10 The Sunday Times June 16, 2019 BUSINESS TOP 200 COMPANIES 42 3i Group 1025.0 –30.5 1088.5 756.2 3.4 - 9972.7 154 3i Infrastructure 283.0 –7.0 292.0 220.9 3.3 - 2293.5 73 Admiral 2078.0 –12.0 2281.0 1870.0 3.9 15.2 6045.9 169 Aggreko 780.8 –4.4 882.0 641.8 3.5 15.9 1999.8 145 Alliance Trust 778.0 +7.0 789.0 672.0 1.8 - 2569.9 18 Anglo American 2110.5 +136.7 2226.0 1464.6 3.8 9.8 29654.2 48 Antofagasta 859.0 +54.0 1028.5 727.2 0.6 21.2 8468.6 116 Ashmore 482.4 +3.8 490.4 337.0 3.5 23.9 3438.3 45 Ashtead 1949.0 –5.0 2438.0 1586.5 1.7 12.7 9088.2 28 Associated British Foods 2463.0 –61.0 2836.0 2041.0 1.8 21.3 19498.9 153 Aston Martin Lagonda 1020.6 +12.4 1810.0 818.8 - - 2327.0 6 Astra Zeneca 6215.0 +187.0 6525.0 5182.0 3.5 42.6 81526.9 83 Auto Trader 561.4 –35.0 606.0 388.5 1.0 29.9 5216.7 68 Aveva 3930.0 +32.0 3956.0 2284.0 1.0 188.0 6338.8 32 Aviva 408.6 –8.4 514.8 364.6 6.9 10.8 16003.4 152 Babcock International 464.6 –15.4 846.8 416.7 6.3 9.8 2349.0 34 BAE Systems 484.7 +8.7 676.4 443.9 4.5 15.5 15523.1 197 Balfour Beatty 238.4 –2.0 297.2 223.4 1.7 12.2 1645.0 21 Barclays 149.0 –2.1 195.0 146.1 4.4 7.5 25692.1 78 Barratt Developments 561.6 –3.4 625.8 434.0 4.7 7.9 5696.2 138 BBA Aviation 263.0 –0.4 350.0 207.0 4.1 29.4 2720.9 129 Beazley 566.5 +0.5 599.0 492.6 2.1 56.4 2997.4 117 Bellway 2757.0 –60.0 3281.0 2419.0 5.2 6.3 3395.6 94 Berkeley 3530.0 –36.0 4220.0 3226.0 2.5 7.4 4554.2 5 BHP 1910.0 +85.8 1944.2 1490.6 4.9 14.6 96588.7 190 Big Yellow Group 1023.0 –2.0 1062.0 852.5 3.0 13.9 1705.3 120 B&M European 329.8 –15.0 426.3 278.6 2.2 15.6 3299.9 4 BP 538.9 –12.9 598.3 485.9 5.8 14.4 109658.9 10 British American Tobacco 2885.5 –128.5 4222.5 2375.0 6.8 11.0 66187.4 84 British Land 539.2 +1.8 691.0 523.0 5.7 - 5105.1 151 Britvic 888.5 –26.5 956.0 745.0 3.2 19.9 2357.5 26 BT 206.3 –0.9 264.6 193.8 7.3 9.6 20470.9 122 BTG 834.5 –0.5 853.0 475.0 - 141.9 3239.9 59 Bunzl 2165.0 –14.0 2551.0 2059.0 2.2 22.1 7289.9 61 Burberry 1741.5 –40.5 2325.0 1623.5 2.4 21.3 7165.6 194 Caledonia Investments 3050.0 +10.0 3060.0 2650.0 1.9 - 1675.1 185 Capital & Counties Properties 212.5 –2.5 296.5 210.4 0.7 - 1809.0 193 Capita 100.5 –6.1 169.1 100.5 - 5.7 1676.9 19 Carnival 4033.0 +105.0 5000.0 3659.0 3.8 12.2 28891.9 82 Centrica 91.5 –4.3 163.6 91.1 13.1 28.6 5230.6 107 Cineworld 279.3 –13.4 323.6 247.4 2.5 15.9 3831.9 200 City of London Investment Trust 419.0 +1.0 439.0 376.0 4.4 - 1582.1 166 Close Brothers 1388.0 –30.0 1660.0 1374.0 4.5 10.4 2101.3 150 Cobham 103.6 –0.1 131.7 96.8 - 33.4 2477.1 39 Coca Cola HBC 2906.0 –6.0 2941.0 2244.0 1.7 26.8 10538.0 17 Compass 1911.5 +67.0 1911.5 1483.0 2.0 25.9 30321.6 135 Convatec 141.3 +0.2 239.0 118.6 3.4 16.4 2794.0 27 CRH 2524.0 –25.0 2812.0 1971.5 2.4 16.4 20277.4 64 Croda 5240.0 +40.0 5447.7 4576.0 1.6 28.4 6741.6 144 CYBG 179.4 +0.4 364.2 173.9 1.7 - 2571.0 62 DCC 6944.0 +88.0 7390.0 5555.0 1.8 24.8 6825.6 132 Dechra Pharmaceuticals 2782.0 +24.0 3168.0 2014.0 0.9 118.7 2855.6 74 Johnson Matthey 3093.0 –50.0 3781.0 2620.0 2.6 17.9 5986.0 187 Jupiter Fund Management 386.1 +11.1 465.6 287.6 4.7 12.4 1767.2 99 Just Eat 627.0 +37.4 883.4 533.8 - 51.8 4275.2 140 Kaz Minerals 565.2 +45.2 914.2 436.7 0.9 6.3 2663.8 97 Kingfisher 207.6 –1.8 318.1 205.4 5.2 20.4 4380.6 70 Land Securities 841.6 –7.8 965.1 791.8 5.8 - 6240.1 33 Legal & General 266.7 –3.3 291.2 223.7 5.9 9.0 15897.9 13 Lloyds Banking Group 57.7 +0.1 66.6 50.0 9.1 10.5 40837.7 29 London Stock Exchange 5446.0 +34.0 5464.0 3867.0 1.0 40.0 19037.6 157 Man 144.1 –1.5 187.1 126.8 6.6 10.8 2217.8 115 Marks & Spencer 216.0 –4.5 300.8 216.0 8.2 108.3 3510.1 158 Mediclinic International 299.8 –12.3 547.0 299.8 2.6 - 2209.9 104 Meggitt 511.2 –0.4 572.0 458.0 3.2 22.4 3971.8 50 Melrose 169.6 –1.1 235.7 146.3 2.6 - 8237.2 199 Mercantile Investment Trust 204.6 –1.9 226.0 168.0 3.0 - 1621.7 106 Merlin Entertainments 377.8 +3.9 410.5 307.1 2.0 16.8 3868.9 63 Micro Focus International 1974.4 +35.4 2067.0 1184.0 4.4 11.8 6778.2 159 Millennium & Copthorne Hotels 680.0 +5.0 680.0 436.0 0.6 92.0 2208.6 67 Mondi 1726.5 +48.0 2236.0 1584.0 3.3 11.3 6340.4 167 Moneysupermarket 385.4 +3.9 393.3 264.0 2.7 23.9 2067.4 171 Monks Investment Trust 884.0 +1.0 891.0 710.0 0.2 - 1933.5 92 Morrison Supermarkets 197.8 +2.1 269.4 195.2 3.2 19.6 4733.4 168 National Express 392.8 –2.4 433.2 361.4 3.5 14.8 2010.1 20 National Grid 833.4 +10.5 889.2 748.7 5.6 18.9 28435.5 58 Next 5514.0 –202.0 6136.0 3991.0 2.9 12.7 7416.3 91 NMC Health 2299.0 +99.0 4120.0 2192.0 0.6 24.6 4798.3 52 Ocado 1159.5 +46.5 1435.0 749.8 - - 8196.7 192 Page Group 510.5 +6.0 623.5 432.2 2.5 15.8 1677.1 69 Pearson 798.6 –1.0 1027.5 769.2 2.2 10.6 6240.5 124 Pennon 759.0 –0.8 812.4 684.2 5.1 14.7 3191.7 131 Pershing Square Holdings 1332.0 –15.9 1427.1 999.0 - - 2887.9 71 Persimmon 1945.5 –95.5 2701.0 1859.5 12.1 6.9 6197.0 87 Phoenix Group Holdings 686.4 –7.8 724.8 518.5 6.6 10.3 4950.4 188 Polar Capital Technologies 1306.0 –8.0 1386.0 1066.0 - - 1747.8 101 Polymetal International 896.0 +16.2 896.0 597.2 4.1 14.4 4212.6 12 Prudential 1601.5 –22.5 1837.5 1340.0 3.0 13.7 41635.0 196 QinetiQ 290.2 +4.4 312.4 256.6 2.2 14.5 1648.2 143 Quilter 137.2 +0.1 156.6 110.6 - 14.6 2609.1 11 Reckitt Benckiser 6526.0 +131.0 7155.0 5593.0 2.6 21.4 46257.2 173 Redrow 545.0 –18.0 639.0 23.0 5.4 5.9 1919.4 15 Relx 1908.5 +36.5 1908.5 1491.5 2.1 26.7 37205.0 180 Renewables Infrastructure 127.6 –0.4 128.4 107.2 5.2 - 1843.8 134 Renishaw 3854.0 –54.0 5650.0 3670.0 1.6 21.9 2804.9 60 Rentokil Initial 389.8 +11.3 391.1 284.8 1.0 - 7208.7 86 Rightmove 573.1 –6.9 585.1 420.9 1.1 32.4 5099.5 8 Rio Tinto 4770.0 +251.5 4806.0 3486.0 5.0 7.7 80830.3 125 RIT Capital Partners 2045.0 –10.0 2130.0 1892.0 - - 3176.9 31 Rolls-Royce 891.8 –17.6 1094.0 759.2 1.3 - 16984.8 141 Rotork 303.4 +5.6 361.4 235.7 1.8 28.9 2645.8 22 Royal Bank Of Scotland 212.4 –2.1 270.4 203.0 2.6 16.9 25681.7 1 Royal Dutch Shell A 2515.0 –8.0 2694.5 2213.0 5.8 11.6 203418.1 Royal Dutch Shell B 2516.5 –14.0 2780.5 2227.0 5.8 11.6 170 Royal Mail 199.9 +4.1 512.4 194.5 12.0 21.7 1999.5 123 RPC 791.6 –0.4 834.8 632.2 3.5 12.8 3221.4 76 RSA Insurance 569.0 –1.2 681.8 496.6 3.6 18.0 5868.7 49 Sage 760.4 +5.8 772.0 525.6 2.2 26.5 8262.4 98 Sainsbury, J 193.9 –3.5 341.5 193.9 5.3 21.8 4287.8 53 Schroders 2929.0 –33.0 3268.0 2334.0 3.9 16.3 7978.5 54 Schroders N/V 2405.0 nc 2585.0 1962.0 4.7 13.4 7978.5 56 Scottish Mortgage 516.1 +5.6 568.3 441.4 0.6 - 7662.4 55 Segro 719.0 +3.6 723.6 585.2 2.3 6.9 7860.5 195 Serco 136.1 +5.7 136.5 84.1 - 22.7 1665.0 89 Severn Trent 2040.0 –38.0 2091.0 1770.0 4.2 18.6 4847.3 90 Smith (DS) 350.1 +21.3 513.4 292.2 4.1 14.9 4800.9 35 Smith & Nephew 1703.5 +10.5 1703.5 1258.0 1.7 28.7 14901.2 75 Smiths 1483.5 –1.0 1763.5 1279.5 3.0 20.3 5873.9 163 Smith WH 1959.0 –47.0 2186.0 1697.0 2.8 23.3 2118.8 79 Smurfit Kappa 2374.0 +94.0 3292.0 1934.0 3.4 - 5638.5 178 Softcat 941.0 +11.0 967.0 565.0 1.3 29.8 1865.5 177 Sophos 386.4 –14.4 639.0 298.2 1.0 - 1865.6 126 Spectris 2632.0 –52.0 2848.0 1966.5 2.2 16.8 3051.1 66 Spirax-Sarco 8700.0 +140.0 8870.0 5900.0 1.0 28.8 6409.0 38 SSE 1122.0 +1.5 1400.0 1008.0 8.4 40.4 11585.9 130 SSP 650.0 –27.0 779.8 644.4 1.6 24.8 2891.5 23 Standard Chartered 676.4 –15.6 715.1 519.8 2.0 46.6 22137.0 81 St James’s Place Capital 1042.5 –2.0 1216.5 914.0 4.4 32.2 5535.3 65 Standard Life Aberdeen 271.9 –3.5 397.3 224.9 9.1 - 6585.3 114 Tate & Lyle 754.2 +12.8 800.4 622.6 3.8 19.5 3526.7 85 Taylor Wimpey 155.6 –1.9 192.2 129.3 3.1 7.8 5103.3 176 Templeton Emerging Markets 756.0 –6.0 792.0 649.0 2.1 - 1884.3 24 Tesco 224.4 –5.0 266.2 189.6 1.6 16.6 21976.6 118 Travis Perkins 1314.5 +24.5 1465.0 970.0 3.5 - 3314.4 146 Tritax Big Box Reit 150.1 –0.7 155.7 129.0 4.4 8.6 2562.2 96 Tui 750.2 +7.0 1742.5 698.0 8.3 8.1 4410.4 136 Tullow Oil 196.0 –5.6 266.3 165.1 - 42.3 2749.6 183 UDG Healthcare 732.0 +13.5 878.0 551.0 1.7 92.2 1822.0 2 Unilever 4973.5 +59.5 4973.5 3931.0 2.7 15.9 130716.0 149 Unite Group 950.0 –4.5 973.5 797.5 2.6 10.5 2507.6 80 United Utilities 824.2 –10.6 873.6 682.4 4.8 15.2 5620.1 184 Victrex 2100.0 +46.0 3408.0 1950.0 2.8 18.3 1814.8 16 Vodafone 128.0 –1.9 191.0 123.3 10.2 - 34211.4 108 Weir 1473.5 –8.0 2022.0 1240.0 3.0 68.2 3825.2 51 Whitbread 4715.0 –5.0 5114.0 3883.0 2.2 19.8 8197.8 179 Witan Investment Trust 209.0 nc 227.6 189.6 2.4 - 1844.7 110 Wizz Air 3625.0 +91.0 3797.0 2329.0 - 18.0 3719.9 139 Wood 397.8 –4.9 796.4 389.9 2.2 - 2711.2 37 WPP 960.4 –28.0 1301.0 800.4 6.2 11.4 12119.2 113 Derwent London 3204.0 –42.0 3328.0 2761.0 1.9 16.1 3577.6 7 Diageo 3418.5 +11.5 3430.0 2523.5 1.9 28.5 81142.3 186 Diploma 1578.0 +43.0 1634.0 1150.0 1.6 31.0 1786.9 95 Direct Line Insurance 323.3 –4.7 366.5 304.9 6.4 9.8 4445.4 182 Dunelm 904.0 –13.5 928.5 482.8 2.9 21.8 1825.7 111 easyJet 929.0 +19.0 1796.0 854.8 6.3 19.1 3690.1 137 Electrocomponents 615.0 –6.0 761.6 480.0 2.2 18.5 2729.8 174 Entertainment One 384.0 –19.0 483.4 336.4 0.4 76.8 1905.4 40 Evraz 696.0 +63.0 696.0 442.1 12.2 5.4 10045.7 25 Experian 2408.0 +8.0 2408.0 1728.5 1.4 36.2 21938.3 109 F&C Investment Trust 696.0 –1.0 741.0 616.0 1.6 - 3784.0 36 Ferguson 5566.0 +218.0 6556.0 4749.0 2.6 18.4 12908.5 189 Finsbury Growth & Income 888.0 –7.0 899.0 740.0 1.7 - 1737.3 93 Flutter Entertainment 5888.0 +28.0 8510.0 5525.0 3.4 24.5 4602.6 72 Fresnillo 839.8 +27.8 1173.0 724.8 3.8 22.5 6188.4 121 G4S 211.6 –3.1 282.0 175.9 4.6 40.7 3283.2 198 Games Workshop 5045.0 +373.0 5085.0 2800.0 2.6 26.9 1639.7 191 Genus 2608.0 –42.0 2992.0 2098.0 1.0 - 1696.6 9 Glaxo Smith Kline 1584.4 +19.2 1621.6 1418.0 5.1 20.2 79029.2 14 Glencore 272.0 +11.1 387.1 254.6 5.8 14.4 37273.7 162 Grafton Group Units 897.0 +19.0 937.0 630.0 1.8 14.2 2140.0 164 Greencoat UK 139.6 +0.2 143.2 122.6 5.0 - 2117.6 175 Greene King 610.4 –45.8 704.4 472.8 5.4 12.1 1892.3 155 Greggs 2246.0 +24.0 2246.0 942.0 1.5 34.8 2272.0 172 Great Portland Estates 712.8 +7.6 773.6 652.3 1.6 41.7 1921.1 112 GVC Holdings 624.4 –7.4 1170.0 507.5 5.0 - 3633.3 57 Halma 1989.5 +97.5 2004.0 1237.0 0.7 45.1 7553.0 161 Hammerson 282.5 +5.7 547.6 266.9 9.2 - 2164.8 47 Hargreaves Lansdown 1870.0 –69.5 2433.0 1633.0 1.7 36.9 8869.8 156 Hays 153.4 +1.1 212.0 135.7 2.5 13.0 2237.2 133 HICL Infrastructure 158.6 +1.6 170.1 140.0 5.2 - 2840.8 103 Hikma Pharmaceuticals 1645.5 +38.0 2025.0 1376.0 1.6 18.0 3986.1 88 Hiscox 1688.0 +1.0 1711.0 1418.0 1.8 48.5 4866.3 102 Homeserve 1259.0 –4.0 1263.0 849.0 1.6 39.0 4186.3 128 Howden Joinery 499.1 –3.9 539.0 416.4 2.2 16.0 2998.1 3 HSBC 645.6 –5.3 731.4 600.8 6.1 12.2 130650.5 165 IG Group 570.0 +12.0 954.5 474.8 7.6 10.1 2102.4 142 IMI 969.0 +8.2 1242.0 870.0 4.1 15.5 2636.7 30 Imperial Brands 1976.6 –96.4 2987.5 1871.0 9.5 12.2 18910.9 147 Inchcape 617.0 +1.5 799.0 486.6 4.5 53.7 2554.7 41 Informa 800.0 +8.4 859.0 605.8 2.6 40.6 10014.4 148 Inmarsat 546.4 +5.4 632.2 362.8 2.8 - 2533.0 43 Intercontinental Hotels 5229.0 +14.0 5229.0 4155.8 1.7 34.6 9518.5 105 Intermediate Capital 1325.0 –16.0 1360.0 899.0 2.3 13.3 3896.6 46 Intertek 5534.0 +102.0 6014.0 4387.0 1.4 31.7 8931.5 44 International Airlines Group 460.7 –6.1 726.6 449.1 5.4 5.2 9141.7 160 International Public Partnerships 148.6 +0.8 163.4 141.4 4.7 15.2 2207.1 119 Investec 476.0 +8.6 568.0 423.4 5.0 9.2 3313.4 100 ITV 105.2 –3.3 180.4 105.2 7.5 9.1 4236.7 127 IWG 337.5 –5.5 346.0 199.8 1.8 29.1 3022.1 77 JD Sports 591.6 –29.8 635.6 318.5 0.3 22.0 5757.6 181 John Laing 373.6 –5.6 402.0 264.2 1.5 6.0 1841.8 Market cap ranking V Price Change on week 52-week high low Yield P/E Mkt Cap (£m) Market cap ranking V Price Change on week 52-week high low Yield P/E Mkt Cap (£m) Market cap ranking V Price Change on week 52-week high low Yield P/E Mkt Cap (£m) Market cap ranking V Price Change on week 52-week high low Yield P/E Mkt Cap (£m) Price/earnings ratios are based on historic data, with yield and p/e values calculated from the most recent reported dividends and earnings per share, using trailing 12-month figures. 52-week highs and lows are end of day. nc = no change Data provided by Morningstar.Any enquiries please contact: [email protected] FALLERS Ted Baker: 905.5p V 32.7% on profit warning Pendragon: 17.9p V 23.3% on slashing used-car prices Thomas Cook: 15.2p V 19.7% on takeover bid Kier: 130.8p V 18.8% on plans to sell housebuilding division Provident Financial: 445p V 14.4% on cash fears FTSE 100 Source: Thomson Reuters 8,000 2018 2019 6,400 6,800 7,200 7,600 INSIDE THE CITY EMMA DUNKLEY DATABANK Further branch closures could be on the cards to trim its 237-strong network. “Their record on ripping out costs is exemplary,” said Ian Gordon at Investec. Integrating Virgin will not be easy, however. As TSB demonstrated when it tried to switch data to parent bank Sabadell last year and left thousands of customers unable to access their online accounts, tech migration is no mean feat. CYBG has also — embarrassingly — been rejected twice for a grant from the £775m RBS fund to increase competition in small business banking. Another headwind is that its lending is concentrated in the UK mortgage market, and margins are under pressure. The mis-selling of payment protection insurance and other conduct issues from the past still haunt CYBG’s shares. Duffy will no doubt put on a good show and broadcast the bank’s grand “fintech” ambitions. Any good news would be a boost to the share price, which has slumped from 364p last August to 179p. With shares trading below book value, and with cost- slashing on the horizon, this challenger is a buy. once the dust settles. Nabbing the Virgin brand is a huge boost for CYBG’s drive to attract customers. The bank is planning on dropping its Clydesdale brand and switching to Virgin for retail customers in the next few years. Duffy is still considering whether to roll out the Virgin label for business customers, most of whom are based in the north of England and Scotland. He is likely to reveal more about the bank’s strategy at an event for investors on Wednesday. Analysts believe he could unveil more cost- cutting: as it stands, the Virgin deal is already predicted to save CYBG £150m a year by 2021. Digital banking will be a key focus, and CYBG hopes to work with a number of Virgin’s consumer brands to broaden its reach. Challenger banks were meant to shake up the Big Four and inject a much-needed dose of competition into the stale banking market. Their impact has been underwhelming. Barclays, HSBC, Royal Bank of Scotland and Lloyds still dominate. Clydesdale and Yorkshire Banking Group (CYBG), owner of Virgin Money, is one of the few to have made a dent. Unlike most of its rivals, CYBG has scale, which is vital for reducing costs. It has a chunky asset base, with a £61bn mortgage book that makes up the bulk of its £73bn total lending. By comparison, rival challenger Metro has a total loan book of just £15bn. Under David Duffy, CYBG scaled up by acquiring Virgin Money last year for £1.7bn. Analysts expect Duffy to go on the acquisition trail again Scaled-up challenger sharpens its axe CYBG Source: Thomson Reuters 350p 250 150 2018 2019 FTSE 100 7,345.78 THE WEEK IN THE MARKETS FTSE EUROFIRST 1,490.84 5.31 0.36% H:1,541.3 L:1,291.0 SENSEX 39,452.07 163.83 0.41% H:40,312.1 L:33,291.6 ALL ORDS 6,633.60 108.40 1.66% H:6,668.3 L:5,478.4 S&P TSX 16,301.91 70.95 0.44% H:16,672.7 L:13,776.9 DOLLAR USD > GBP $1.26 V 0.02 12-month high: $1.34 low: $1.24 EURO EUR > GBP €1.12 W 0.00 12-month high: €1.18 low: €1.10 YEN YEN > USD ¥108.55 U 0.37 12-month high: ¥114.54 low: ¥104.96 OIL DOLLARS/BARREL $63.29 U 1.30 12-month high: $86.74 low: $49.93 GOLD DOLLARS/TROY OZ $1,350.18 U 4.33 12-month high: $1,350.18 low: $1,179.16 BITCOIN DOLLARS $8,787.25 U 832.63 12-month high: $11,767.58 low: $3,167.82 Price at 5pm Saturday HANG SENG 27,118.35 153.07 0.57% H:30,778.0 L:24,540.6 SHANGHAI 2,881.97 54.18 1.92% H:3,288.5 L:2,440.9 CAC 40 5,367.62 3.57 0.07% H:5,601.4 L:4,556.0 DAX 12,096.40 51.02 0.42% H:13,170.1 L:10,279.2 FTSE 250 19,118.34 DOW JONES 26,089.61 105.67 0.41% H:26,951.8 L:21,712.5 NASDAQ 7,796.66 54.56 0.70% H:8,176.1 L:6,190.2 S&P 500 2,886.98 13.64 0.47% H:2,954.1 L:2,346.6 NIKKEI 21,116.89 232.18 1.11% H:24,448.1 L:18,948.6 13.84 0.19% H:7,793.5 L:6,536.5 114.05 0.59% H:21,353.2 L:17,054.7 RISERS Oxford Instruments: £12.18 U 12.2% on beating expectations Centamin: 109.4p U 10.5% on precious metals demand Chemring: 170.2p U 9.5% on continuing momentum Ferguson: £55.66 U 9.1% on activist taking stake ASA International: 381p U 8.2% on growing loan book THE ECONOMY 10-YEAR BOND YIELDS % variation 12 months high low UK 0.85 U 0.03 1.75 0.81 US 2.08 W 0.00 3.26 2.05 JAPAN -0.13 V 0.01 0.17 -0.13 GERMANY -0.26 W 0.00 0.58 -0.27 Consumer prices index current rate prev. month 2.1% 1.9% CPI including housing current rate prev. month 2.0% 1.8% Retail prices index current rate prev. month 3.0% 2.4% Average weekly earnings on prev. month on last year £532 U 0.6% U 3.1% Unemployment current rate prev. month 1.30m 3.8% 3.9% Manufacturing output on the year on last month V 0.8% V 3.9% Retail sales on the year on last month U 5.2% U 1.1% UK trade balance (£bn) latest 3 mths prev. 3 mths latest 12 mths -15.6 -12.9 -44.6 Gross domestic product latest quarter prev. quarter annual change U 0.5% U 0.2% U 1.8% Budget deficit (PSNB) in £bn latest month prev. month year-to-date -5.8 +0.1 -5.8 TWITTER POLL Saga chairman Patrick O’Sullivan has blasted its former private equity owners for “over-egging” its potential. Are buyout firms bad for businesses? LETTERS have had the same experience as I did. At the M40 Beaconsfield services, which I visit fortnightly, I had several bad experiences at their outlet. I describe the worst (and last). The service station was busy, but Patisserie Valerie had fewer customers than staff on duty. We approached the counter, where four or five members of staff were having a great time chatting to each other. We asked if we might order. We were told to sit down; it was waiter service. I The property industry has got used to gloom — falling valuations, a meltdown in the retail market and stagnant deal flow — but there was a rare triumph in the face of adversity on Wednesday night. Save the Children had been due to hold its Summer in the City fundraiser at Mansion House, arranged by Amanda Richards, wife of former Hammerson boss John Richards. As the 150 or so guests arrived, an electrical fire broke out in the Mansion House kitchens and the fire brigade barred the doors. According to my man in the penguin suit, rotund Allsops auctioneer Duncan Moir sprang into action. “He was like a beachmaster on Normandy in 1944, ushering people into taxis,” he says. The guests were directed to Plaisterers Hall, where the Lord Mayor pulled a few strings to ensure a three- course meal and a set from Pixie Lott. Nicely done. Saga chief takes a dive again Lance Batchelor, the outgoing chief executive of Saga, has been holed below the waterline. The defenestrated boss, 55, walked the plank from the over-50s insurer and cruise operator last week after presiding over a mega profit warning, leaving the share price — down more than 60% this year —under water. It’s a place Batchelor knows well. For a year during the Cold War, he served on HMS Conqueror, a hunter-killer submarine. Don’t panic, Colonel Dorfman Speaking of the military, Sir Lloyd Dorfman could soon be donning his fatigues. The Travelex founder was made an honorary colonel in the third battalion of the Princess of Wales’s Royal Regiment last year. “When most people my age are leaving their military involvement, I’m actually coming into it,” Dorfman, 66, told the crowd at The Sunday Times Profit Track 100 awards dinner last week. His 91-year-old mother, Anita, was excited to hear the news, and asked if he would be called up if war broke out. “I said, ‘Ma, if they’re depending on me, they’ve got a bigger problem than that’,” he laughed. Thames Water: drought of order Who knew utility companies could be so generous? Thames Water has shelled out up to £150,000 to host a garden at next month’s Royal Horticultural Society’s Hampton Court Palace Festival, promoting plants such as rosemary and lavender, which don’t need much water. Thames, which sacked boss Steve Robertson last month after he failed to cut leakage rates, has been keeping lots of gardens dry lately. Some 100,000 residents of southwest London were left without water last week after a pipe burst. A spinner sighs: “Shouldn’t every water company promote less water usage?” liam.kelly@ sunday-times.co.uk Liam Kelly Yes 74% No 26% D-Day spirit in the Square Mile Send your letters, including full name and address, to: The Sunday Times, 1 London Bridge Street, London SE1 9GF. Or email [email protected] Letters may be edited Luke Johnson: blameless victim, or asleep on the job? I would like to thank Luke Johnson for his honest and courageous article (“My very public disaster with Patisserie Valerie”, last week), about the effect that the collapse of Patisserie Holdings had on him and his family. I may not entirely share Johnson’s political and business philosophies, but to be let down so badly by those in whom you place your trust must be very hard to cope with, and an experience that no one of integrity deserves to have inflicted on them. Also, having been through one or two dark periods in an otherwise happy life, I can empathise with the feelings Johnson describes — particularly his sense of vulnerability and reluctance to venture into the outside world. At such times, the support of one’s family is of vital importance. Dominic Ion, Wirral, Merseyside What a pleasure to see Luke Johnson back in the Business pages writing honestly about his trials and tribulations. Having recently experienced a business disaster on a much smaller scale (but one that had a huge impact on my personal life), I can sympathise. No matter the scale, if you have put your heart and soul into an endeavour, when the proverbial hits the fan, if you care, it will hurt. This country of “shopkeepers” owes a debt to all those who are prepared to take a risk. Hugo Cheston, Stow-on-the- Wold, Gloucestershire Johnson says Patisserie Valerie’s collapse “happened so suddenly”, and its downfall was “horribly rapid and unexpected”. No, it wasn’t, Mr Johnson: my local branch was often deserted when the nearby Pret A Manger and other outlets were packed, even on the busiest shopping day prior to Christmas. It couldn’t possibly have been making a profit. I wrote and told him so — no reply. Perhaps he might in future take an occasional look at what is actually happening on the ground. Peter Watts, Maidstone I read Luke Johnson regularly in your Business pages, growing to like him as the voice of the rational and reasonable man in business. However, his lengthy confession last week of dismal failure was a misguided attempt at self-exculpation. Had he had the sense to try being a customer of Patisserie Valerie incognito, he might chatting staff and not one of them spoke or even noticed us. Luckily, a Wetherspoons is next door: great food, reasonable prices and keen, attentive staff. We have sat there every fortnight since, enjoying lunch rather than afternoon coffee and cake, watching the Patisserie Valerie Titanic slip below the waves, a richly merited failure. Shame on Johnson. John Bishop, Worcester Johnson was executive chairman of Patisserie Valerie and there is something distasteful about his being given the opportunity publicly to blame others, implicitly and explicitly, for the debacle. So it is hard to know what his future contributions to your paper will be, but they will be a “no read” for me. Alan Kaye, Newton, Carnforth, Lancashire Johnson appears to apportion all the blame to those around him who were engaged to support him in his role and not to accept that his failure to govern the business properly ultimately led to its demise. His stance is reminiscent of that of the recently departed Theresa May, with her dogged conviction that her failure to progress on Brexit was due to the inadequacies of her colleagues. Fiona Hudson, Stocking Pelham, Hertfordshire I am appalled at your decision to reinstate Luke Johnson as a columnist in your Business section. You should have waited until the outcome of the inquiries into the collapse of Patisserie Valerie and his role in the administration of that company. Mervyn Bradlow, London SW7 Welcome back. The best business writing. Roger Ward, Old Coulsdon, Surrey Johnson shines a light on the dark side of entrepreneurship. Any entrepreneur knows that whether you are in charge of an already successful company, or embarking on a new venture, there are risks. Beyond the obvious financial risks, leaders gamble with their reputations and wellbeing. We tend to overlook this, which is why Johnson’s candid column last week was so important. People who lead big companies are well aware of, and often well-equipped to deal with, the ups and downs of business, but that’s not always the case. Developing the resilience to overcome disasters is therefore a task major business leaders should take on before the unravelling of their professional lives is even on the horizon. Sam Gilpin, managing director and head of Europe, YSC Consulting, London said we knew what we wanted; please take the order and we will sit down and wait. They refused and said they would come to us and take the order. We sat down and waited. And waited. After 10 minutes we left. We walked past the