BUSINESS
THESE COSTS ARE A STARK REMINDER OF WHAT
HAPPENS TO A BANK WHEN THINGS GO WRONG
AND YOU LOSE FOCUS ON THE CUSTOMER
DATABANK
FTSE 100
10
8
6
Source: Thomson Datastream
2016
17
4
contract. More warnings
followed, leaving the
shares wallowing at about
half of September’s level.
Capita’s fall from grace
will be capped this week
with its likely relegation
from the FTSE 100,
followed a day later by
results that will show
tanking profits and
dangerously high debt.
The company will update
on a string of cost cuts and
asset sales in an attempt to
prove the worst is over.
The trouble is whether
you believe it. Capita is a
687.5
62 3I Group
117 Aberdeen Asset
Management
266.1
535.0
167 Acacia Mining
1870.0
85 Admiral
1014.0
146 Aggreko
677.0
125 Alliance Trust
196 Amec Foster Wheeler 432.4
1252.5
31 Anglo American
807.5
50 Antofagasta
351.0
150 Ashmore
1635.0
47 Ashtead
28 Associated
British Foods
2611.0
4609.0
7 Astra Zeneca
Auto
Trader
399.8
107
503.5
29 Aviva
95 Babcock
International
884.0
615.0
30 BAE Systems
270.0
185 Balfour Beatty
225.9
17 Barclays
86 Barratt
Developments
513.5
302.5
129 BBA Aviation
433.5
161 Beazley
2585.0
128 Bellway
2906.0
103 Berkeley
1308.0
23 BHP Billiton
293.4
137 B&M European
200.8
114 Booker
BP
447.1
4
2 British American
Tobacco
5070.0
615.0
65 British Land
634.0
198 Britvic
332.9
20 BT
566.0
168 BTG
2171.0
54 Bunzl
–32.5
MKT CAP
P/E
(£M)
3.1
-
6711.0
+1.4 509.6
+1.5 599.0
+22.0 2260.0
+2.0 1841.8
679.0
–27.6 1271.0
–92.5 1678.5
–29.5 883.5
–3.1 379.4
–69.0 1723.0
209.3
156.6
1175.3
765.0
484.2
327.6
221.1
346.1
196.4
763.0
7.3 21.1
0.7
3.1 17.3
2.7 20.0
1.9
6.7
2.0
0.33809.0
4.7 19.4
1.4 17.8
3507.0
2194.0
5317.4
2597.1
3198.3
1686.2
17563.1
7960.8
2482.9
8162.3
+2.0 3599.0 2350.0 1.3 36.6 20670.6
+14.0 5220.0 3774.0 4.4 35.2 58316.7
–2.8 449.6 235.0 0.4 28.0 3926.7
+5.1 578.7 346.2 4.1 42.0 20451.8
854.0
393.7
145.6
127.2
2.9 14.6 4469.5
3.4 20.9 19534.8
- 1862.3
2.4
- 38325.0
–7.0 662.5 323.5 3.2 9.5 5170.7
–1.4
362.1 150.2 3.0
- 3119.8
+7.8 436.6 232.6 2.3 13.5 2268.7
–35.0 2848.0 1333.0 3.0 9.4 3171.5
–32.0 3757.0 2033.0 6.9 8.8 4027.9
–86.5 2102.5 580.9 4.4
- 27625.9
–1.0 358.5 227.0 1.6 22.6 2934.0
–4.9
212.3
115.0 1.9 28.1 3577.3
+1.1 526.8
310.2 6.9
- 87065.1
+66.0 5070.0 3303.0 3.0 21.9 94523.8
+5.0 886.0 544.5 4.6 5.0 6333.0
+1.5 788.0 523.5 3.7 14.6 1670.3
+16.8 499.8
302.1 3.9 11.3 33156.3
+6.0 835.9 508.5
- 36.3 2179.7
+9.0 2436.0 1517.0 1.8 30.2 7286.1
LETTERS
The ethics of board make-up
YOUR article last week (“Aviva:
‘Promote women or else’”) is an
excellent example of active leadership by an executive of stakeholders
such as suppliers, employees or
customers.
The timing is apposite as submissions for the government’s green
paper on governance and executive
pay have just closed. The government is considering NEDs — nonexecutive directors — for part or all
of this role in building stakeholder
voices in the boardroom. I propose
that, for these stakeholders,
responsibility sits firmly with the
executive leadership.
Perhaps we need more executive
roles in the boardroom to complement the NEDs?
Jane Williams
People Innovation, London W1
IS IT ethical for companies to dictate
the board make-up of suppliers to
ensure 30% are women? Furthermore, shareholders have a right to
Source: Thomson Datastream
2016
2017
53 Burberry
148 Capital & Counties
Properties
111 Capita
45 Carnival
175 Centamin
38 Centrica
195 Cineworld
165 Close Brothers
176 Cobham
58 Coca Cola HBC
24 Compass
94 Convatec
27 CRH
96 Croda
157 CYBG
69 DCC
133 Derwent London
8 Diageo
90 Direct Line
Insurance
118 Dixons Carphone
182 Domino’s Pizza
112 EasyJet
183 Electra Private
Equity
170 Electrocomponents
123 Evraz
35 Experian
131 Foreign & Colonial
40 Fresnillo
104 G4S
70 GKN
6 Glaxo Smith Kline
13 Glencore
193 Greencore
171 Greene King
164 Great Portland
Estates
179 GVC Holdings
113 Halma
92 Hammerson
66 Hargreaves
Lansdown
166 Hays
149 Henderson
155 HICL Infrastructure
88 Hikma
Pharmaceuticals
132 Hiscox
V29.61 V0.75%
20
10
5,400
Apr
5,845.31
H 20,840.7
L 16,458.4
U48.92
U0.25%
19,283.54
Hang Seng
23,965.70
H 19,615.4
L 14,864.0
DAX
CAC 40
U47.01
U0.40%
11,804.03
4,845.24
H 12,031.1
L 9,199.1
U424.22
U 1.49%
H 29,077.3
L 22,494.6
Sensex
28,892.97
$1.25
€1.18
¥112.13
$55.99
$1,255.34
All Ords
5,786.88
1661.0
297.4
557.0
4346.0
176.6
225.7
639.5
1480.0
118.2
1936.0
1467.0
231.7
2667.0
3310.0
269.9
6805.0
2712.0
2271.5
+1.0
1929.0
1041.0
414.3
500.0
1099.0
1929.0
4902.0 +8.0 4919.0
475.6 –19.5 504.0
228.9 –16.1 273.0
1593.0 –15.0 1612.0
563.5 +2.5 565.0
1525.0 +2.0 2008.0
257.1 –3.1 309.6
345.1 –2.2 389.0
1639.5
1722.5
327.5 +8.1
331.4
252.1 +2.6 392.4
677.0 +11.0 985.0
U 0.18
V0.10
H 2.64
L 1.32
0.19
V0.12
H 0.50
L -0.20
RANK BY
MKT CAP
189
145
1
181
122
18
130
151
82
127
51
174
78
41
191
105
109
48
158
163
120
72
184
121
152
56
159
46
36
11
42
1.4 4.0
3.4
1.3 33.5
3.8 8.2
2223.5
1988.9
3655.3
4683.8
1321.0 –51.0
153.9 +0.1
221.1 +0.7
165.8 –1.2
1533.0
173.7
314.3
185.1
912.5 1.7 35.4
94.0 1.8 18.4
195.0 4.7 20.1
155.5 4.6
-
6265.8
2220.1
2502.5
2414.6
140
89
2109.0 +75.0
1065.0 –2.0
2676.0
1097.0
5060.5
3042.8
61
187
153
84
80
126
87
PRICE
Homeserve
Howden Joinery
HSBC
IG Group
IMI
Imperial Brands
Inchcape
Indivior
Informa
Inmarsat
Intercontinental
Hotels
Intermediate Capital
Intertek
International
Airlines Group
International Public
Partnerships
Intu Properties
Investec
ITV
IWG
Jardine Lloyd
Thompson
JD Sports
Johnson Matthey
Jupiter Fund
Management
Just Eat
Kaz Minerals
Kingfisher
Ladbrokes Coral
Land Securities
Legal & General
Lloyds Banking
Group
London Stock
Exchange
Man
Marks & Spencer
Mediclinic
International
Meggitt
Merlin
Entertainments
Metro Bank
Micro Focus
International
Mondi
Moneysupermarket
586.0
418.5
650.3
521.5
1211.0
3836.5
738.5
343.3
658.0
702.0
52-WEEK
CHANGE
ONWK HIGH
LOW YIELD
–6.5
+6.6
–57.2
+4.5
–7.0
+55.5
–24.7
+1.0
+87.0
P/E
We call for these values to be a
guiding principle in EU and Brexit
discussions and for an amendment
on the article 50 bill to allow a ratification referendum on the final deal.
Our full statement can be found at
edinburghremakery.org.uk/brexit.
We believe the only way these
values can be respected is with a ratification referendum to ensure the
future direction of our country truly
reflects the will of the people.
If we take leave of our values, we
also take leave of our senses.
Rosie Ginday, Miss Macaroon,
Birmingham; Jem Stein, the Bike
Project, London; Sophie Unwin,
Remade in Edinburgh; Emma Wilson,
Artistic Spectrum, Doncaster
For the full letter and list
of signatories, visit
thesundaytimes.co.uk/businessletters
Rebalancing via the rates
BUSINESSES in London and southeast England are rightly concerned
about higher business rates, but this
policy could make the regions more
MKT CAP
(£M)
629.5 322.6 2.2 29.8 1818.0
538.5
341.1 2.2 15.4 2630.4
712.3
416.1 6.4 114.8 129192.4
959.5 450.7 6.0 11.3 1913.8
1454.6
717.0 3.2 31.5 3293.6
4139.0 3345.0 3.8 58.1 36780.9
906.7 581.0 2.8 18.7 3109.1
369.6 126.6 0.6 18.3 2474.4
755.5 525.5 2.8 26.1 5422.0
1153.0 603.0 5.8 16.9 3173.5
3760.0 –129.0 3889.0
706.0 –0.5 722.5
3445.0 –93.0 3727.0
2162.5
453.6
2296.0
2.0
3.7
1.5
9.2
12.3
-
7426.6
2048.4
5559.8
3.2
527.0 +14.0
630.0
343.9
19.7
11174.9
159.5 +4.5
293.1 +19.6
575.5 –15.0
202.1 –3.4
256.8 –5.6
162.6
376.5
649.5
281.9
264.1
130.0 4.0 10.0
255.7 4.7 7.9
402.2 3.7 13.4
154.0 3.0 16.8
237.8 1.8 20.2
1798.2
3971.6
3781.6
8135.4
2368.4
1016.0 –23.0
348.5 –1.7
3013.0 –49.0
1112.0
364.8
3789.5
769.5 3.0 35.8
202.0 0.4 27.9
2215.0 2.4 25.0
2225.4
3391.7
5831.2
416.5
496.0
547.5
323.8
122.9
1067.0
247.2
–10.3
–14.0
–12.0
–3.3
+2.3
+13.0
+3.2
481.3
599.5
592.0
386.4
138.1
1363.0
296.0
328.9 3.2 14.6 1872.6
319.6
- 87.0 3365.3
65.1
- 45.7 2445.7
306.7 3.1 12.7 7252.8
116.0 2.4 17.6 2352.9
910.0 3.4 15.8 8437.2
165.0 4.8 13.7 14720.3
69.3
+2.4
89.3
3125.0
144.8
328.3
–5.0
+3.0
+2.8
47.5
3.4
1.1 49456.9
3199.0 2083.0
217.8
87.4
600.0 285.2
1.1 46.0 10947.1
5.3 35.8 2426.4
5.7 21.3 5334.0
1119.0
593.5
685.0
337.6
- 25.0
3.4 17.9
5435.2
3186.6
498.3
3557.0
+8.5 504.5
–3.0 3669.0
360.9
1623.0
1.3 27.8
-
5061.8
2858.1
2186.0
1865.0
338.6
+1.0
+6.0
1069.6
1108.0
233.5
2.5 37.5
1.7 20.5
2.4 29.2
5014.5
6849.0
1854.5
737.5 –90.5
410.8 –7.1
2267.0
1888.0
381.7
Send your letters, including full name and address, to:
Or send an email to:
The Sunday Times, 1 London Bridge St, London SE1 9GF [email protected]
WE ARE successful social entrepreneurs from around Britain with
diverse political views. We are ordinary people with a rare thing: the
trust of our communities behind us.
Social enterprises use business to
deliver social and environmental
benefits, from care and education to
recycling. We employ almost 1m
people and contribute £18.5bn to
the economy. What unites us is our
shared values — equality, enterprise
and the environment.
We believe these values are a fundamental principle of a shared
society; one that, in Theresa May’s
words, “focuses on the responsibilities we have to one another”.
$1,126.52
2.32
536.0
368.0
659.5
468.6
Our values must guide Brexit
$32.37
$1,368.74
attractive (“Five things you need to
know about the business rates raid”,
last week).
In addition to the direct savings,
which will increase competitiveness in northern towns and cities,
lower business rates will make business improvement districts (BIDs) a
more attractive option.
For a moderate supplement on
top of the rates, our BID in Newcastle
has turned around the city’s early
evening economy with the Alive
After Five initiative. This involves a
package of incentives to drive restaurant and retail sales, adding more
than £700m to the city’s economy
over the past six years.
By cutting the cost of doing business in the north and opening up
private sector business support in
the form of BIDs, the government’s
intended changes could have the
added bonus of rebalancing the
economy to be fairer to the north.
Sean Bullick
chief executive, Newcastle NE1
Newcastle upon Tyne
RANK BY
MKT CAP
current rate
previous month
V0.4%
U2.6%
U2.1%
PRICE
76 Morrison
Supermarkets
244.5
351.9
190 National Express
977.7
19 National Grid
Nex
Group
562.5
169
3791.0
77 Next
1742.0
116 NMC Health
218.7
43 Old Mutual
414.1
178 Paysafe
657.0
83 Pearson
Pennon
861.5
115
2025.0
67 Persimmon
856.5
136 Petrofac
134 Phoenix Group
Holdings
767.5
882.5
143 Playtech
98 Polymetal
International
997.5
8635.0
55 PP Betfair
2920.0
97 Provident
1609.0
16 Prudential
57 Randgold
Resources
7650.0
10 Reckitt Benckiser 7311.0
484.3
192 Redrow
1494.0
21 Relx
3076.0
162 Renishaw
233.8
99 Rentokil Initial
4000.0
110 Rightmove
3315.5
14 Rio Tinto
139 RIT Capital Partners 1871.0
763.5
37 Rolls-Royce
235.8
173 Rotork
22 Royal Bank
Of Scotland
238.2
3 Royal Dutch Shell A 2073.0
5 Royal Dutch Shell B 2166.0
408.3
102 Royal Mail
906.5
135 RPC
595.0
68 RSA Insurance
185.7
172 Saga
Sage
642.5
60
265.6
73 Sainsbury, J
3008.0
49 Schroders
347.6
93 Scottish Mortgage
495.7
101 Segro
2345.0
79 Severn Trent
914.0
147 Shaftesbury
4844.0
15 Shire
998.0
32 Sky
-£3.3bn
latest month
52-WEEK
CHANGE
ONWK HIGH
LOW YIELD
U0.7%
latest month
P/E
MKT CAP
(£M)
–4.4
+14.8
+16.5
+19.0
–61.0
–32.0
+2.6
+2.7
–11.5
+12.5
+14.0
–13.0
249.3
376.5
1130.5
577.5
8175.0
1791.0
241.6
469.2
1517.4
945.5
2219.0
1075.0
138.6 2.0 25.5 5710.4
257.6 3.0 16.8 1800.8
806.4 4.4 18.0 36692.7
446.0 6.8 53.1 2136.0
3791.0 4.2 8.5 5574.9
496.3 0.3 58.1 3558.7
148.1 4.1 17.1 10781.8
305.7
- 350.6 2009.1
573.0 7.9
- 5404.4
711.9 3.8 23.4 3565.5
1289.0
- 12.2 6247.8
651.0 5.3
- 2962.7
–2.0
+3.0
943.5
946.5
697.5 5.9 13.3
699.0 2.7 34.4
+18.5 1190.0 424.2
+190.0 10800.0 7895.0
+132.0 3654.0 2164.0
–5.0 1761.5 1046.0
3015.1
2800.6
1.4 28.3 4280.8
1.6 142.9 7257.3
4.1 16.8 4314.9
2.4 22.5 41531.0
+265.0 9715.0 3546.0 0.6 44.0 7172.0
+211.0 7692.0 5403.0 1.9 33.7 51183.0
–5.7 504.5 275.6 2.1 7.7 1790.9
+10.0 1502.0 988.5 2.0 28.8 30565.0
+29.0 3076.0 1577.0 1.5 32.4 2239.0
–3.0 238.5
125.1 1.1 34.3 4277.0
–230.0 4302.0 2572.0 0.9 35.5 3723.6
–284.0 3679.5 1557.0 4.7 1136.6 45585.3
+21.0 1892.0 1531.0
- 2888.0
+97.5 1061.0 497.0 2.1
- 14039.4
–11.9 267.4 150.3 2.1 33.3 2051.7
–4.2 414.0 148.9
- 28162.8
–22.0 2282.5 1256.0 6.9 50.8 91811.2
–19.5 2377.5 1261.0 6.5
- 81127.2
–2.3 541.0 404.9 5.2 19.1 4083.0
–6.0 1079.0 559.0 1.9 36.1 3007.9
+13.5 605.0
371.0 0.9 86.2 6066.7
+2.3 225.9 170.8 3.9 13.5 2076.1
+9.0 756.0 363.4 2.1 33.5 6939.8
–2.8 292.5 214.6 4.6 11.4 5808.3
–61.0 3441.0 2049.0 2.8 18.1 8046.0
–4.4 355.3 241.0 0.9
- 4661.2
–2.5 498.5 370.5 3.1 7.0 4115.1
+35.0 2509.0 1932.0 3.4 14.5 5527.4
+6.0 994.5 780.0 1.5 25.8 2550.1
+8.0 5870.0 3423.0 0.4 96.1 43819.0
+3.0 1180.0 750.5 3.3 27.7 17155.8
RANK BY
MKT CAP
100
44
71
186
91
141
124
194
33
180
52
25
75
200
119
74
188
34
177
144
108
64
154
138
199
12
63
156
9
106
59
160
197
39
142
81
26
U1.2%
U1.5%
V0.3%
-£3.6bn
-£39.4bn
previous month
U0.6%
previous quarter
Budget deficit (PSNB)
+£9.4bn
V97,000
on last year
on last month
Gross domestic product
quarterly change
on last year
on the year
on the year
L -0.29
892.5
769.0
1126.0
708.0
expect the board to be made up of
the best people for the job, irrespective of sex or race. Where is the evidence to suggest that company
boards with a number of female
members work more efficiently?
Graham Lock
Churt, Surrey
Manufacturing
output
H 0.16
- 1882.0
95.6 2099.0
- 3249.3
23.8 15028.0
- 3072.8
93.1 11237.6
104.1 3989.1
30.3 5916.8
292.8 80505.9
- 47142.8
22.1 1770.0
16.7 2097.6
1.1 33.6
2.2 11.0
U 17.66
per troy oz
previous month
on previous month
¥99.08
$58.37
current rate
in past 3 months
€1.09
¥118.66
previous month
1.60m/4.8% V7,000
V0.03
5013.2
3464.2
1896.3
3700.0
£507
UK trade balance
646.5 –3.0
677.0 –13.0
964.0 –12.5
590.5 +26.0
1624.0
747.0
€1.32
Average earnings
a week
$1.15
0.07
7297.3
3307.0
172.5 2.5
56.2
1017.0 2.0
420.5 1.7
569.6 0.3
164.0 3.7
248.6 2.5
1227.5 4.9
66.7 1.4
218.3 2.1
653.0 4.2
$1.50
L 0.50
2.2 28.2
£
current rate
Unemployment
H 1.70
MKT CAP
(£M)
£
12-month low
V0.14
P/E
239.7 3.9 13.2
281.6
- 14.2
307.0 1.8 25.2
873.5 5.9 8.7
V305.16
V1.93%
H 15,943.1
L 12,781.2
15,533.47
12-month high
Retail prices
index
V1.66
V0.11%
H 1,479.9
L 1,218.9
1.07
+7.7 473.4 262.5 0.5 43.7 2516.4
+35.0 1326.0 452.4 5.7 44.2 3716.0
+43.0 4371.0 2085.0 2.3 17.6 9378.2
–2.4
180.1
43.0 1.7 15.1 2034.6
–6.9 248.4
182.5 5.3
- 12388.3
+10.5 639.5 298.4 2.7 24.9
1711.2
–15.0 1857.4 989.5 3.7 11.9 2222.2
+4.8 349.1
110.7 8.0
- 2018.7
–53.0 1989.0 1051.0 1.7 28.4 7035.4
–6.0 1548.0 924.4 2.1 24.3 24117.2
–0.9 259.8 218.0
- 4521.6
–86.0 2895.0 1220.0 2.0 27.5 22208.6
–98.0 3669.0 1965.0 2.1 24.2 4344.3
–4.6 302.2 179.0
- 2380.8
+25.0 7220.0 3015.0 1.4 29.9 6040.6
+81.0 3880.0 2257.0 1.6 6.7 3020.9
–1.5 2292.0 1640.0 2.5 25.5 57179.6
364.6 +10.7
300.6 –0.6
384.6 +4.3
931.5 –32.0
S&P TSX
V 0.72
per barrel
52-WEEK
CHANGE
ONWK HIGH
LOW YIELD
V 64.09
V 1.10%
H 5,880.9
L 4,905.5
CPI including
housing
H 3,301.2
L 2,639.0
1,458.64
Dec
1.8% 1.6%
2.0% 1.7%
2.6% 2.5%
Retail sales
to the $
PRICE
FTSEurofirst
300
U 0.01
to the £
10-year
bond
yields %
V22.34
V0.46%
H 4,932.4
L 3,956.0
3,253.43
Oct
Consumer
prices index
U51.36
U1.60%
Shanghai
Aug
The Treasury generated a public sector surplus of £9.4bn in
January, lowering its cumulative deficit for the financial
year so far to £49.3bn. The figure, the biggest January
surplus since 1999, was boosted by a surge in tax receipts.
The ONS numbers indicate that Philip Hammond is likely
to undershoot the forecast of £68bn borrowing for the year.
H 2,368.3
L 1,925.4
V68.04
V0.28%
H 24,364.0
L 18,867.7
W 0.00
to the £
2,367.34
H 5,867.9
L 4,516.9
Jun
U16.18
U0.69%
S&P 500
0
Source: ONS
12-month intraday high: 3,983.38
12-month intraday low: 3,168.51
U6.73
U0.12%
Nasdaq
U197.71
U0.96%
Nikkei
RANK BY
MKT CAP
422.4
1254.0
617.5
295.1
289.0
30
5,800
3,939.17
john.collingridge@
sunday-times.co.uk
725.5
–11.5
+8.5
–3.8
–11.1
40
6,200
FTSE ALL-SHARE
20,821.76
60
50
Risers: Morgan Sundall: 980p, U 11.9% on strong annual results/ Inmarasat: 702p, U 11.7% on takeover rumours/ Rolls-Royce: 763.5p,
U 7.8% on sentiment recovery/ TalkTalk: 172.6p, U 7.2% on broker notes/ MJ Gleeson : 581p, U 6.6% on economic sentiment
Fallers: NCC Group: 119.8p, V 33.2% on profit warning/ Serco: 115.5p, V 22.1% on delayed turnaround/ Premier Oil: 66.8p, V 14.4% on debt
restructuring fears/ Vedanta Resources: 885p, V 14.4% on expansion plans/ Sepura: 13.3p, V 13.1% on delay to Chinese deal
Dow Jones
£bn 70
6,600
V56.26
V0.77%
gorilla in a sector prone to
blow-ups, from Mitie to
Serco, where problems
have a habit of unravelling
spectacularly once
someone (usually an
outsider) is brave enough
to tug on the loose threads.
Powell aside, Capita is
run by two veterans. Andy
Parker joined in 2001 and
became chief executive in
2014. Finance director
Nick Greatorex joined in
2006 and was promoted
to his current job in 2015.
The company has more
than doubled revenues in a
decade, to £4.8bn, driven
by a dizzying array of
acquisitions — almost 140
deals since 2006. It does
everything from managing
mortgages for the
Co-operative Bank to
tagging criminals.
These deals have left
a balance sheet riddled
with complexity. It had
goodwill totalling £2.1bn
at the end of 2015 — a
value that is notoriously
tough to quantify.
Now there are signs that
its biggest customer, the
government, is losing
patience. Its contract to
improve the defence estate
was heavily criticised by
Whitehall’s accounting
watchdog in November.
It will take more than
the company’s “Simpler
Capita” strategy to
convince the City the
company is back on track.
Powell will likely need a
new top team to do it. Sell.
52-WEEK
CHANGE
LOW YIELD
PRICE ONWK HIGH
Cumulative public sector
borrowing this financial year
7,000
12-month intraday high: 7,354.14
12-month intraday low: 5,788.74
TOP 200
COMPANIES
RANK BY
MKT CAP
7,400
SOURCE: OFFICE FOR NATIONAL STATISTICS
£ 12
Capita
Share price
THE ECONOMY
FTSE 100
7,243.70
INSIDE THE CITY
JOHN COLLINGRIDGE
TIMING is everything in
business — as Sir Ian
Powell will know.
Fresh from running the
accountant PwC in
Britain, he arrived at
Capita, the support
services giant, in
September and took over
as chairman last month.
Shortly after his arrival
came the first profit
warning, blamed on
Brexit-induced delays to
contracts and a problem
with its London
congestion charge
Royal Bank of Scotland chief executive Ross McEwan on £6bn misconduct costs in last year’s results
THE WEEK IN THE MARKETS
Off with their
heads at
Capita, please
26.02.17 / 11
26.02.17 / 11
-£4.7bn
previous month
PRICE
Smith (DS)
449.5
Smith & Nephew 1206.0
Smiths
1482.0
Smith WH
1662.0
Smurfit Kappa
2119.0
Spectris
2389.0
Spirax-Sarco
4371.0
Sports Direct
International
299.0
SSE
1547.0
SSP Gp
407.8
Standard Life
369.4
Standard Chartered 730.5
St James’s
Place Capital
1085.0
TalkTalk
172.6
Tate & Lyle
736.5
Taylor Wimpey
177.1
Templeton
Emerging Markets
647.0
Tesco
190.0
3i Infrastructure
195.5
TP Icap
484.3
Travis Perkins
1508.0
Tui
1125.0
Tullow Oil
265.1
UBM
743.5
UDG Healthcare
669.0
Unilever
3773.0
United Utilities
979.0
Vedanta Resources 885.0
Vodafone
202.9
Weir
1810.0
Whitbread
3800.0
William Hill
268.5
Witan Investment
Trust
939.5
Wolseley
4873.0
Wood
735.5
Worldpay
271.4
WPP
1872.0
on last month
latest 12 months
U1.8%
annual change
-£49.3bn
year to date
52-WEEK
CHANGE
ONWK HIGH
LOW YIELD
P/E
–6.2 455.7
317.7
+3.0 1310.0 1006.2
–32.0 1540.0 858.0
+34.0 1878.0 1262.0
–118.0 2357.4 1418.6
–73.0 2490.0 1441.0
–47.0 4669.0 2664.0
20.2 4256.7
40.6 10565.1
22.8 5860.5
17.7 1858.9
12.4 5008.2
27.3 2846.8
29.6 3213.7
2.8
1.9
2.8
2.5
2.9
2.1
1.6
MKT CAP
(£M)
+2.9
+23.0
–0.2
+2.2
–42.5
820.5
1696.0
410.2
505.7
1166.0
252.2
- 7.9 1742.7
1317.0 5.8 20.9 15656.8
260.4 1.0 32.7 1937.9
262.1 5.0 17.1 7310.5
373.4
- 23992.8
–5.0
+10.4
–1.5
–0.4
1106.0
415.1
807.0
210.3
716.0
152.5
492.2
115.8
2.6 29.0
9.2 55.7
3.8 18.9
1.0 11.9
5723.4
1648.3
3427.7
5793.1
+0.5 652.5 404.6
–5.8 252.5
137.0
+4.2 200.0 166.5
+0.6 488.8 410.2
+6.0 2270.0 1313.0
+1.0 1294.8 844.5
+5.8 456.9
116.3
+14.0 759.0
461.7
–12.0 689.5 420.9
–24.0 3797.0 2450.0
+28.0 1039.0 816.5
–155.0 1102.0
195.2
+4.8 258.0 190.5
–140.0 2050.0 764.5
–136.0 5475.0 3391.0
+6.1
432.1 246.9
1.3
3.9
3.5
2.7
4.3
3.3
1.4
2.8
3.9
3.2
6.2
2.4
2.4
4.7
+0.5 945.5
–118.0 5070.0
–79.5 894.5
+4.2 320.3
–28.0 1901.0
2.0
- 1685.1
1.9 22.0 12324.7
3.1
- 2802.4
- 5428.0
2.4 29.1 23977.6
710.5
3214.0
522.8
240.0
1273.0
- 1830.8
73.6 15532.2
- 2010.0
53.8 2683.7
22.8 3783.5
21.7 6604.2
- 2424.3
32.4 2928.7
31.2 1656.8
26.2 48424.9
15.6 6675.7
- 2391.2
- 53996.5
- 3941.1
17.5 6962.1
11.6 2302.9
Price/earnings ratios are based on historic data, with yield
and p/e values calculated from recent reported dividends
and earnings per share, using trailing 12-month figures.
52-week highs and lows are intraday. Companies in bold
are FTSE 100 constituents. Data supplied by Morningstar.
THE WEEK IN REVIEW
KRAFT HEINZ walked away from
its £115bn approach for Unilever
in the face of opposition from
the FTSE 100 consumer giant
behind Marmite and Hellmann’s
mayonnaise.
Amazon plans to create a
further 5,000 jobs in the UK,
bringing its workforce to more
than 24,000.
Uber was forced to order an
investigation after a female web
engineer complained that her
boss made a pass at her on her
first day and managers at the
taxi app giant suggested it
was her fault.
Vodafone sold its pager service
and 1,000 users to the outsourcer
Capita, which owns the country’s
only other pager service.
Andy Haldane, the Bank of
England’s chief economist, said
Theresa May’s strategy of leaving
the European single market and
customs union would have no
impact on short-term growth.
PSA Peugeot Citroën vowed to
honour existing job guarantees
in its €2bn (£1.7bn) takeover of
Opel Vauxhall, which employs
3,500 at Ellesmere Port, Cheshire,
and Luton, Bedfordshire.
BHP Billiton recorded profits of
$3.2bn for the second half of last
year, against a $5.7bn loss a year
earlier at the FTSE 100 miner.
HSBC reported profits for last
year fell 62% to $7.1bn (£5.7bn),
hit by a $3.2bn writedown on its
private bank and revenues that
fell by a fifth to $48bn.
Lloyds Banking Group’s
underlying profits fell 3% and
it suffered a further £475m of
misconduct costs last year, but
said it would hand back £2.2bn
to shareholders.
Barclays recorded a 182% jump
in pre-tax profits to £3.2bn last
year on slightly lower revenues
of £19bn.
The taxpayer-controlled Royal
Bank of Scotland announced a
£7bn loss for last year, its ninth
consecutive loss, weighed down
by £10bn of one-off payments
including £6bn for misconduct.
Standard Chartered reported
a net loss of $478m, against a
$2.4bn loss a year earlier, with
revenues at the emerging
markets bank down from
$15.4bn to $13.8bn.
The City law firm Norton Rose
Fulbright is to merge with
Wall Street’s Chadbourne & Parke
to create a £1.6bn practice that
would be one of the top 10 global
revenue earners.
The communities secretary
Sajid Javid admitted his
shopkeeper father would have
been the first to complain over
changes to business rates.
Founder John Roberts stepped
down as chief executive of the
electricals retailer AO World in
favour of chief operating officer
Steve Caunce.
BAE’s chief operating officer
Charles Woodburn is to succeed
the defence supplier’s chief
executive Ian King.