 Travelzest 13/8 1 Turbo Power Systems /2 TVC Holdings 551/2 7 Ultima Networks /8 3 Univision /4 URU Metals 23/8 Vernalis 321/2 Vertu Motors 571/2 1 VPhase /8 Walcom Group 3 Walker Greenbank 164 1 Weather Lottery /8 West African Diamonds 11/8 WYG 1081/2 Wynnstay Group 630 Wynnstay Props 310 XXI Century Inv 13/4 Young Brewery A 10421/2 Young Brewery N/Vtg 7621/2 Zincox Resources 151/4 Zoo Digital 11
-6.00 -4.52 -3.93 +1/4 -2.80 -2.80 -2.65 -1/4 -2.30 -2.21 -1.99 -1.98
-1/2 +23/4 -1/8 +21/2
-15 -1/4
-3/4 -33/4 -1/2 -2 +3
+1/2 -41/2 +1/4 +1/8
+1/8 -5/8
Wk% chng Year Year High+3.11 Low
-6.83
157/8 -2.9483/4 -0.75 225+3.88 1321/2 3 +2.14 24 /4 -4.29 8 5 -2.641 /8 /4 -3.79 971/2+4.64 621/2 891/2 411/2 455 320 132 103 23 131/8 31/4 17/8 710 505 81/2 5 91/2 25/8 76 461/2 6221/2 1191/2 32 9 10 61/4 511/2 25 91/4 2 93 411/2 713/4 36 75 411/2 3 103/8 /4 1641/2 85 134 1121/8 1751/2 1123/4 17 11 433/4 20 28 51/2 153 871/2 951/2 611/2 821/2 62 53/4 35/8 7 23/8 1531/2 841/2 291/4 6 5371/2 375 361/4 177/8
150 74 +3 105 -11/2 435/8 47/8 263/4 -1/4
35 1091/2 +121/2 615 16471/2 1211/2 451/2 -93/4 375 +1/2 1391/2 23/4 -1/4 315/8 -1 136 711/2 -1/2 351/2 13 53/4 7 /8 +1/8 84 11/4 +1/8 11/8 31/2 +1 321/2 +2 613/4 7 /8 3 +11/2 164 1 /8 - 31/8 +31/2 1113/8 6371/2 310 33/4 -5 10821/2 7621/2 42 +11/4 153/4
741/2 601/8 731/2 331/4 35/8 41/8 213/4 721/2 2841/2 1125 501/2 17 175 86 1 101/8 98 39 16 63/8 1 /4 1 /8 47 3 /4 1 /2 17/8 193/8 37 1 /8 21/2 70 1 /8 7 /8 62 4161/2 2721/2 15/8 6971/2 5671/2 141/2 61/4
BRITISH FUNDS
Consol 21/2% Consol 4% Conv 2.5% Tres 21/2% War Ln 31/2% Tres 8% 15 Tres 21/2% IL 16 Tres 83/4% 17 Tres 8% 21 Tres 5% 25 Tres 6% 28 Tres 41/4% 32
581/4 9411/32 801/2 583/4 821/16 1157/32 34011/32 1277/8 13921/32 1205/32 13323/32 11129/32
-15/32 -13/32 -11/32 -1/4 -19/32 -3/32 -1/4 -1/8 -1/4 -9/32 -13/32 -15/32
653/4 10029/32 901/2 671/2 927/16 123 3537/8 1373/8 1535/32 1331/8 14925/32 12523/32
561/16 9023/32 76 533/4 7927/32 1157/32 3397/8 1277/8 1385/8 1185/32 13115/32 10911/16
24 BUSINESS THURSDAY NOVEMBER 28 2013 WESTERN DAILY PRESS
WDP-E01-S2
Decision to abandon wind farm unleashes array of emotions The Atlantic Array has been stirring up tides of passion in North Devon since it was first mooted – Martin Hesp has been taking an overview of the ebbs and flows of opinion now the development has been shelved Tsunamis are, thankfully, rare in the Bristol Channel – one raged east up its ever-narrowing course in 1607, killing thousands of people, but an altogether more benign wave swept across its shallow tidal waters this week… It was a tsunami of relief triggered by the announcement that the massive Atlantic Array offshore wind farm proposed for an area just north of Lundy is to be shelved. RWE’s decision to abandon the Atlantic Array project, whose cost was reportedly £4 billion, was said by the Government to have been made “on purely technical grounds”, though the German group, which also owns Big Six supplier npower, said the costs of the project were “prohibitive in current market conditions”. The scheme had drawn criticism from environmentalists who were worried about its impact on marine wildlife in the Bristol Channel, and campaigns who branded the project’s 720-ft high turbines as unsightly. Paul Cowling, director of offshore wind at RWE Innogy, said: “This is not a decision we have taken lightly. “However, given the technological challenges and market conditions, now is not the right time for RWE to continue to progress with this project.” Mr Cowling said RWE was still backing offshore wind and would be pressing ahead with other projects off Britain’s coastline. Generally speaking, plans for off-shore wind farms create fewer waves of human emotion than the land-based alternatives – but the 240-turbine Atlantic Array had managed to swim against such a tide of passion. Some 1,775 interested parties had signed up to take part in an inquiry looking at the scheme – eight times more than for any other offshore development. There were some who loved the idea of such green energy, but since the news was announced they’ve been outnumbered on social networking sites as the sluice gates of opinion opened. Typical of the comments powering the tsunami of relief were these words tweeted by Mike Collins, a senior press officer for the National Trust: “Atlantic Array… Wrong scale,
Lundy Island, close to the proposed site of the Atlantic Array wind farm, featuring turbines similar to the ones pictured right, and North Devon MP Nick Harvey who said the scheme has not been ‘tested’ through the planning process and could well re-emerge A VICTIM OF ATTRITION
The Atlantic Array is ‘likely’ to be just the first of many offshore wind farms shelved as Government policies wage a war of ‘attrition’ on investors, industry experts have warned. Supporters of green energy say the cancellation of the giant project highlights the danger of relying on overseas energy suppliers to make key investments about future power generation. However, the Liberal Democrat MP for North Devon, Nick Harvey, has cautioned against ‘hubris’, saying the scheme has not been ‘tested’ through the planning process and could well re-emerge. He said if more utilities began withdrawing from major projects the Government may be forced to step in. Regen South West, the regional trade body based in Exeter, admitted the withdrawal was a blow to the industry and called for more local control of energy resources. Director Johnny Gowdy said the move had to be seen in the context of RWE slimming and shedding 6,750 jobs. He added: ‘It is likely to be the first project cancelled in an attrition process that could result in the withdrawal of a number of projects. The offshore wind industry is likely to be reassessing viability due to more certainty about the Government’s new market incentive scheme and renewables road map.’
wrong place. But we need to harness power of nature in Bristol Channel.” Such thoughts are shared by the many people who see the channel’s massive tidal range – the second highest in the world – as being key to the future of clean renewable energy, rather than the less reliable power that comes from the wind. As one anti-Array protester tweeted: “Engineers say the technical problems were not helped by the massive tidal movements – why not turn the turbines upside down and harness that power instead?” A spokesman for an amalgamation of groups against the development, called Slay the Array, was another riding high on this week’s joyous wave: “This plan brought together an unprecedented array of opponents, including many people and organisations who have never before opposed a renewable scheme.” The tsunami of relief began in one of the remotest communities in southern England. Lundy, which plays host to fewer than 30 human residents but thousands of seabirds – not to mention seals, black rabbits, Soay sheep and Sika deer – would have been closest to what would have been one of the biggest offshore windfarms in the world. “We are absolutely delighted by the news,” said the island’s general manager, Derek Green. “We had many concerns about the proposal and, while we understand the need for renewable energy, it was going to be too close to Lundy. It would have overwhelmed the island.” “There would have been massive disruption, especially when it was being built,” Mr Green said. “For example, even the massive amount of lighting they’d have needed at night during the building would have changed this island – we don’t have a single street light – you couldn’t imagine what that might have meant for our nesting birds.” However, every tsunami has a backwash – and yesterday’s wave of relief was accompanied by a lesser wall of disappointment. One of the first people hurtling down the breaker of despondency was James Craigie, secretary of the Atlantic Array Supporters’ Group – who also runs Northern Devon Sustainable Energy, a social enterprise organisation tackling youth unemployment in the area. “This is a sad day for North Devon as much-needed employment now seems further away than it was last week,” he said. “The thousands of jobs during the construction phase and minimum of 200 permanent, well-paid, full-time jobs
Lundy has breathed a sigh of relief after RWE Innogy pulled out of the Atlantic Array wind farm planned for the Bristol Channe would have made a huge difference. “We have nearly 400 out-ofwork under-25s in this district, whose hope for opportunities to work must be diminished now. The cost of this project not going ahead is too high for this to be anything more than a temporary set-back.” Some years ago when the Atlantic Array was first proposed John Butterwith, chief executive of North Devon Fisher man’s Association, said the huge development would decimate fish stocks in the area – but he added: “Fishermen have always been extreme optimists. This is why we go to sea – we are the last of the original hunters.” It turns out Mr Butterwith’s optimism was based on a bedrock of fact, rather than the shifting breezes…
Amy Reynolds After months of huffing, the puffins are happy I can’t help thinking that the Atlantic Array Project is subject to the same judgement as Marmite; you either love it or you hate it. I expect there to be a great deal of frustration among those on the steering committee who have reported spending the last fifteen months thrashing out the details of a local impact plan, only to see their hard work swiped away by RWE Innology’s decision. I sympathise with those whose passion is for all things environmental; after all, the sheer scale of the proposed Atlantic Array development would undoubtedly have given
the Lundy puffins something ugly to stare at and there is fierce debate about wind farm efficiency and cost. Some are blaming it on David Cameron at last saying what many realists think – puffin guano springs to mind. Others are saying that it’s to do with money – after all, less than three weeks ago, RWE announced that Innogy’s renewables unit planned to cut almost half its jobs as it scaled back clean-energy spending in a debt-curbing strategy. But for a minute, let us forget about associations, councils, governing bodies and debt; instead let’s imagine the huge
WESTERN DAILY PRESS THURSDAY NOVEMBER 28 2013 BUSINESS 25
WDP-E01-S2
Strong results boost shares in Royal Mail
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Royal Mail shares were up by 6 per cent last night as it continued to deliver for investors following strong half-year results. The group lifted 32p to 565p and is now 71 per cent higher than its starting point of 330p at its flotation at 330p last month – and with a market valuation of £5.6 billion looks on course for admission to the FTSE 100 Index next month. The top-flight edged 13.2 points higher to 6649.5 after falling heavily in the previous session as consumer stocks were hit by a profits warning from drinks maker Remy Cointreau. There was also a lack of impetus to activity on Wall Street as traders geared up for the Thanksgiving holiday – and where New York’s Dow Jones Industrial Average was only able to muster slight gains by the time of the close in London. Ger many’s Dax rose strongly on improved consumer confidence and the prospect of the formation of a new government – later confirmed with Angela Merkel returning for a third term as chancellor. France’s Cac 40 was also up. The biggest FTSE 100 risers were Sports Direct, up 25p to 732.5p, Lloyds Banking Group up 2.1p to 77.3p, Burberry up 38p to 1527p and Rexam up 12.1p to 503p. The biggest fallers were Amec, down 46p to 1124p, BP down 5p to 482p, Johnson Matthey down 30p to 3190p and Severn Trent down 15p to 1746p.
hannel – but supporters mourned hundreds of jobs that could have been created disappointment and restricted growth opportunities for the local businesses for which this project would have meant increased employment, wider supply chain management and a raft of other business development opportunities. If you don’t believe me, I urge you to check out C Truck in Essex. A shining example of how wind farm projects can bring about huge benefits. The company regularly contributes to local community initiatives, provides apprenticeship and training opportunities and has a significant portfolio of partners, together with an ethos to source from local suppliers. What’s not to like (other than the green levy on every bill)? So, while the Gower Association and North Devon Council may have objected to the
Atlantic Array on the grounds of damage to the tourism industry, C Truck’s announcement that it now employs 150 staff across two companies, whereas three years ago they had no workforce, is far too strong a comment to ignore. Let’s hope, given the area is still a Marine Energy Conservation Zone in the Bristol Channel, for those local businesses who may have viewed this development as a means to take on new staff, expand premises or join a new supply chain, that there will hopefully be another initiative arising from the ashes to give them hope. In the meantime, the Hinkley Point build continues and the puffins can begin building up their guano stocks to help the future debate. Amy Reynolds is a tax partner at Mazars
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