Business 04 September 2014

1W

DP-E01-S3BusinessHargreavesLansdownpowers onBY JOHN-PAUL FORD [email protected]

Bristol-based financial ser-vices giant Hargreaves Lans-down said it had maintainedprofit growth despite havingto deal with strenuous newrules resulting in a majorshake-up of its fee structure.

The company, one of theWe s t ’s biggest, sells funds andshares to retail investors. Itreported pre-tax profits up 7per cent to £209.8 million forthe year to June 30, a slow-down on the previous year’s 28per cent increase.

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

The move came in responseto the City regulator’s RetailDistribution Review, designedto make the breakdown of pay-ments, between platform andfund manager, more transpar-ent.

Mr Gorham said: “The de-livery of the changes requiredby the Retail DistributionReview engaged company re-sources and time for the bestpart of 18 months.

“While regulatory interven-tion across the financial ser-vices industry shows no signsof reducing, with the RetailDistribution Review havingbeen delivered successfully weare now able to re-deploy staffand resources on improvingthe business.”

The chief executive saidHargreaves had been buoyedby a busy year of stock marketactivity, as the FTSE 100 Indexadvanced 9.4 per cent over theperiod.

He said 118,000 investorsused the firm to pick up sharesin the Royal Mail flotation,representing 18.5 per cent ofthe public take-up of the offer.

The impact – as up to 60,000people a day tried to contactHargreaves and its websitesaw 3.5 million hits over twoweeks – “put pressure on ser-vice levels” resulting inchanges which were in placefor the TSB float later in theye a r.

Elsewhere, rule changesfreeing up the use of pensionfunds saw the group’s annuitybusiness fall by 50 per cent, butnew assets into pension draw-down arrangements were up35 per cent on the year.

Mr Gorham said there werewelcome signs of a return tostronger trading conditionswith banks shoring up theirbalance sheets serving to en-hance stability. “In particularmarkets are likely to be in-fluenced by the performanceof Asian economies, particu-larly China, and markets gen-erally remain subject to geo-political events,” he said.

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

McCarthy & Stone, the UK’sbiggest retirement homebuilder, has raised its invest-ment plans to £2 billion overthe next four years as it be-nefits from a recovery acrossthe industry.

The Dorset-based groupupped its former £1.5 billionfour-year investment plan, setlast September, as it plans tobuild more homes and buymore land.

The group, which controlsabout 70 per cent of the owner-occupied retirement homesmarket, said it expects to be-nefit from UK demographics.

The number of people agedover 85 is poised to double by2030 and the number of over65s is expected to rise by 51 per

Retirementdeveloper seesfurther growth

cent, according to a reportpublished last year by think-tank Demos. The survey addedthat a quarter of those over 60are interested in retirementliving, yet only 1 per cent ofolder owner-occupiers cur-rently live in specialist retire-ment housing.

McCarthy & Stone said itplanned to double in size anddevelop more than 3,000 unitsa year over the medium term.

In June, it opened its firstnew regional office in 14 years,catering for north London,Buckinghamshire, Bedford-shire, Hertfordshire andEssex.

Chairman John White said:“We are raising our invest-ment target for land and buildto £2 billion over the next fouryears in order to respond tothe significant nationwideneed for high-quality, special-ist housing for the growingnumber of over 65s who arelooking to downsize.”

The boost in investmentcomes on the back of a tradingupdate that saw sales jump bya quarter to £389 million.

The group is owned by aconsortium that includesGoldman Sachs, StrategicValue Partners and TPG.

It was founded by John Mc-Carthy and Bill Stone in 1963and began specialising in re-tirement homes in the 1970s.

IanGorham,chiefexecutive ofHargreavesLansdown

Chief executive Ian Gorhamsaid resources had been takenup by the impact of regulatorychange for the best part of 18months but would now be re-deployed to improve the busi-n e s s.

Anchor Road-based Har-greaves said assets under ad-ministration grew 29 per centto £46.9 billion while net rev-enue was up 8 per cent to£291.9 million and total clientsincreased by 144,000 to652,000.

Mr Gorham said: “Duringthe year we have continued toexpand and improve the ser-vices we provide to clientswhile also dealing with majorregulatory change.”

Earlier this year, the groupsaid it had cut costs for DIYinvestors – introducing a newcharge for its Vantage fundsupermarket arm, but nego-tiating a cut in the cost of a raft

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2 BUSINESS THURSDAY SEPTEMBER 4 2014 WESTERN DAILY PRESS WDP-E01-S3

Sex and drugtrade pep upthe economyBY JOHN-PAUL FORD [email protected]

The recent downturn was lessdeep than previously thoughtwhile annual growth wasstronger as the economybegan to recover, according torevised official figures.

And it’s largely thanks tocounting money spent in theblack economy, including onprofoundly criminal activit-i e s.

Changes to methodologyused by the Office for NationalStatistics (ONS) show grossdomestic product (GDP)shrank by as much as 6 percent in the depths of the re-cession, lower than the pre-

vised higher by 0.5 per cent ayear, mainly as a result offaster growth in investment.

The ONS chief economistJoe Grice said: “Despite thewide ranging improvementsunderpinning the new estim-ates, the broad picture of theeconomy has not changedm u ch .

“Although the downturnwas less deep than previouslyestimated and subsequentgrowth stronger, it remainsthe case that the UK exper-ienced the deepest recessionsince ONS records began in1948 and the subsequent re-covery has been unusuallys l ow. ”

The revised figures showedpre-downturn growth in 2007was 2.6 per cent, lower thanthe previously thought 3.4 percent.

But the contraction in 2008was 0.3 per cent, not 0.8 percent as previously thought,and the decline for 2009 nar-rowed to 4.3 per cent, from anearlier estimate of 5.2 per cent.Growth in each of the threesubsequent years was betterthan previously thought.

The data failed to provide asolution to the so-called “p ro -ductivity puzzle” facing eco-nomists, with output per hourworked at the end of 2012 stillaround 12 per cent below theprojected path had pre-down-turn rates of expansion beenmaintained.

The ONS said the length ofthe downturn remains unre-vised.

Further figures on theimpact of the changes to datewill be published later thismonth.

It comes after the latestreport from the World Eco-nomic Forum lifted the UK oneplace to ninth in its interna-tional competitive ratings.

Chancellor of the ExchequerGeorge Osborne said that itwas a “double dose of goodeconomic news”.

A Treasury spokesman said:“These ONS revisions show aneconomy that has been grow-ing more strongly than pre-viously thought, with almostevery quarter under this gov-ernment being revisedu pw a rd . ”

After a business goes into administration all sorts of assets have to be sold – but it is pretty rare that they happento include a Dalek... Simon Cornelius-Light, a divisional director at Bristol-based ES Group’s Machinery andBusiness Assets team for the South West, is the man tasked with selling the Doctor Who model. It was found atthe famous Woodberry Bros and Haines Limited in Highbridge, Somerset. The furniture maker – which had some175 employees – went into administration in July. The Dalek was made by one of the company’s employees butwill sold by ES Group in an online auction to take place in November. It has been appointed to dispose of someof its assets by administrator PricewaterhouseCoopers.

The FTSE 100 Index reached anew 14-year high yesterday astraders reacted to positive eco-nomic data and signs of pro-gress towards a ceasefire inU k r a i n e.

L o n d o n’s top flight indexpeaked at 6898.7 – just 50points shy of its all-timerecord – before closing 44.4points higher at 6873.6.

The strong session cameafter Ukraine president PetroPoroshenko said a “c e a s e f i rep ro c e s s ” had been agreed,while Russian presidentVladimir Putin hoped a peacedeal could be reached by to-morrow. The advance wasearlier driven by a reportshowing accelerating growthin the services sector inChina, which added to optim-ism after a US manufacturingindex reached a three-yearhigh. This was matched in theUK after it emerged the ser-

Market at 14-year high afterceasefire hope

vices sector grew at its fastestpace in ten months duringAugust. But despite this ser-vice sector surge the Bank ofEngland is expected to keepinterest rates at 0.5 per centtoday, which led to the poundslipping slightly against thedollar, at 1.65.

Sterling fell sharply onTuesday on signs of a pick-upin support for a yes vote in theforthcoming Scottish referen-dum. Expectations that theECB will today announce fur-ther measures to prevent themoribund eurozone fromslumping into depressionfailed to stop the pound slip-ping against the euro, at 1.25.

In stocks, the improved geo-political situation afterUkraine and Russia took stepstowards a ceasefire processboosted travel stocks.

The biggest risers on theFTSE 100 Index were Ashteadup 35.5p at 1022p, CRH up 48pat 1446p, Barclays up 5.8p at228.1p and Experian up 22p at1075p. The biggest fallers onthe FTSE 100 Index were Har-greaves Lansdown down 66p at1073p, Admiral down 61p at1264p, Fresnillo down 20.5p at932p and BHP Billiton down29p at 1891p.

ChancellorGeorgeOsbornehas seen aboost in thefigures

vious “p e a k - t o - t ro u g h ” estim-ate of 7.2 per cent.

The ONS changes includenew methodology to bring eco-nomic measures into line withinternational standards.

Among these are the inclu-sion of spending on researchand development and weaponsas investment as well as theintroduction of spending onillegal activities such as drugsand prostitution in thecalculation of nation’si n c o m e.

The revisions for 1997 to2012 show the size of the eco-nomy on average 4 per cent, or£50 billion, larger than pre-viously thought each year.

Estimates of growth havegone up by an average of just0.1 per cent per year to 2 percent.

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

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YESTERDAY IN THE CITY

The FTSE 100’s closing figure lastnight was at a 14-year high

6898.7

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WESTERN DAILY PRESS THURSDAY SEPTEMBER 4 2014 BUSINESS 3WDP-E01-S3

Pub chains’profits set tobe sky highBY GRAEME [email protected]

One of the UK’s biggest pubchains has topped up theCity’s profit forecasts after abetter-than-expected summerfor food and drink sales.

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

The company, which has nu-merous outlets across theWest, said revenues were 2.1per cent higher on a like-for-like basis in the 12 weeks toAugust 16, leading to growth of4.4 per cent across its financialye a r.

Chief executive Mike Tyesaid the performance in thequarter was strong, particu-larly as market conditions re

Spirit has had more than 1,200pubs across the country fol-lowing its demerger fromPunch Taverns in 2011.

The managed estate com-prises more than 750 sites andcontinues to benefit from amarket-beating performance.

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

Spirit’s leased pub estate,which is made up of around450 outlets, grew net incomeby 4.8 per cent in the 12 weekperiod.

Leisure industry analystMark Brumby, of Langton Cap-ital, said: “The numbers aregood and, even with compar-atives toughening, the grouphas managed to convey thefeeling that momentum isbu i l d i n g .

“The pub sector has argu-ably suffered more than mostin the messy aftermath of thefinancial crash and, with UKconsumer spending becominghealthier, Spirit may be po-sitioning itself to benefit froma more positive trading en-v i ro n m e n t . ”

Spirit Pub Company hasdozens of pubs and restaur-ants across the West includingfive premises under the Chefand Brewer brand.

Some of them include ColdHarbour, in Swindon, Wilt-shire, George Inn, in Bath-ampton, Bath, Ship Inn

in Alveston, Bristol, Wheat-stone Inn in Barnwood,Gloucester and the Rose &Crown in Wick, Bristol.

Other premises under theFayer and Square brand in-clude the Talbot Inn in Keyn-sham, Bristol, Star in Con-gresbury, Bristol, Quantock

in Bridgwater, Somerset,Mill House in EmersonsGreen, Bristol, Mill House

Bath Road, Chippenham,Wiltshire, and under the Flam-ing Grill brand the Air Bal-loon in Filton, Bristol, andCastle in Bristol.

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

South West needs to prepare for wave of new home buildingThere are signs the SouthWest could see a major in-crease in new homes beingbuilt over the next 18 monthswith landowners preparing toput in applications for plan-ning and development, accord-ing to the Bristol office of re-gional property specialistsBruton Knowles.

The Bristol area looks set tolead the residential propertycharge with an increasingnumber of landowners seek-ing valuations of potential res-idential sites in order to raisef i n a n c e.

In the 12 months to March2014 building started on some

22,060 new homes across theSouth West of England out of133,650 nationally. It means thecountry has seen a 31 per centincrease compared to the yearb e fo re.

Angus Taylor, partner inBruton Knowles, which hasoffices in Bristol, said:“London has led the way withresidential development butwe are now seeing the rippleeffect hitting the South Westwith a number of sites pre-paring in the Bristol area.There is much more confid-ence now that funding can beobtained for good schemes andthe first step in that process is

to get a good valuation on thepotential for any scheme thatcan be used to raise finance.

“In the last year it hasmostly been niche lenders thathave been financing propertyschemes but we are nowseeing signs that the HighStreet banks are coming backinto the market and are pre-pared to lend money for theright residential scheme.

“We have been involved inseveral valuations in the Bris-tol area and although inev-itably some do not go aheadvery quickly the climate isvery positive and we wouldexpect to see a further marked

increase in new homes gettingper mission.”

In the quarter to March 2014the number of house buildingstarts was 11 per cent higherthan the previous quarter,reaching 36,450. Some 3,729 ofthese were in the South Westregion, making it the greatestnumber of housing starts inany region outside of London.According to Bruton Knowles,Bristol is leading the way in therefreshed housing market, butthere are also positive signs ofincreased activity in Exeterand Cheltenham with strongareas of new build along the M4and M5 corridors.

There are signs that the SouthWest could see a major increase innew homes being built over thenext 18 months

Bath Rugby have appointedTarquin McDonald as theirnew managing director.

Mr McDonald had previ-ously served as the club’s fin-ance and strategy directorsince December 2012 and willtake up his new role with im-mediate effect.

The move coincides withBath owner Bruce Craig’s re-cently announced title changeto executive chairman andwill follow the departure ofchief executive Nick Blofeld,who is stepping up to a widergroup role.

Mr McDonald said: “It is anhonour to take on this newposition within Bath Rugby.The club has a fantastic her-itage, passionate and loyalsupporters, and is an import-ant part of the local com-m u n i t y.

“The club remains focusedon both becoming one of thebest rugby clubs in Europeand keeping Bath Rugby play-

New managingdirector takesover at the Rec

ing at its spiritual home, TheRe c.

“I am excited about continu-ing to build a business whichsupports success on the pitch,and which will enable the clubto remain in the heart of theC i t y. ”

Mr Craig added: “I’m de-lighted that Tarquin hasstepped up to become the man-aging director of Bath Rugby.

“In his previous position hemade significant progress inmoving forward our ambi-tions for re-developing TheRec, and worked closely withNick and myself in developingthe business.

“We are all incredibly ex-cited about the season aheadand I would like to thank allour supporters for their con-tinued support both on and offthe pitch.”

The rugby side of the busi-ness will continue to be man-aged by head coach Mike Fordand his team, together withperformance director DavidT hompson.

New portfoliogives a boostCommercial property man-agement experts at Colliers In-ternational in Bristol havebeen appointed by Thread-needle Investments to act asmanaging agents on a nation-wide property portfolio.

Mike Bull, head of the BroadQuay-based Investment Prop-erty Management team, saidthe appointment would fur-ther raise Colliers Interna-tional’s profile at the highestlevels of UK business.

He said: “Threadneedle is amajor player in the industry.

“It’s great to be adding toour expanding list of high pro-f i l e. ”

The profit forecasts for Spirit PubCompany after a strong summer

£60m

Profitforecastshave beentopped bySpirit PubCompany

New BathRugbymanagingdirectorTarquinMcDonald

mained challenging and thecompany faced testing com-paratives following goodsummer weather last year.

He added: “We remain con-fident in the long-term outlookfor the business and expectfull year results to be ahead ofmarket expectations.”

Spirit shares were 3 per centhigher following the guidance,which prompted analysts atShore Capital Stockbrokers toraise their forecasts for profitsto around £60 million in theyear to August 16, from£56.8 million previously.


Being smalleris better forthe economyBY JEFF [email protected]

Small businesses are the“driving force” of our eco-nomy it has been claimed inGloucestershire as a newreport calls on county busi-ness bodies to put them inhigher positions of influence.

The Federation of SmallBusinesses (FSB) and theCentre for Local EconomicStrategies report, publishedyesterday, said that Local En-terprise Partnerships (LEPs)were the right and bestvehicles to deliver localgrowth but needed to putsmall firms at the centre oftheir plans. This includesgiving them more presencewithin GFirst LEP whichcovers Gloucestershire, thereport said.

Mark Owen, the regionalchairman of the Gloucester-shire and West of England FSBwho runs Moose Marketing

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

A record number of people watched aircraft above Bournemouth last weekend. Some 1.2 million people attended the seventh Bournemouth Air Festivalfrom Thursday to Sunday. More than 840,000 visited for the weekend days, with the coastguard confirming 1,000 boats provided a view from the water.Western Daily Press reader Andy Dain, of Colerne, Wiltshire, pictured the famous Lancaster bomber that was part of the festival

bu s i n e s s ”. However, it stressesthat small businesses need tobe better represented andlistened to in the running of allof England’s 39 LEPs. It goeson to make a number of re-commendations about howLEPs and small businessesacross the country can worktogether to help maximiselocal growth opportunities.

These include greater trans-parency about LEPs’ wo rk ,more accountability, moresmall business involvement inkey decision-making andmaking business support anintegral part of LEP activity.

Neil McInroy, the chief ex-ecutive of the Centre for LocalEconomic Strategies, whopartnered the FSB in the re-search, said: “To date, in amajority of localities, smallbusinesses have been neg-lected by LEPs. However, asLEPs will be continuing as amechanism for central gov-ernment to allocate publicfunds, they must becomemuch more transparent, openand accountable. They alsoneed to up the ante andbecome a true dynamo forlocal economic growth andactivity, embedding small andlocal businesses in their struc-tures and activities.”

The FSB said that small andmedium-sized businesseshave been responsible formore than four in five jobscreated in the private sectorbetween 2010 and 2013, andrepresent half (48 per cent) ofprivate sector turnover.

Bristol’s £5 million fund toprovide better business broad-band is set to move beyondborders as Bristol City Coun-cil expands its ConnectionVouchers scheme.

The move means thataround 2,300 small andmedium-sized businesses (in-cluding registered charities,social enterprises or soletraders) located within fivemiles of Bristol City Council’sadministrative boundary willbe eligible to apply for vouch-ers worth up to £3,000 each toimprove their internet con-nection. The expansion opensup opportunities for busi-nesses in neighbouring local

Broadbandfunding couldhelp thousands

authority areas, includingthose in Portishead, Keyn-sham, Kingswood, Winter-bourne and Filton, amongo t h e r s.

The scheme, which isbacked by funding from theDepartment for Culture,Media and Sport, has beenrunning inside Bristol’sboundary since its formallaunch in May. Applicationscan be made online atwww.connection vouch-e rs. c o. u k / b r i s t o l , where thereis also extra detail and adviceabout the scheme.

and PR in Gloucester, said thereport was important at a timewhen LEPs were set to delivera number of high-profile pro-jects in the county.

He said: “The FSB believesthat LEPs are crucial to de-livering local economicgrowth across Gloucester-shire and across England andwe are happy to work withthem to make this happen.Small firms are the drivingforce of the local economy andwill ultimately be responsiblefor creating the jobs andgrowth in the private sectorwhich is the LEPs’ primaryaim, so it is absolutely essen-tial that we are at the heart ofLEPs’ plans and decision-making processes.”

The report commendsGFirst LEP on its work in pro-ducing its Retail Pathfinderinitiative to boost the highstreet saying it had “an ef-fective impact upon the townof Cirencester and local small

More people are being forcedinto volatile, low-paid jobs,which threatens the stabilityof the economy, according to anew report.

Over one in five workers arenow on low pay, with moreemployed than unemployedhouseholds in poverty, it wasfo u n d .

The report by researchgroup Centre for Cities andthe Joseph Rowntree Found-ation said the gap betweengood and poor quality jobshad polarised.

Cities in the North Eastwere particularly at risk, witha third of employment in Sun-derland and Hull being lowpaid, while in Grimsby, Black-pool and Doncaster, one infour workers earned less thantwo-thirds of the median na-tional wage, the study said.

Alexandra Jones, chief ex-ecutive of Centre for Cities,said: “T here’s no doubt that

Stability at riskfrom growth inlow paid jobs

low paying jobs have alwaysexisted and that some citiescontinue to see significantgrowth in high paid jobs.

“But what has changed overthe past few decades is that, inmany cities, the pathways toupward mobility have beenseverely eroded, as their jobsmarkets polarise and thestable jobs of the ’middle’begin to slip away.

Julia Unwin, chief execut-ive of the Joseph RowntreeFoundation, said: “Earlier re-search for JRF has demon-strated the striking growth inworking families living inpoverty. Economically weakcities are home to increasingconcentrations of poor work-ing households, while two-tiereconomies are emerging inour more successful urbanc e n t re s.

“Job quality is a burningissue, particularly in low-skill, low-wage sectors such asretail, hospitality and care.”

Haulier landscandle dealA haulier is waxing lyricalabout his latest contract win.Avonmouth-based John TEvans secured a deal to de-liver products across Europefor its near neighbour, YankeeC a n d l e.

The haulier, part of the Pal-letways European distribu-tion network, has unveiled anew livery for its trucks car-rying the scented candles.Martin Chalke, director atJohn T Evans, said: “From ourdepot in Bristol, we are ideallysituated to collect fromYankee Candle’s Avonmouthheadquarters for delivery ofproducts to the UK and main-land Europe.” The firm’s Bris-tol base is the HQ for its op-erations outside the US.

The number of businesses noweligible to apply for the funding

2,300ReformerJosephRowntree,thefoundationfounder


Broadband isfocus for CLAcounty chiefBY EVA [email protected]

Superfast broadband willopen up many areas of ruralDorset to modern business.

But although it is now in itssecond phase in Dorset, thereis still much to do to ensurefull coverage of the wholecounty, according to the newlychairman of the Dorset CLAb r a n ch .

James Weld is a charteredsurveyor, a landowner and themanager of the LulworthEstate, which employs around170 people and attracts some600,000 visitors a year.

The estate owns five miles ofcoastline – including theiconic Lulworth Cove, DurdleDoor – and the historic Lul-

he has been a member of theWorld Heritage SteeringGroup since its formation in1996 – and was prominent inthe preparation and submis-sion of the application toUnesco to have designate theDorset and East Devon coastdesignated as a World Herit-age Site. He also set up – and isnow chairman of – the Jur-assic Coast Trust a charitywhich raises funds to supportconservation and educationalong the length of the Dorsetand East Devon World Her-itage Site and a director of thetrading arm.

He currently sits on anumber of the CLA’s nationalcommittees and is a boardmember of the Dorset LocalEnterprise Partnership withresponsibility for rural busi-n e s s.

He said: “My public workshave given me extensive ex-perience of working withpeople from government andlocal government back-grounds, understanding theirproblems and positions andenabling people to move for-ward and achieve satisfactoryo u t c o m e s. ”

Among those key issues, hesays, are threats such as theincreasing spread of bovineTB and its consequences, par-ticularly to smaller dairyfarmers; the much-talkedabout mansion tax – wh i chwould be unaffordable to thosemanaging some heritage prop-erties, who are already strug-gling to make ends meet andfracking, where the currentgovernment proposal wouldeffectively nationalise some ofthe rights held by propertyow n e r s.

But he also has an eye openfor new business opportunit-ies and lists broadband, theintroduction of the NationalPlanning Policy Framework,and LEADER, which offersfunds for farm businesses andrural tourism, hopefully thistime, covering the whole ofDorset.

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

Key life decisions can be made at anytime rather than at set times of year

I find it fascinating how risk-averse the average “Brit” isand that it often takes certaintimes of the year to stimulateus into making some of the bigdecisions in our lives.

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

in September; booking thesummer holiday in January;moving house in the spring; orusing your horoscope to maked e c i s i o n s.

Why do we have to use thesemythical timelines to give usthe confidence to make bigdecisions that are completelyunrelated to the time of year inwhich the decision is made?

While it might be an inter-esting debate, it has become am a rke t e r ’s dream as theyknow when we are susceptibleto change – and I have done thesame in my work with IntoSomerset.

One of our most successful

campaigns to promote Somer-set as a great place to work, liveand do business was in Septem-ber 2010 when we targeted thepoor souls who had spent theirholiday period in Somerset orthe South West and then foundthemselves standing on a trainstation in the London com-muter belt, back in the rat raceof city life.

The message was simple:You can have your Somersetholiday environment everydayof your life and not just in Julyand August. Are you one ofthose people who has to becajoled by the calendar to makea big decision, or do you pos-

sess the entrepreneurial spiritof the typical Somerset smallbusiness person who grasps anopportunity that is right forthem at the right time?

I think I am the latter. I am aTaurian of course, so thephrase ‘bull in a china shop’sits quite well on myshoulders. Happy decisionmaking.

The Somerset Chamber of Commerce representsand works collaboratively with the Somersetbusiness community to encourage strong,sustainable and creative alliances that promotemembers’ businesses, raise the profile of thecounty, and help to lobby for greater influencefor Somerset at all levels of government.

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

A bank has agreed to finance athird renewable energy dealwith a fast-growing SouthWest renewable developmentc o m p a ny.

The Julian Hodge Bank haslent the company £780,000 tofund the construction of a 500kilowatt wind turbine atDilland Farm in Holsworthy,D evo n .

Now fully operational, theturbine is generating enoughelectricity to power around300 homes near the Devon/Cornwall border.

It also provides an altern-ative source of income for theland owner under the Gov-er nment’s feed-in tariffscheme. The company is ajoint venture between MarkFelstead and John Pearson ofPorterledge Renewable Ltd inPlymouth and Bristol-basedOne Wind Renewables, whichis owned by Rob Paul, JoeWinton and Simon Coles.

The partnership brings to-

Bank funds anew turbine forjoint venture

gether a wealth of experienceto advise on the planning, con-struction, funding and oper-ation of single turbines.

Paul Green, a relationshipmanager at Julian HodgeBank, said: “From our point ofview, wind turbines are a veryviable funding proposition.

“Fully-approved schemeslike this one meet all our lend-ing requirements and we fore-see more opportunities to sup-port this expanding sector.”

The joint venture companyhas planning consent for a fur-ther three schemes in theSouth West, which will taketheir total investment to dateto £4.6 million.”

Julian Hodge Bank obtainedauthorised status under theBanking Act in 1987. Its com-mercial division specialises inthe provision of finance forproperty investors and de-velopers and provide lendingsolutions for property projectsand deposit terms for com-mercial and business custom-ers

JamesWeld, thenewchairman ofthe DorsetCLA branch

A newturbine hasbeeninstallednearHolsworthy

worth Castle and over 100listed buildings. The estatehas been in his family sincethe mid-1600s and Mr Weldsaid when he became respons-ible for the strategic directionand day-to-day management ofthe estate in the early 1990s heset out his ambition to ensurethe Lulworth Estate wouldemploy at least as many peopleas it had done in his grand-father and great-grandfather’stime, an ambition he has nowa ch i eve d .

Mr Weld played a key role inachieving World HeritageStatus for the Jurassic Coast –

MORE ONLINEwesterndailypress.co.uk

For more business news visitour website atwww.westerndailypress.co.uk/business

Rupert Cox thechief executive ofSomersetChamber ofCommerce


Hotel set forharvest with adifferenceBY ANGELA [email protected]

A Somerset country hotel ispreparing to harvest a unusu-al crop, one you might asso-ciate with the sea or hot coun-t r y.

When you are enjoying aleisurely bath and pick up theloofah to wash your back haveyou ever wondered where itcomes from? People mightthink a loofah is harvestedfrom the sea but actually itgrows on a plant and right onour doorsteps too.

But at Ston Easton Park,which dates back to the 16thcentury and is near MidsomerNorton, gardeners Dale Totten

optimum size they are left onthe vine to dry out.

He said: “When the loofahmakes a hollow noise thiswhen the skin can be peeledback to reveal the loofah.

“It then needs be to washedthrough and left again to dryout in a very warm and drye nv i ro n m e n t . ”

But while they are waitingto harvest loofahs in October,both gardeners are scratchingtheir heads as to how they canget a giant pumpkin out of theg reenhouse.

It might not be a recordbreaker but weighing in at460lb and still growing, thewhopper will not fit throughthe doors of the old Victoriangreenhouse. The gardenersare hoping that the vegetable,grown from Dills AtlanticGiant Seed from the UnitedStates, will make it to amassive 600lb.

Mr Totten said: “I have notbeen feeding our pumpkinswith any chemical growth en-hancers, just natural thingsfor extra nutrients such asnettle tea soaked in water,comfrey tea and seaweed ex-tract.”

BBC television’s Countr yfileprogramme will be filming inthe Victorian kitchen gardenin September. The harvestthemed programme will bebroadcast in October.

The hotel’s annual loofahharvest takes place on October23. Those attending will begiven a two-course lunch witha glass of wine. After lunchtake the short walk down tothe gardens where Steve andDale will guide you throughthe Ston Easton loofah exper-ience. The event costs £39 perperson. To book call 01761241631 or email rece ption@s t o n e a s t o n . c o. u k

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

and Steve Hargreaves are get-ting ready to harvest the plantfrom the hotel greenhouses.

The plant belongs to thesame family as the cucumberand is known to be edible atthe early stages of growth.

A loofah takes betweenseven and eight months togrow and the hotel has about20 plants. Loofahs usuallygrow in hot countries such asAustralia and India and so inthe UK they need to be kept ina warm greenhouse.

Mr Hargreaves said: “Loo-fahs are fairly easy to grow, thehardest part is the initialstages where the warmth isimportant for the seed to ger-m i n at e. ”

Once the loofahs are at the

The number of loofah plants atSton Easton Park in Somerset

20

Following the success of thefirst two Tourism SocietyWest Country events, the newb o dy ’s third event is nowlooming with a weather andrugby theme.

Following a year in whichmuch of the tourism talk hasrevolved around the weather,spring storms and forecasts,an update on weather pat-terns and forecasts seemsvery timely for the industry.

In parallel, with Exeter alsobeing a host city for nextye a r ’s Rugby World Cup, it isnot before time for tourismbusinesses in the region tostart planning how they canbe involved. The event will behosted at The Met Office inExeter on September 17 from6-9pm More information andbooking is available at fromthe Tourism Society websiteat w w w. t o u r i s m s o c i e t y. o rg

Tourism andweather talk

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

An IT and business processesprovider is creating more jobsin North Somerset after win-ning a £5.7 million contract torun a legal advice call centre.

Agilisys will run the phoneand digital civil legal advicecontact centre for the LegalAid Agency for three years,and could extend for a furthertwo. The deal will bring 50new jobs to the firm’s cus-tomer services centre basedin North Somerset Council’soffice in Clevedon. Thehelpline service is funded bylegal aid and helps determinewhether people qualify forsuppor t.

The firm also created 30new jobs at its Weston-super-Mare Town Hall site after se-curing work providing callcentre and back office cus-tomer support for Westmin-ster Council.

IT firm bringsmore new jobs

With a lifetime passion forhorse racing, Lee Moulsonnow has a strategic rolewithin the largest commer-cial group in the industry inthe UK.

At 34, Mr Moulson is re-gional head of sales for JockeyClub Racecourses in the SouthWest. His original dream wasto be a jockey and he wasawarded the title “head lad”for being an outstanding stu-dent at the British RacingSchool in Newmarket. He rodeas an amateur jockey until2004 before deciding he wantedto return to education tosecure a new role.

He studied business man-agement at Warwickshire Col-lege and funded himself togain a university degree, gain-ing his first role within theJockey Club covering a ma-ternity leave position as a hos-pitality sales executive atCheltenham Racecourse.

To broaden his businessawareness he then became asponsorship, event and mar-

Racing job is adream role forenthusiast

keting co-ordinator for agroup of commercial radiostations gaining swift promo-tion before returning toJockey Club Racecourses assales executive at WarwickRacecourse. He becameracing sales manager at Chel-tenham Racecourse and wasthen promoted to the highestsales role within the JockeyClub in the South West, re-gional head of sales.

He has restructured thesales force in the region, cre-ated a sales hub at Chelten-ham, streamlined administra-tion and introduced unitedsales processes resulting in ahuge uplift of hospitality salesat the Cheltenham Festivalthis year.

LeeMoulson,who has astrategicrole inracing

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Empire headto take onyachting roleBY JEFF [email protected]

The man at the head of globaldiamond empire De Beers hasbeen appointed chairman of aluxury yacht company.

Phillipe Mellier, chief exec-utive of the De Beers Groupwill take the helm at PrincessYachts International, based atNewport Street, Plymouth.

David King, a founder of thecompany in 1965, stands downas chairman at the end of themonth to “allow new minds tolead the company”.

Chris Gates, PrincessYa ch t s ’ managing director,said: “David King is andalways will be a part of Prin-c e s s.

“He has been a magnificent

ector and focus mainly on newyacht design and develop-ment, an area in which he hasalways been heavily involved.

The Princess board of dir-ectors has appointed PhilippeMellier as its new chairman.

Mr Mellier is a French na-tional, domiciled to the UK,and will continue as chief ex-ecutive of the De BeersG ro u p.

De Beers, established in1888, is an international dia-mond company with expertisein the exploration, mining andmarketing of diamonds. It em-ploys more than 20,000 peoplein operations around thewo rl d .

Now the company’s chief ex-ecutive will serve in a non-executive capacity at PrincessYachts International.

He was previously the Ex-ecutive vice president atAlstom sa, the world’s leadinghigh-speed train producer. Hehas also held senior andboard-level positions withinFord, Renault and the VolvoG ro u p.

He brings experience inhigh-quality, performance-fo-cused product manufacturing,marketing and sales.

Mr King said he could nothave conceived of the growthand success the company hasachieved since 1965.

He said: “I could not haveconceived of the growth andsuccess we have achieved overthe years, success that is en-tirely due to the wonderfulpeople that work here and ourdistributors around thewo rl d .

“From our humble begin-nings we have become a world-leading company respectedacross the international boatbuilding sector and one thatenjoys secure ownership andmana g ement.”

“It has been my privilegeand pleasure to work along-side you all. I look forward toworking with you still, in myrole focusing on product de-ve l o p m e n t . ”

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

Nearly 150 solar panels installed on brewery to cut energy costsA total of 148 solar panels cost-ing a total of around £50,000are now catching the last raysof summer sun on the roof atA rke l l ’s Brewery in Swindon,Wi l t s h i re.

The brewery has just com-pleted installation of the solarpanels to cut energy consump-tion and reduce costs.

“We have three massivecooling systems to keep ourbeer and lager cold, all usingsignificant amounts ofenerg y,” said head brewerAlex Arkell.

He added: “In fact poweringour cooling systems is thebiggest energy cost for the

brewery. “Our beer is an all-natural product and lookingafter the environment thatgives us the ingredients is crit-ical.

“Over the last few years wehave been working to reduceour carbon footprint.

“We first did this throughbuying ingredients more loc-ally where we can and nowharnessing the sunshine toreduce our energy costs.”

The brewery’s energy con-sumption has risen this yearas sales of its 1843 lager havetaken off. It requires a monthof cooling as opposed toA rke l l ’s real ale, which needs

just five days of cooling beforeit’s ready to drink.

The capacity of the newsystem is 37 KWpk, which isestimated to be able to produce35,261 kWh of electricity peryear, depending on the sun-shine, all of which will be usedin the brewery.

Even on a late summer af-ternoon, the panels generate18 kWh.

“Apart from it being ex-tremely rewarding to be usinga green energy source, we es-timate that we should receivepayback on the solar panelswithin five or six years,”added Mr Arkell.

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

Two Bristol firms are in therunning for an enterpriseaward for graduates with a topprize of £50,000.

Research and developmentcompany Omnidynamics wasfounded by robotics pioneersat the University of the West ofEngland.

They began the business intheir placement year duringtheir studies.

Now the company has beenshortlisted in the Lloyds BankEnterprise Awards.

The firm created Strooder, amachine which has broughtdown the cost of 3D printing,and has already sold 300u n i t s.

Also in the running is NineSix Three Ltd.

The business is a creativedesign business specialisingin identity design.

The firm also ownsSomething Good, a physicalstore selling stationary, printsmagazines and books, which

Firms up forgraduate prizeof £50,000

is soon to be rebranded asPap e r s m i t h s.

The regional winners willbe chosen in a heat at theUniversity of Exeter nextwe e k .

Then they will go on to com-pete in a national final inBirmingham on October 15.

David Beaumont, SouthWest director of SME bankingat Lloyds, said: “Three yearsinto the competition, we’restill hugely impressed withthe calibre of young busi-nesses entering.

“The South West’s shortlistjust goes to show that entre-preneurial spirit is alive andwell among students andg raduates.

“We know the challengesthat new business owners canface when turning their pas-sions into enterprises.

“It’s a pleasure to recognisethe rising stars who have over-come these difficulties.”

New solicitorpost is securedTLT has appointed Kane Kirk-bride a partner in the firm’ssocial housing team. He willbe based in the Bristol office.

Mr Kirkbride joins fromBevan Brittan where heheaded up the housing man-agement team. He has exper-ience advising registered pro-viders of social housing andlocal authorities on a widevariety of issues including ser-vice charges, enfranchise-ment, solar PV schemes andhousing management.

TLT's head of social hous-ing, Paul Butterworth said:“Kane joins TLT at an excitingtime for our social housingteam. We have had a strongyear to date and grown ournational client base.”

The year Princess YachtsInternational was established

1965

PhillipeMellier, whois the chiefexecutive ofthe De BeersGroup

OmniDynamics’GregGruzeckiand DavidGraves

servant to this company andthe wider British boat build-ing industry. This change ofroles will allow us tostrengthen and grow the busi-ness while still benefitingfrom David’s unmatched ex-perience and skill in design-ing the best motor yachts inthe world. We look forward towelcoming Philippe into thePrincess family and benefit-ing from the vast experiencehe brings from the luxurygoods and high-performancemanufacturing sectors.”

Mr King will remain a dir-


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West stocks highlighted

AEROSPACE & DEFENCEAvon Rubber 6211/2 -11/2 6671/2 4801/2B AE 4531/2 -13/4 468 376Chemring Group 228 -31/4 3193/4 187Cobham 2997/8 -11/8 3273/4 2547/8Me g gitt 482 +51/8 5721/2 4473/4QinetiQ 2203/4 +25/8 2363/4 1803/4Ro l l s - Ro yc e 1024 -7 1289 9611/2Senior 2897/8 -15/8 3151/2 2527/8Ultra Electronics 1785 -7 1971 1665

AUTOMOBILES & PARTSGKN 3563/8 +31/4 4147/8 3373/4To ro t ra k 17 301/4 163/4

BANKSB a rc l ay s 2281/8 +53/4 3061/2 2077/8Bk of Ireland 25 +3/8 303/8 163/4HSBC 6577/8 +103/4 7081/4 589Lloyds Banking Gp 75 +1/4 861/4 71Royal Bank of Scotland 3521/4 +3/4 3847/8 2951/2Standard Chartered 12331/2 +16 1564 11841/2

BEVERAGESBarr (AG) 642 +1 672 502Britvic 705 +4 7771/2 5541/2D i age o 18021/2 +171/2 20601/2 17091/2SABMiller 33571/2 +111/2 3460 2661

CHEMICALSC a rc l o 1351/2 -23/4 424 107Croda Intl 2225 +21 2738 2101Elementis 2813/8 +1 2973/4 2303/8Johnson Matthey 3200 +16 3440 2714Por vair 2745/8 +31/4 3411/2 228Synthomer 2321/4 -1/4 2913/4 2077/8Vi c t rex 1739 +7 2026 1549Zotefoams 2461/2 -2 2851/4 171

CONSTRUCTION & MATERIALSAlumasc 1271/2 1421/2 109Balfour Beatty 2411/8 +21/8 3213/8 2161/4Boot (Henry) 207 +63/4 234 173Boustead 181/2 181/2 181/2Clarke (T) 49 +1/4 851/2 463/4Costain 2933/4 +33/4 3211/4 2493/4CRH 1446 +48 1788 1343Galliford Try 1292 +9 1354 1015Gleeson MJ 352 +31/2 455 300Keller Group 910 +7 1299 844Kier Group 1703 -9 1939 1588Kingspan Group 10227/8 +15/8 11715/8 929Low & Bonar 811/4 -1/4 96 70Marshalls 1921/2 +21/2 1963/4 1521/2Morgan Sindall Gp 8351/4 +41/4 8701/2 684North Midland Const 1151/2 -2 149 105Titon 66 79 371/2

ELECTRICITYDrax Gp 637 +8 8221/2 595SSE 1488 -6 1595 1300

ELECTRONIC & ELECTRICAL EQDialight 9471/2 +29 1390 700Domino Printing Sci 585 -31/2 863 576Eurodis Electron 1 1 1Halma 6361/2 +91/2 6361/2 528Laird 3001/4 +51/8 330 217Morgan Advanced 3187/8 -1 365 285Oxford Instruments 1172 +17 1814 1155Re n i s h aw 1665 -4 2223 1470Ross Group 13/8 13/8 3/4Spectris 1984 +12 2561 1904TT Electronics 1693/4 +1/4 2223/4 166Vo l ex 831/4 +3/8 1273/4 76Xaar 4175/8 -63/8 1162 4175/8XP Power 1567 -41/2 1775 1316

EQUITY INV INSTRUMENTSAberforth Smaller Cos 1090 -1 1232 9641/2Alliance Trust 4553/8 +13/8 4617/8 4221/2Bankers IT 573 -1 595 550BlackRock Wld Mining 4803/4 +61/4 5181/2 4301/8British Assets Trust 1381/4 1433/4 1313/4British Emp Secs&Gen 509 +11/2 509 473Caledonia Investment 2145 -29 2280 1765City of London IT 3831/4 +13/4 3891/4 3541/4Dexion Absolute 1717/8 +5/8 172 1471/4Edinburgh Inv Tst 6131/2 +2 621 563Electra Private Equity 2700 -14 2775 2176Fidelity Euro Value 1533/4 +21/4 161 144Fo re i g n & C o l o n i a l 3957/8 +35/8 3957/8 360JP Morgan Japan IT 2243/4 +23/8 2531/2 200JPM Euro IT Gwth 2193/8 +45/8 240 201Mercantile IT 1467 1664 1354Merchants Trust 501 +2 524 4757/8Middlefield Canadian 1151/8 +15/8 1153/4 921/2Monks Inv Tst 3861/4 +21/2 4047/8 363Murray Income Tst 783 +12 806 7351/2Murray International Tst 1117 +10 1151 921North American Inc 8413/4 +13/4 877 7651/2Perpetual Inc&Grwth 3767/8 -1/8 394 3453/4RIT Cap Partners 1371 +2 1371 1215Scottish Inv Tst 6011/2 +51/2 6061/2 5661/2Scottish Mortgage 2321/2 +15/8 2321/2 1773/4SVG Capital 419 +1 466 374Temple Bar IT 1262 -1 1285 1160Templeton Emerging Mkts 616 +91/2 616 4931/2

Witan Inv Tst 710 -1 724 614

FIXED LINE TELECOMSBT Group 3873/8 +21/8 4181/8 3405/8Cable & Wire Comm 493/8 -1/8 573/8 391/4Colt Group 1437/8 +7/8 1537/8 1107/8KC O M 971/2 -1/2 1051/8 88Talktalk Telecom 301 -43/4 3331/8 2415/8Telecom Plus 1445 -4 1929 1179

FOOD & DRUG RETAILERSG re g g s 539 -8 572 415Morrison (Wm) 1751/4 +11/4 3021/2 1651/2Sainsbury (J) 2963/4 +21/8 4145/8 2891/2Te s c o 2325/8 +13/4 3781/4 2251/2Th o r n t o n s 1041/2 +1/2 167 771/4

FOOD PRODUCERSAnglo-East Plantations 6501/2 +3 722 620Assoc Brit Foods 2878 +15 3125 1805Carr's Milling 1667 -511/2 1918 1411C ra n sw i c k 1320 -25 1365 1055Dairy Crest Group 4131/4 -31/2 5601/2 4041/4D ev ro 246 +11/4 338 210Glanbia 9217/8 -3/8 9533/4 7397/8Greencore Gp 2705/8 +11/8 301 137Kerry Group A 46131/4 +437/8 45893/8 34483/4Premier Foods 441/4 +3/4 1851/2 381/4REA Hldgs 4381/2 +51/2 4871/2 3591/4Tate & Lyle 6951/2 +1 821 624U n i l eve r 2700 +20 2726 2306

FORESTRY & PAPERMondi 1039 +21 1123 9041/2

GENERAL FINANCIAL3i Group 3925/8 -2 4351/4 3415/8Aberdeen Asset Mgt 439 +31/4 500 3631/4Brewin Dolphin 2901/4 -41/2 3561/4 263Close Bros Group 1380 +10 1470 1082Guinness Peat 311/2 35 283/4Hargreaves Lansdown 1073 -66 1549 9781/2Henderson Group 2311/8 +3/4 2701/4 1751/2ICAP 380 +17/8 4583/4 3423/4IG Group 608 -1/2 6521/2 5601/2Intermediate Capital 4111/2 +15/8 4963/4 3723/4I nve s t e c 560 +4 560 3841/4IP Group 2181/2 +1/2 2247/8 1321/2London Stock Exchange 2060 -11 2071 1510Man Group 1221/4 +13/4 1261/8 783/8Pa rago n 3547/8 +1 4183/4 3091/2Provident Finl 2133 -7 2284 1549Rathbone Brothers 2045 -5 2166 1479S c h ro d e r s 2466 +13 2727 2213Schroders NV 1907 +9 2217 1751Tullett Prebon 2745/8 +31/8 3957/8 239World Trade Systems 41/2 41/2 41/2

GENERAL INDUSTRIALSBritish Polythene 619 +2 7371/2 560RPC 564 -11/2 6581/2 4461/8Smith (DS) 2901/4 +27/8 3551/4 2583/4Smiths Group 1318 +3 1525 1224

GENERAL RETAILERSA l exo n 27/8 27/8 27/8Ashley (L) 251/2 +1/8 281/4 221/2Beale 131/8 131/4 81/4Brown (N) 4431/8 -43/8 599 4027/8Caffyns 575 650 415Carpetright 506 -1 696 4941/4Dar ty 831/2 -1 132 68D eb e n h a m s 68 +3/4 1113/4 613/4Dignity 1465 +3 1531 1300Dixons Carphone 364 -63/8 3703/8 2213/4Dunelm Group 880 -14 1014 7631/2Euro Home Retail 21 21 21Findel 2421/2 +1/2 320 2261/2Flying Brands Units 21/2 41/2 21/8French Connection 611/4 -3/4 92 283/4Halfords 4773/4 +13/4 5111/2 3701/2Home Retail 1863/8 +1/4 2231/4 1521/2Howden Joinery Gp 363 +43/4 3921/8 2847/8I n c h c ap e 6741/2 +61/2 6891/2 5561/2JD Sports Fashion 4011/4 -13/4 4561/4 2391/4Kingfisher 307 +1/4 4441/4 2953/8L o o ke r s 139 -1/2 150 1151/4Mallett 46 -1 841/2 46Marks & Spencer 4411/4 +43/4 5131/2 4165/8Moss Bros Group 971/2 -3/4 1241/2 671/2M o t h e rc a re 2493/4 4471/2 138N ex t 7180 +5 7185 4940Pe n d rago n 321/4 +1 393/4 271/4Signet Jewelers 7176 +9 7176 4299Ted Baker 1879 -36 2327 1660Topps Tiles 114 152 801/2WH Smith 1160 +9 1227 818

HEALTH CARE EQPMNT & SERVBioquell 971/2 +11/2 155 901/2Consort Medical 915 -2 1084 8421/2Smith & Nephew 1047 -4 1100 7471/2Synergy Healthcare 1514 +4 1519 995UDG Hlthcare 3463/4 +31/4 373 294

HOUSEHOLD GOODSAga Rangemaster 151 -1/2 188 1191/2Barratt Developments 3623/4 +3/8 4513/4 3021/8B e l l way 1616 +30 1691 1258

Berkeley Grp Hldgs 2397 +6 2780 2015Bovis Homes 8551/2 +181/2 9431/2 7001/2G a s ke l l 21/4 21/4 21/4Headlam Group 4263/4 +41/2 4921/4 370McBride 89 -3/4 1261/4 883/4Pe r s i m m o n 1350 +19 1471 1061Reckitt Benckiser 5370 +25 5370 4269Re d ro w 286 +73/4 3441/2 227Taylor Wimpey 1135/8 +1/8 131 97Vi c t o r i a 226 +21/2 4621/2 145

INDUSTRIAL ENGINEERINGAssoc Brit Engineering 135 150 120B o dyc o t e 710 +4 8281/2 596Castings 470 -10 520 4121/2Fe n n e r 3611/2 +2 485 3277/8G o o dw i n 3600 4250 2960Hill & Smith 562 -71/2 5691/2 436IMI 1326 -3 1608 1326Molins 138 194 136Re n o l d 573/4 -1/2 673/4 333/4Rotor k 2837 +46 2894 2352S eve r f i e l d - Ro we n 611/4 +3/4 651/2 531/2Spirax-Sarco 2945 -28 3101 2561Tex Hldgs 92 991/2 69Tr i f a s t 112 +1 131 66Vitec Group 606 -1/2 726 5511/2Weir Group 2761 +55 2761 2050

INDUSTRIAL METALSFirst Quantum Minerals 1364 +22 1462 964

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

LEISURE GOODSGames Workshp Grp 571 -4 8231/2 4761/4H o r n by 67 -3 851/2 591/2Photo-Me 1353/4 +1/4 1491/2 98

LIFE INSURANCEAv iva 529 +3 534 391Friends Life Gp 3121/2 +23/4 3825/8 277Hansard Global 931/2 -11/2 121 811/2Legal & General 2431/4 +15/8 2431/2 1861/2Old Mutual 2033/4 +11/4 2093/8 1711/8P ru d e n t i a l 14531/2 -1/2 1454 1121St James Place 720 -41/2 8791/2 601Standard Life 3861/8 +23/4 4033/8 3331/4

MEDIA4imprint 7493/4 +43/4 752 5343/4Bloomsbury Pub 175 -11/2 1881/2 142BSkyB 8841/2 +11/2 950 785Centaur Media 603/4 +11/2 76 411/4Chime Comms 313 -31/2 3741/4 3001/4City of London Group 211/4 661/2 171/4C re s t o n 111 115 81Daily Mail A 880 +71/2 1073 749Euromoney Instl Inv 1116 +6 1388 1014Future 83/8 -3/8 191/8 57/8Haynes Publishing 180 -11/2 225 175Huntswor th 491/2 -11/4 72 393/8Indep News&Media 101/2 15 33/4Informa 524 5731/2 4703/4ITE Group 203 +25/8 3221/4 1891/2ITV 2191/8 +5/8 2191/8 1691/2Johnston Press 37/8 -1/8 29 31/2M o n ey s u p e r m a r ke t . c o m 1953/8 -5/8 200 1423/8Pe a r s o n 1103 -5 1365 998Quarto Group 1411/2 175 1401/2Reed Elsevier 999 +61/2 999 8051/2R i g h t m ove 2452 -28 2805 2079STV Group 370 -9 379 215Tarsus Group 2085/8 -1/8 2521/4 1961/2Trinity Mirror 209 -31/4 2331/2 121United Business 6321/2 -21/2 7461/2 596UTV 2063/4 +1/4 2633/4 180Wilmington 2027/8 +15/8 290 185WPP 1285 +9 1383 1175

MININGAnglesey Mining 23/4 63/8 25/8Anglo American 1580 +18 1648 12261/2Anglo Pacific Res 1631/2 +1 233 160Antofagasta Hldgs 7921/2 +11/2 959 7461/2Aquarius Platinum 231/4 -3/4 523/4 193/4Avocet Mining 75/8 +1/4 191/4 7BHP Billiton 1891 -29 2096 17541/2Bisichi Mining 102 125 91Coalfield Res 61/4 65/8 5Ka z a k h my s 3025/8 -43/8 354 1711/2Ke n m a re 111/4 -1/2 291/8 9Lonmin 230 -15/8 3523/4 2127/8Randgold Res 4955 -36 5235 3608Rio Tinto 32551/2 +19 36271/2 29571/2Vedanta Res 1082 +22 1194 775

MOBILE TELECOMMUNICATIONSI n m a r s at 717 +17 771 666

Vodafone Group 2093/4 +3/4 2521/4 189

NONLIFE INSURANCEAdmiral Grp 1264 -61 1575 1195Amlin 4441/4 -71/2 4903/4 3761/4B e a z l ey 2591/4 -3/4 2801/4 2003/4Catlin Group 520 +11/2 5861/2 468H i s c ox 652 +21/2 735 6241/2Jardine Lloyd Thom 1040 -10 1095 8911/2RSA Ins Gp 463 -1/2 6451/2 963/4

OIL & GAS PRODUCERSBG Group 12321/2 +241/2 13511/2 10081/2BP 4833/4 +61/2 5237/8 4321/4Cairn Energy 1775/8 -23/8 2893/8 1511/4Dragon Oil 590 -1 6321/2 5471/2For tune 95/8 +1/8 14 77/8JKX Oil & Gas 461/4 +1 75 36Premier Oil 3481/4 +1/4 368 2681/8Royal Dutch Shell A 24481/2 +71/2 2453 1987Royal Dutch Shell B 2556 +11 2592 20771/2Soco International 418 +43/4 4743/4 3821/8Tullow Oil 7311/2 -11/2 1080 704

OIL EQUIPMENT & SERVICESAMEC 1117 -3 1262 1020Hunting 893 +31/2 9171/2 731Pe t ro f a c 1129 -1 1478 1076Wood Gp(J) 769 -111/2 835 6341/2

PERSONAL GOODSA bb eyc re s t 11/2 11/2 11/2Burberry Gp 1474 +19 1667 1374C re i g h t o n 51/4 6 33/4Lambert Howarth 181/2 181/2 181/2PZ Cussons 374 -7/8 4321/2 3371/8Worthington Group 201/4 -7 353/4 3

PHARMA & BIOTECHArk Therapeutics 1/2 5/8 1/4A s t ra Z e n e c a 4577 +36 48231/2 3113B TG 6581/2 +51/2 661 3651/4Dechra Pharms 728 -3 7461/2 657G e nu s 1144 +9 1450 940G l a xo S m i t h K l i n e 1467 +121/2 16901/2 1377Hikma Pharmaceuticals 1716 -3 1817 1027Oxford Biomedica 31/2 33/4 15/8S h i re 4939 +26 4996 2381S k ye P h a r m a 3063/4 +1/2 3163/4 781/4Source Bioscience 121/8 14 91/4Ve c t u ra 1351/4 -11/4 170 102

REAL ESTATEBig Yellow Gp 536 +91/2 5711/2 4143/4Bolton Group (Intl) 15/8 15/8 15/8British Land 731 +8 7321/2 549Capital & Regional 50 +11/4 521/4 391/2Cardiff Property 1035 1050 8171/2CLS 1326 +10 1450 1150Daejan Hldgs 4925 +63 5125 3652Derwent London 2833 +41 2843 2274Development Secs 212 +5 2671/4 1881/2G ra i n ge r 2085/8 +5 248 1691/2Great Portland Est 655 +5 6721/2 5191/2Hammerson 613 +21/2 615 4861/4Helical Bar 3333/4 +21/2 400 2661/4Highcroft Invs 845 845 660Intu Properties 3451/4 +13/4 3475/8 282Land Securities 1077 +10 1105 881London & Assoc Prop 471/4 -3/4 60 323/4McKay Secs 224 +1 232 156Mountview Estates 8100 +25 8825 6075Mucklow (A & J) 465 -3 542 417Primary Health Props 3481/4 +1/2 370 313Quintain Est & Dev 88 +1 1071/4 83S av i l l s 6381/2 -31/2 6791/2 5711/2Schroder Real Est 351/4 351/4 351/4S E G RO 371 +1/4 3783/4 2901/4Shaftesbur y 689 +41/2 6931/2 5791/2Smart (J) 96 -11/2 1091/2 831/2St Modwen Props 369 -13/4 418 297Stewart & Wight 505 526 480Town Centre 240 -5 265 194TR Property IT 2671/4 +1/4 274 2061/2Unite Group 4385/8 +15/8 456 356

SOFTWARE & COMP SERVAnite 94 +1/2 1231/2 76Aveva Group 2144 +61 2650 1895B.S.D Crown 263/4 -1/4 62 261/2DRS Data & Research 163/4 28 161/2Electronic Data Proc 751/2 86 67Fidessa Gp 2265 +8 2615 1895Gresham Computing 116 -1 1401/2 111Innovation Group 303/4 +1/4 361/2 281/4M i c ro ge n 124 1391/2 120Pa r i t y 197/8 +1/4 391/4 153/4RM 139 151 811/2Sage Group 4011/2 +21/2 4351/2 3127/8SDL 3271/4 -2 4031/2 252Triad Group 13 151/4 75/8

SUPPORT SERVICESAcal 231 -2 403 211A g g re ko 1706 +3 1774 1442Ashtead Gp 1022 +351/2 1022 588Atkins (WS) 1389 -4 1502 1110Babcock Intl 1122 +4 1471 1060

B e re n d s e n 1075 -9 1128 875B ra m m e r 421 -2 5011/2 403Bunzl 1684 +20 1690 1295Capita Group 1232 +12 1235 9591/2Carillion 3341/4 -61/4 3827/8 2881/4C o m mu n i s i s 653/4 -11/4 741/4 521/4Connect Group 158 -1 2473/4 1381/2DCC 3560 -2 3669 2467De La Rue 7331/2 +101/2 1046 7101/2Diploma 686 -4 775 6001/2E l e c t ro c o m p o n e n t s 2475/8 +25/8 302 2297/8E s s e n t ra 8691/2 915 713Experian 1075 +22 1270 9681/2G4S 2673/8 +1/2 2731/2 228Harvey Nash 1111/2 +23/4 124 84H ay s 1323/4 -1/8 156 1063/4Homeser ve 3191/4 +1 3507/8 2283/4Hyder Consulting 735 -2 740 396Interser ve 665 +81/2 745 555Intertek Group 2813 -5 3393 2533Jar vis 485 485 93/8Journey Group 152 1631/2 1261/2L a t ch wa y s 990 14071/2 945L ave n d o n 1971/4 +21/2 246 165Litho Supplies 5 5 5Macfarlane Grp 391/4 -1/4 49 331/2Management Cons 26 -1/2 291/2 203/4Mears Group 466 5391/2 3981/2Menzies (J) 623 +8 8411/2 6021/2MICE Group 6 6 6Michael Page Intl 449 -31/2 507 4181/2MITIE Group 3163/4 +1/4 3455/8 2837/8Nor thgate 512 -5 6151/2 3931/4Office2office 481/2 563/4 203/4Pay p o i n t 1067 -13 1196 999Premier Farnell 1981/2 +2 2401/2 1777/8Re g u s 1731/2 -1/4 2341/2 1703/8Rentokil Initial 1265/8 +1/4 1331/8 1011/2Ricardo 644 +2 7911/2 4803/4Robert Walters 3113/8 +1/8 360 2771/4RPS Group 2865/8 +5/8 3595/8 241Serco Group 3123/4 -3 5741/2 3041/4Shanks 1051/4 +1 1201/4 92SIG 1873/8 +7/8 2161/4 1641/4Speedy Hire 663/4 -1/4 821/2 493/4St Ives 2161/2 +11/4 2243/4 1601/2S Th re e 342 -1/4 4421/4 3031/2Travis Perkins 1719 -2 1982 1574Tribal Grp 177 -1/4 2061/2 158Vp 6401/2 -71/2 6891/2 4471/2Waterman Group 55 771/2 48Wo l s e l ey 3277 +15 3531 3020

TECH HARDWARE & EQUIPMENTARM Hldgs 9721/2 -131/2 1110 8331/2BATM Adv Comms 161/2 +1/4 20 141/8Bede 3/4 3/4 3/4CML Microsystems 330 +21/2 615 3271/2CSR 758 -12 8061/2 4777/8F i l t ro n i c 283/4 69 23Imagination Tech 2183/4 -1/4 3521/4 1593/4Nor thamber 37 401/2 281/2Pa c e 331 +13/8 4831/2 2491/2Plasmon 3/8 3/8 3/8Spirent Comms 104 -3/4 1343/4 857/8Vi s l i n k 451/2 +1/2 521/8 391/2

TOBACCOBritish Amer Tobacco 35681/2 +3 3603 2881Imperial Tobacco 2631 -3 2740 2174

TRAVEL & LEISURE888 Holdings 1351/4 +9 1721/2 1101/4Air Partner 3847/8 +161/2 620 315Bwin.Party Digital 951/2 +41/2 1337/8 801/8C a r n iva l 2290 +24 2600 2030Compass 9841/2 -11/2 1048 8291/2e a s y Je t 1364 +19 1827 1200Enterprise Inns 1243/4 +23/8 1681/8 114F i r s t G ro u p 1271/4 +3/4 1457/8 1111/8Fuller S.T.A. 9673/4 +283/4 1010 8701/2Go-Ahead Gp 2273 +10 2407 1509Greene King 8311/2 +71/2 925 764Intercontl Htls 2323 +24 2475 1763Intl Cons Airl 370 +51/4 4545/8 2993/8L a d b ro ke s 1373/4 +21/4 2013/4 1271/4Marston's 149 +1 1651/2 1381/4Millennium & Copth 602 +22 6151/2 543Mitchells & Butlers 4153/4 +7/8 4911/4 373National Express 2583/4 +11/4 3047/8 2473/4Paddy Power 41901/4+1033/4 50431/2 37815/8Punch Taverns 91/4 -3/4 161/2 81/2Rank Group 161 -23/4 1753/4 128Restaurant Grp 640 -10 713 518Ryanair Hldgs 5905/8 +95/8 618 4245/8Spor tech 771/2 921/4 761/2S t age c o a c h 3681/4 +33/8 3991/4 3215/8Thomas Cook 1301/8 +21/2 189 1151/4TUI Travel 369 -23/4 450 3353/8Wetherspoon (JD) 755 +1/2 882 680Wh i t b re a d 4430 +52 4487 2937William Hill 3551/4 +31/2 4311/4 3201/4

UTILITIESCentrica 3251/4 +1 4021/4 3041/2Dee Valley 1380 1605 1335National Grid 910 +71/2 910 7301/2Pennon Group 8201/2 +6 8211/2 631

Severn Trent 1980 +30 2000 1637United Utilities 8841/2 +121/2 908 6411/2

AIM1pm 701/2 -1 84 3621st Century Tech 47/8 -1/8 8 43/8600 Group 201/4 231/2 151/2A bb ey 900 900 7391/4Advanced Medical S 118 -21/2 1301/2 86Alkane Energy 375/8 +7/8 51 357/8Alliance Pharma 333/4 401/2 311/2Amerisur Resources 631/2 +1/4 661/4 421/4A m i n ex 7/8 3 5/8Andrews Sykes 365 370 262Aor tech 321/2 1311/2 30API 611/2 -71/2 801/2 611/2Ashley House 101/4 273/8 101/4ASOS 2689 -98 7050 2176Aukett Fitzroy Robinson 71/4 93/4 41/8Avanti Capital 60 150 40Avesco Gp 116 235 961/2Bailey (CH) 155 204 1421/2BCB Holdings 133/4 17 13Berkeley MineralRe s o u rc e s

21/8 + 21/2 11/4

Best of the Best 72 981/2 49Billington Hldgs 150 150 941/2Braime (TF & JH) 'A' N/Vtg

595 625 5421/2

Capital Mngt & Inv 190 270 175Castleton Tech 13/8 + 11/2 1/2Celtic 751/2 791/2 627/8Chamberlin 92 112 681/2Clean Energy Brazil 1/4 71/2 1/4Clear Leisure 13/8 31/4 13/8Coal of Africa 35/8 -1/8 91/4 23/4Colefax 335 4071/2 2821/2Concurrent Tech 44 481/2 361/2Connemara MiningC o m p a ny

31/4 51/4 21/4

CPL Resources 5471/2 6421/2 5021/2Crimson Tide 15/8 13/4 11/8Cropper (J) 4121/2 425 310Daisy Gp 1861/2 -41/8 204 135Dart Group 220 +1 3001/2 190Densitron Tech 61/8 -1/8 75/8 5D ew h u r s t 425 525 425Dewhurst A 295 -10 345 2721/2Dillistone Group 1051/2 1241/2 88Dolphin Capital Investors 351/2 +1/2 411/2 35Ebiquity 120 135 1181/2E c ko h 46 461/2 221/8Eco Animal Health 1681/2 222 1611/2Egdon Resources 233/4 -1/4 355/8 73/4Eleco 22 -1/4 291/2 183/8Faroe Petroleum 105 153 104Fe e d b a c k 13/8 15/8 5/8FII Group 63/4 63/4 63/4Finsbury Food 62 773/4 471/2Fletcher King 511/2 53 301/2Forbidden Technologies 22 -1/4 363/4 161/2Futura Medical 563/4 +1 80 501/2F y f fe s 823/4 -1/4 111 631/2Global Energy 431/2 1011/2 421/2Gooch & Housego 717 +411/4 7341/2 5171/2G ra fe n i a 215/8 23 123/8Great Eastern Energy 125 200 1231/2Green Compliance 1 21/8 7/8Griffin Mining 373/4 -13/8 411/4 28GW Pharmaceuticals 436 -93/4 5231/2 691/2Havelock Europa 233/8 241/8 161/2Hayward Tyler 79 +21/2 931/2 45Heavitree Brewery 330 3371/2 325Heavitree Brewery A 1771/2 1821/2 1771/2Helios Underwriting 153 159 1161/2Highland Gold Mining 671/4 -11/2 833/4 561/4Hydro Intl 105 1311/2 1031/2I S Solutions 54 -1/2 711/2 421/2Independent Res 21/8 85/8 21/8I n d i go Vi s i o n 475 520 2871/2Interior Services 3191/2 +2 3331/2 1961/2Iomar t 2801/8 -3/8 319 2061/8James Halstead 2901/4 +71/2 3343/4 2601/4Jelf Group 1233/8 +1/2 1331/2 841/2Johnson Service 61 -11/2 64 483/4Latham (J) 4921/2 -71/2 5221/2 3571/2Leed Petroleum 1/8Lok'n Store 215 2281/2 1471/2London Capital 243/4 +1/2 371/4 201/2London Security 2350 2625 1750M&C Saatchi 254 +33/4 3353/8 2351/4Majestic Wine 408 +53/4 590 386Mercer Resources 5/8 13/8 5/8Metro Baltic Horizons 12 241/2 10M i ra d a 121/4 181/2 9Miton Group 373/4 -1/4 513/8 311/2MS Intl 1991/2 2111/2 170Mulberry Group 7551/2 +51/2 1075 6361/2Nanoco Group 1151/4 1841/4 86Nasstar 83/8 115/8 61/8Nationwide Accid Repair 691/2 +21/2 901/2 481/2Netcall 621/4 +1 63 391/2Next 15 Comms 1271/2 131 711/2Nichols 9831/2 -21 1237 9191/2Nighthawk Energy 10 +1/8 141/4 73/8North River Resources 7/8 7/8 1/2Northern Bear 583/4 591/2 171/2Numis Corp 246 -7 3443/4 217

Optimal Payments 4853/4 -1/4 510 216

Ottoman Fund 301/2 +1 471/2 251/2

O xe c o 261/2 +1/2 311/4 93/4

Panmure Gordon & Co 1341/2 1771/2 1341/2

Panther Securities 3421/2 350 305

Patagonia Gold 71/2 -3/8 151/2 71/4

Paternoster Res 1/4 3/8 1/4

Penna Consulting 1281/2 135 831/2

Pennant Intl 851/2 +1 1001/2 73

Personal Group 535 -5 571 380

Petra Diamonds 181 -3/4 2165/8 1071/2

Petrel Resources 63/4 -1/2 171/2 63/4

Pittards 125 +1 2021/2 100

Polo Resources 121/8 -5/8 245/8 97/8

Por tmeirion 875 -71/2 8971/2 6821/2

Prime Active Cap 63/4 12 5

Prime People 93 100 71

Pro Global Ins Sols 11 241/2 11

P ro g i l i t y 93/8 -1/8 107/8 43/4

Publishing Technology 190 6221/2 160

Pursuit Dynamics 35 391/2 191/2

Qihang Eqpt 51/2 63/4 51/2

Qonnectis 341/2 56 311/2

Rangers Intl 243/4 54 22

Real Good Food 291/2 +1 713/4 261/4

Redhall Group 161/2 603/4 161/2

Renew Holdings 2921/2 2921/2 1241/4

RGI International 1103/8 -5/8 1321/4 911/8

Rockhopper Exploration 921/2 1581/2 86

RTC Group 36 -2 421/2 141/2

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

S a fe l a n d 441/2 +1/2 45 181/4

Sagentia Gp 1251/2 1611/2 124

Scapa Group 131 -7 1471/2 83

SciSys 911/2 95 66

Secure Property Dev &I nv

62 701/4 59

Services Power Tech 71/8 77/8 35/8

Ser voca 113/4 163/4 31/2

Sinclair (Wm) 69 -1/2 1311/2 51

Sirius Minerals 113/4 -3/4 151/2 6

Slingsby (HC) 400 4371/2 315

Software RadioTechnolog y

26 -1/2 347/8 191/4

Sopheon 591/2 -1/2 1041/2 591/2

S t at p ro 84 951/2 79

Sterling Energy 271/8 56 257/8

Stilo International 35/8 +1/8 43/8 3

Sutton Harbour 33 34 231/2

S wa l l ow f i e l d 951/2 1091/2 78

Synetics 3771/2 615 329

Taliesin Property 1940 +21/2 20771/2 15721/2

Ta s t y 104 1231/2 901/2

Telford Homes 3291/2 -11/2 375 2671/4

Telme Group 1521/2 +2 163 113

Ten Alps 3/4 11/4 3/4

Thorpe (FW) 1321/4 +33/4 145 1061/4

Total Produce 79 100 651/2

Trakm8 Hldgs 74 -2 92 17

Transense Techs 57/8 +5/8 101/8 41/2

Turbo Power Systems 3/8 5/8 3/8

Ultima Networks 7/8 1 1/2

U n iv i s i o n 3/4 7/8 5/8

URU Metals 13/4 23/4 11/8

Ve r n a l i s 441/2 +1/4 441/2 251/8

Vertu Motors 57 +1 661/2 501/4

VPhase 1/8

Walcom Group 13/4 3 13/4

Walker Greenbank 1911/2 +1/2 2151/2 1361/2

Weather Lottery 1/8 1/4 1/8

West African Diamonds 11/2 + 23/8 1

W YG 110 +11/2 1161/2 931/8

Wynnstay Group 5991/2 -11/2 681 5571/2

Wynnstay Props 325 3471/2 275

Young Brewery A 960 -271/2 10971/2 915

Young Brewery N/Vtg 740 850 655

Zincox Resources 117/8 -1/8 241/2 10

Zoo Digital 73/4 14 53/8

BRITISH FUNDS

Consol 21/2% 63 -2 3/32 642 9/32 561/16

Consol 4% 971 9/32 -1 7/32 1011 7/32 902 5/32

Conv 2.5% 881 5/32 -15/32 911/4 773/8

Tres 21/2% 632 7/32 -7/8 66 561 5/32

War Ln 31/2% 915/32 -1 3/16 941/8 791 3/32

Tres 8% 15 1093/8 -1/32 1162 3/32 1093/8

Tres 21/2% IL 16 3341 7/32 -1/32 3432 3/32 3343/16

Tres 83/4% 17 1212 9/32 -1/8 1282 9/32 1212 7/32

Tres 8% 21 1372 1/32 -1/4 1412 3/32 1352 1/32

Tres 5% 25 1233/8 -1 3/32 1241 7/32 1161 1/16

Tres 6% 28 1391/8 -9/16 1402 3/32 1291 1/16

Tres 41/4% 32 1195/32 -1 9/32 1202 9/32 1091/4

Business 04 September 2014

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Transcript of Business 04 September 2014