London Finance
& Investment Group P.L.C.
(the ‘Company’)
Unaudited Interim
Results for the six months ended 31st December 2016 and dividend declaration
The Company today announces its unaudited interim results and
dividend declaration for the six months ended 31st
December 2016 (the ‘Interim
Statement’).
Chairman’s Statement
Introduction
As an investment company our target is to achieve growth in
shareholder value in real terms over the medium to long term.
In the short term our results can be influenced by overall stock
market performance, particularly the valuation of our Strategic
Investments. We continue to believe that a combination of
Strategic Investments and a General Portfolio is the most effective
way of achieving our aims. Strategic Investments are
significant investments in smaller UK quoted companies where we
have expectations of above average growth over the medium to longer
term and these are balanced by a General Portfolio which consists
of investments in major U.S., U.K. and European equities.
At 31st December 2016,
we held two Strategic Investments: Western Selection P.L.C., and
Finsbury Food Group plc. Detailed comments on our Strategic
Investments are given below.
Change in
accounting policies
The Board have decided to early adopt IFRS 9 with effect from
this accounting period, and the comparatives in the income
statement have been restated to reflect the resulting change in
accounting policy. Strategic investments are a fundamental
part of the Company’s investment strategy to secure long term
capital appreciation and by their very nature the investments are
largely illiquid. Consequently the directors have elected to
present the unrealised changes in value of these specific
investments as part of other comprehensive income as it better
reflects the underlying performance of the Company within its
primary statements. This does not change the basis of
valuation or the amounts reported in the statement of financial
position. The effect of the change in accounting policy is
further described in Note 1 below.
Results
Our net assets per share increased 5.6% to 64.9p at
31st December 2016 from
61.4p at 30th June 2016. Our Strategic
Investments, adjusting for the disposal of part of the investment
in Finsbury Foods, which realised a profit of £1,862,000, increased
in value by 8% during the period. Our General Portfolio
increased by 4.5%, compared with increases of 9.8% and 10.3% in the
FTSE 100 index and the FTSEurofirst 300 Index respectively, over
the half year. At the close of business on
15th February 2017, our
net asset value was 66.1p per share.
The Group profit before tax for the half year was £2,171,000
compared to a restated profit of £1,586,000 for the same period
last year. The main differences between these two periods
being in the amounts recognised as: profit realised from the
disposal of part of the investment in Finsbury Food, and the
unrealised changes in the value of General Portfolio
investments. Our profit after tax and minority interest was
£1,815,000 (2015: £1,315,000 restated) giving earnings per share of
5.8p (2015: 4.2p restated).
Strategic Investments
Western Selection P.L.C.
(“Western”)
The Group owns 7,860,515 Western shares, representing 43.8% of
Western’s issued share capital.
On 10th February 2017,
Western announced a profit after tax of £455,000 for its half year
to 31st December 2016 and
earnings per share of 2.5p (2015: earnings per share of
0.4p). Western’s net assets at market value were £15,018,000
equivalent to 84p per share, an increase of 6.3% from 75p at
30th June 2016. Western has announced an interim
dividend of 1.1p per share (2015: 1.05p per share).
The market value of the Company’s investment in Western at
31st December 2016 was
£3,694,000 representing 18% of the net assets of Lonfin. The
underlying value of the investment in Western, valuing Western’s
own investments at market value, was £6,578,000 (30th
June 2016: £6,227,000).
I am the Chairman of Western and Mr. Michael Robotham and Mr Edward Beale are Non-Executive
Directors.
Western’s principal core holdings are in Northbridge Industrial
Services plc, Swallowfield plc, Bilby Plc and Tudor Rose
International (previously Hartim Limited). Extracts from
Western's announcement, on 10th February 2017, on its core holdings are set out
below:
Northbridge Industrial Service plc
(“Northbridge”)
Northbridge hires and sells specialist industrial equipment to a
non-cyclical customer base. With offices or agents in the
U.K., U.S.A., Dubai, Germany, Belgium, France, Australia, New
Zealand, Singapore,
Brazil and Korea, Northbridge has
a global customer base. This includes utility companies, the
oil and gas sector, shipping, construction and the public sector.
The product range includes loadbanks, transformers, generators,
compressors, loadcells and oil tools. Further information
about Northbridge is available on its website:
www.northbridgegroup.co.uk
Northbridge’s latest results, for the half year to
30th June 2016, showed a
loss after tax of £2,338,000 for the period (2015: loss after tax
of £1,936,000). No interim dividend was declared (2015: 1p
per share).
Western owns 3,223,632 Northbridge shares, representing 12.45%
of [Northbridge’s issued share capital. The market value of
this investment at 31st December
2016 was £3,546,000 (30th June 2016: £2,772,000), representing 24% of
Western’s assets.
I am a Non-Executive Director of Northbridge.
Swallowfield plc (“Swallowfield”)
Swallowfield is a market leader in the development, formulation,
manufacture and supply of cosmetics, toiletries and related
household products for global brands and retailers operating in the
cosmetics, personal care and household goods market. Further
information about Swallowfield is available on its website:
www.swallowfield.com
Swallowfield announced its annual results to 25th
June 2016 in September 2016 showing a profit after tax of
£2,001,000 compared to a profit of £746,000 for the prior
year. We received a dividend from Swallowfield during the
period of £52,000 (2015: £37,383).
In September 2016, we disposed of
200,000 Swallowfield shares for £520,000 (before selling expenses)
and in November 2016 we disposed of a
further 50,000 shares for £135,000 (before selling expenses).
The market value of the Company’s holding of shares in Swallowfield
on 31st December 2016 was
£4,550,000 (30th June
2016: £3,570,000), representing 30% of the Company’s
assets.
In January this year, we disposed of a further 120,000
Swallowfield shares for £318,000 (before selling expenses). Western
now owns 1,630,000 Swallowfield shares (representing 9.66% of
Swallowfield’s issued share capital).
Mr Edward Beale is a
Non-Executive Director of Swallowfield.
Bilby Plc
Bilby is an established, and award winning, provider of gas
installation, maintenance and general building services to local
authority and housing associations across London and South East England. They have
a strategy of growing organically and by acquisition. Further
information about Bilby is available on their website:
www.bilbyplc.com
Bilby announced its interim results for the six month period to
30th September 2016 on
16th December 2016 showing
a loss after tax of £833,000. Bilby paid a final dividend of
2.00p per share in September 2016
which provided us with income of £47,000 and an interim dividend of
0.25p per ordinary share has been paid in February 2017 which provided us with further
income of £6,000.
At 30th June 2016,
Western owned 2,337,088 Bilby shares. Further investments of
£32,000 for 62,912 Bilby shares, and £58,000 for 100,000 Bilby
shares, were made in December 2016
and February 2017 respectively.
Western now holds 2,500,000 Bilby shares which represents 6.3% of
Bilby’s issued share capital. The market value of the
Company’s holding in Bilby on 31st December 2016 was £1,344,000 representing 9% of
the Company’s assets.
Tudor Rose International Limited
(previously Hartim Limited) (“Tudor Rose International”)
Tudor Rose International works closely with a number of leading
UK branded fast moving consumer goods companies, offering a
complete sales, marketing and logistical service. Based in
Stroud, Gloucestershire, Tudor Rose International
sells into 78 countries worldwide including USA, Spain,
Portugal, Italy, Czech
Republic, Russia,
Turkey, South Africa, Saudi
Arabia, UAE, Malaysia,
Australia and China.
Our share of Tudor Rose International’s estimated results for
the period ended 31st December
2016 is a profit after tax of £57,000 (2015 - profit
after tax of £51,000).
At 31st December 2016,
Western owned 49.5% of Tudor Rose International. The carrying
value of the Company’s equity investment in Tudor Rose
International on 31st December
2016 was £654,000 (2015: £613,000) representing 4% of the
Company’s assets. In addition, loans of £442,000 (equivalent
to a further 3% of the Company’s assets) were outstanding at
31st December 2016 from
Tudor Rose International and its executive directors.
£250,000 was repaid by Tudor Rose International in December and we
have agreed that the balance of the loan to Tudor Rose
International (£250,000) will be rolled over into preference
shares. Subsequent to the period end we have advanced an
additional £250,000 to subscribe for preference shares and agreed
to invest a further £500,000 in preference shares to support the
evolution of their business model.
Mr. Edward Beale and I are
Non-Executive Directors of Tudor Rose International.
Finsbury Food Group plc (“Finsbury
Food”)
Finsbury Food is one of the largest producers and suppliers of
premium cakes, bread and morning goods in the UK and currently
supplies most of the UK's major supermarket chains. Further
information about Finsbury Food is available on its website:
www.finsburyfoods.co.uk
In September 2016, Finsbury Food
announced audited profits on continuing operations after tax and
minority interests of £8,504,000 for the 52 week period ended
2nd July 2016 (2015:
£6,620,000). Finsbury Food paid a final dividend of 1.87p per
share which provided us with income of £112,000.
At 30th June 2016, the
Group held 8,000,000 shares in Finsbury Food representing 6.1% of
their then issued share capital. On 27th
September 2016, we sold 1,000,000
Finsbury Food shares for £1,200,000 (before selling expenses) and,
on 29th September 2016, we
sold a further 1,000,000 Finsbury Food shares for £1,250,000
(before selling expenses). The Company now holds 6,000,000 Finsbury
Food shares which represent 4.6% of Finsbury Food’s issued share
capital. The market value of our holding was £7,320,000 on
31st December 2016; this
represents 36% of the net assets of Lonfin.
Finsbury Food will be announcing their interim results in
March 2017.
Mr Beale was a Non-Executive Director of Finsbury Food until
24th November 2016.
General Portfolio
The list of investments included in the General Portfolio is set
out at the end of this announcement. We continue to hold 26
investments, having invested a net £1,492,000 in the period,
financed by funds from the sale of part of our investment in
Finsbury Food.
Lloyd Marshall
It was with great sadness that we announced on 23rd
November 2016, the death of Mr
Lloyd Marshall. He was a
highly valued member of the management team who brought a wealth of
experience, knowledge and common sense to the Company along with
strong principles.
Outlook
The Board expect to see a continuation of the volatility in
equity and currency markets and remain cautious about the remainder
of the year.
The Board has declared an interim dividend of 0.55p per share
(2015: 0.50p).
20th February 2017
D.C. MARSHALL
Chairman
Interim Dividend
The declared interim dividend is 0.55p per share (9.09791 ZAR cents) (2015: 0.50p) and will be paid
on Friday 7th April 2017
to those members registered at the close of business on Friday
17th March 2017 (SA and
UK). Shareholders on the South African register will receive their
dividend in South African Rand converted from sterling at the
closing rate of exchange on Friday 3rd February 2017 being GBP
1 = ZAR 16.54165.
In respect of the normal gross cash dividend, and in terms of
the South African Tax Act, the following dividend tax ruling only
applies to those shareholders who are registered on the South
African register on Friday 17th March 2017. All
other shareholders are exempt.
-
The dividend has been declared from income reserves, which funds
are sourced from the Company’s main bank account in the UK and is
regarded as a foreign dividend by South African shareholders.
-
The gross dividend in ZAR cents is 9.09791 cents.
-
The dividend withholding tax rate is 15% resulting in a net
dividend of 0.46750 pence
(7.73322 ZAR cents) per share to
those shareholders who are not exempt from the dividend withholding
tax.
The issued number of shares as at the declaration date is
31,207,479.
The Company’s UK Income Tax reference number is 948/L32120.
Salient dates for dividend:
Last day to trade (SA) |
Tuesday 14th March
2017 |
Shares trade ex dividend (SA) |
Wednesday 15th
March 2017 |
Shares trade ex dividend (UK) |
Thursday 16th March
2017 |
Record date (SA and UK) |
Friday 17th March
2017 |
Pay date |
Friday 7th April
2017 |
Share certificates may not be de-materialised or re-materialised
between Wednesday 15th March
2017 and Friday 17th March
2017, both dates inclusive. Shares may not be transferred
between registers during this period either.
Statement of Directors’
responsibility
The Directors confirm that, to the best of their knowledge:
- the unaudited interim results for the six months ended
31st December 2016, have
been prepared in accordance with IAS 34 as adopted by the EU;
and
- the Interim Statement includes a fair review of the
information required by DTR 4.2.7R and DTR 4.2.8R of the Disclosure
and Transparency Rules.
The Directors accept responsibility for the contents of this
Interim Statement.
Neither this Interim Statement nor any
future interim statements of the Company will be posted to
shareholders. The Interim Statement is available as
follows:
- on the Company’s website at
www.city-group.com/london-finance-investment-group-plc/;
and
- by writing to City Group P.L.C., the Company Secretary, at 6
Middle Street, London EC1A
7JA
This Interim Statement contains inside information for the
purposes of Article 7 of EU Regulation 596/2014.
For further information, please contact:
London Finance &
Investment Group P.L.C. |
+44(0) 20 7796 9060 |
Unaudited Condensed Consolidated
Statement of Profit or Loss and Other Comprehensive Income
|
Half year ended |
Year
ended |
|
31st
December |
30th June |
|
|
|
Restated |
|
Restated |
|
2016 |
|
2015 |
|
2016 |
|
£000 |
|
£000 |
|
£000 |
Operating Income |
|
|
|
|
|
|
|
|
|
|
|
Dividends received |
265 |
|
270 |
|
550 |
Rental and other income |
50 |
|
41 |
|
82 |
Profit on sales of investments,
including provisions |
1,981 |
|
1,448 |
|
1,448 |
|
2,296 |
|
1,759 |
|
2,080 |
Management service fees |
130 |
|
122 |
|
252 |
|
2,426 |
|
1,881 |
|
2,332 |
Administrative expenses |
|
|
|
|
|
Investment operations |
(190) |
|
(175) |
|
(345) |
Management services |
(168) |
|
(112) |
|
(304) |
Total administrative expenses |
(358) |
|
(287) |
|
(649) |
Operating profit |
2,068 |
|
1,594 |
|
1,683 |
|
|
|
|
|
|
Unrealised changes in the carrying
value of General Portfolio investments |
219 |
|
39 |
|
39 |
Reversal of previously recognised
unrealised changes in the carrying value of investments on sale of
General Portfolio investments |
(116) |
|
(31) |
|
(56) |
|
2,171 |
|
1,602 |
|
1,666 |
|
|
|
|
|
|
Interest payable |
- |
|
(16) |
|
(16) |
Profit on ordinary activities
before taxation |
2,171 |
|
1,586 |
|
1,650 |
Tax on result of ordinary
activities |
(350) |
|
(246) |
|
(95) |
Profit on ordinary activities
after taxation |
1,821 |
|
1,340 |
|
1,745 |
Non-controlling interest |
(6) |
|
(25) |
|
(15) |
Profit attributable
to shareholders |
1,815 |
|
1,315 |
|
1,730 |
|
|
|
|
|
|
Other comprehensive
income/(expense) –
Items that may subsequently be reclassified to profit or
loss |
|
|
|
|
|
Unrealised changes in the carrying
value of Strategic Investments |
935 |
|
3,310 |
|
4,260 |
Reversal of previously recognised
unrealised changes in the carrying value of investments on sale of
Strategic Investments |
(1,645) |
|
(1,600) |
|
(1,600) |
Deferred taxation on
above items |
142 |
|
(342) |
|
(532) |
Total other
comprehensive income |
(568) |
|
1,368 |
|
2,128 |
|
|
|
|
|
|
Total comprehensive
income attributable to shareholders |
1,247 |
|
2,683 |
|
3,858 |
Basic, Diluted and Headline
earnings per share |
5.8p |
|
4.2p |
|
5.5p |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interim dividend |
0.55p |
|
0.50p |
|
0.50p |
Final dividend |
|
|
|
|
0.55p |
Total in respect of the
year
|
|
|
|
|
1.05p |
Unaudited Condensed Consolidated
Statement of Changes in Shareholders’ Equity
|
Half year
ended |
Year
ended |
|
|
31st
December |
30th June |
|
2016 |
|
2015 |
|
2016 |
|
£000 |
|
£000 |
|
£000 |
|
Total comprehensive
income attributable to shareholders |
1,247 |
|
2,683 |
|
3,858 |
|
Dividends paid to equity
shareholders |
(171) |
|
(162) |
|
(312) |
|
|
1,076 |
|
2,521 |
|
3,546 |
|
Equity shareholders’
funds at start of period |
19,168 |
|
15,622 |
|
15,622 |
|
Equity shareholders’
funds at end of period |
20,244 |
|
18,143 |
|
19,168 |
|
|
|
|
|
|
|
|
|
|
Unaudited Condensed Consolidated
Statement of Financial Position
|
31st December |
30th June |
|
2016 |
|
2015 |
|
2016 |
|
£000 |
|
£000 |
|
£000 |
Non-current assets |
|
|
|
|
|
Tangible assets |
18 |
|
26 |
|
22 |
Principal investments:- |
|
|
|
|
|
Finsbury Food Group
Plc |
7,320 |
|
9,040 |
|
8,880 |
Western Selection
P.L.C. |
3,694 |
|
3,537 |
|
3,537 |
|
11,032 |
|
12,603 |
|
12,439 |
|
|
|
|
|
|
Current assets |
|
|
|
|
|
Listed investments |
8,836 |
|
6,040 |
|
7,125 |
Trade and other receivables |
178 |
|
232 |
|
272 |
Cash, bank balances and
deposits |
1,588 |
|
649 |
|
588 |
|
10,602 |
|
6,921 |
|
7,985 |
Total Assets |
21,634 |
|
19,524 |
|
20,424 |
|
|
|
|
|
|
Capital and Reserves |
|
|
|
|
|
Called up share capital |
1,560 |
|
1,560 |
|
1,560 |
Share premium account |
2,320 |
|
2,320 |
|
2,320 |
Unrealised profits and losses on
investments |
7,967 |
|
7,439 |
|
8,539 |
Share of undistributed
profits and losses of subsidiaries and associates |
3,647 |
|
767 |
|
1,821 |
Company’s retained realised profits
and losses |
4,750 |
|
6,057 |
|
4,928 |
Equity shareholders
funds |
20,244 |
|
18,143 |
|
19,168 |
Trade and other payables
falling due within one year |
479 |
|
256 |
|
316 |
Deferred taxation |
815 |
|
1,025 |
|
850 |
Non-controlling equity
interest |
96 |
|
100 |
|
90 |
|
21,634 |
|
19,524 |
|
20,424 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets per share |
64.9p |
|
58.1p |
|
61.4p |
Number of shares in
issue
|
31,207,479 |
|
31,207,479 |
|
31,207,479 |
Unaudited Condensed Consolidated
Statement of Cash Flow
|
Half year
ended |
Year
ended |
|
31st December |
30th June |
|
|
|
Restated |
|
Restated |
|
2016 |
|
2015 |
|
2016 |
|
£000 |
|
£000 |
|
£000 |
Profit before taxation |
2,171 |
|
1,586 |
|
1,650 |
Adjustments for non-cash and
non-operating expenses:- |
|
|
|
|
|
Depreciation charges |
4 |
|
3 |
|
9 |
Profit on disposal of non-current
investment |
(1,862) |
|
(1,409) |
|
(1,408) |
Unrealised changes in
the carrying value of General Portfolio investments |
(219) |
|
(39) |
|
(39) |
Reversal of previously recognised
unrealised changes in the carrying value of investments on sale of
General Portfolio investments |
116 |
|
31 |
|
55 |
Net interest paid |
- |
|
16 |
|
16 |
|
(1,961) |
|
(1,398) |
|
(1,367) |
Taxation paid |
(7) |
|
(5) |
|
(29) |
|
|
|
|
|
|
Changes in working capital:- |
|
|
|
|
|
Decrease/(Increase) in
debtors |
97 |
|
(15) |
|
(54) |
(Decrease)/Increase in
creditors |
(74) |
|
39 |
|
97 |
(Increase)/Decrease in current asset
investments |
(1,492) |
|
20 |
|
20 |
|
(1,469) |
|
44 |
|
63 |
|
|
|
|
|
|
Cash (outflow)/inflow on
operating activities |
(1,266) |
|
227 |
|
317 |
Investment activities |
|
|
|
|
|
Disposal of non-current
investment |
2,438 |
|
1,985 |
|
1,984 |
Net cash inflow from investment
activities |
2,438 |
|
1,985 |
|
1,984 |
Cash flows from
financing |
|
|
|
|
|
Net interest paid |
- |
|
(16) |
|
(16) |
Drawdown of loan facilities |
- |
|
(1,500) |
|
(1,500) |
Equity dividends paid |
(172) |
|
(162) |
|
(312) |
Net cash outflow from
financing |
(172) |
|
(1,678) |
|
(1,828) |
|
|
|
|
|
|
Increase in cash and cash
equivalents |
1,000 |
|
534 |
|
473 |
Cash and cash equivalents at
start of period |
588 |
|
115 |
|
115 |
Cash and cash equivalents at end
of period |
1,588 |
|
649 |
|
588 |
Reconciliation of net cash flow to
movement in net debt
|
At start |
|
Cash |
|
At end of |
|
of period |
|
Flow |
|
Period |
Half year ended
31st December |
£000 |
|
£000 |
|
£000 |
2016 |
|
|
|
|
|
Cash at bank |
588 |
|
1,000 |
|
1,588 |
|
|
|
|
|
|
2015 |
|
|
|
|
|
Cash at bank |
115 |
|
534 |
|
649 |
Bank loan |
(1,500) |
|
1,500 |
|
- |
|
(1,385) |
|
2,034 |
|
649 |
Year ended
30th June 2016 |
|
|
|
|
|
Cash at bank |
115 |
|
473 |
|
588 |
Bank loan |
(1,500) |
|
1,500 |
|
- |
|
(1,385) |
|
1,973 |
|
588 |
Notes:-
1. |
Basis of
preparation:
The results for the half-year are unaudited. The information
contained in this report does not constitute statutory accounts
within the meaning of the Companies Act 2006. The statutory
accounts of the Group for the year ended 30th June 2016
have been reported on by the Company's auditors and have been
delivered to the Registrar of Companies. The report of the
auditors was unqualified. |
|
The Company has early adopted IFRS 9 in this period, and the
comparative amounts in the Unaudited Condensed Consolidated
Statement of Profit or Loss and Other Comprehensive Income have
been restated on a comparable basis. Under IFRS 9, the
Company has elected to classify its long term Strategic Investments
as financial instruments which are held at fair value with
unrealised changes in value taken directly to Other Comprehensive
Income. General Portfolio investments are held at fair value
with unrealised changes in fair value recognised in Profit or
Loss. Strategic and General Portfolio investments are quoted
investments, and their fair value continues to be calculated using
quoted prices.
This change in accounting policy has no effect on the Unaudited
Condensed Consolidated Statement of Financial Position, and moves
into Other Comprehensive Income certain amounts that were
previously recognised as Profit or Loss. Prior to this change
there were no amounts recognised in Other Comprehensive
Income. This re-categorisation has changed Profit on ordinary
activities after tax from £2,708,000 at 31st December
2015 and £3,873,000 at 30th June 2016. Basic and
Headline Earnings per Share have also been restated from 8.6p and
5.0p for the half year ended 31st December 2015, and
12.4p and 5.2p for the year ended 30th June 2016.
Other than mentioned above this report has been prepared in
accordance with the accounting policies contained in the Company’s
Annual Report and Accounts 2016. It has been prepared in
accordance with International Financial Reporting Standards, and
complies with IAS34. |
2. |
Earnings per
share:
Earnings per share are based on the profit on ordinary activities
after taxation and non-controlling interests of £1,815,000 (2015:
£1,315,000) and on 31,207,479 (2015 – 31,207,479) shares being the
weighted average of number of shares in issue during the year.
There are options outstanding over 80,000 shares. The
dilution effect of these options is negligible.
Reconciliation of headline earnings
Headline earnings are required to be disclosed by the JSE.
Headline earnings per share are based on the profit on ordinary
activities after taxation and non-controlling interests, of
£1,815,000 (2015: £1,315,000) and on 31,207,479 (2015 – 31,207,479)
shares being the weighted average of number of shares in issue
during the year. |
3. |
Going
Concern:
After making enquiries, the Board is satisfied that the Group will
be able to operate within the level of its facilities for the
foreseeable future. For this reason the Board considers it
appropriate for the Group to adopt the going concern basis in
preparing its financial statements. |
4. |
Principal risks and
uncertainties:
The principal risks and uncertainties which could impact the
Group’s long-term performance are disclosed on pages 8-9 of the
Group’s 2016 Annual Report and Accounts. The key risks and
mitigating activities have not changed from these:
- Stock
market vulnerability and economic uncertainty;
-
Possible volatility of share prices of investments;
-
Dividend income;
-
Ability to make strategic investments; and
-
Liquidity of equity investments in strategic investments. |
Composition of General Portfolio
|
|
Value |
|
|
|
|
£000 |
|
% |
British
American Tobacco |
|
453 |
|
5.2 |
Investor |
|
417 |
|
4.8 |
Schindler-Holdings |
|
407 |
|
4.6 |
Henkel |
|
405 |
|
4.6 |
Philip
Morris International |
|
377 |
|
4.3 |
Chevron |
|
371 |
|
4.2 |
Exxon |
|
365 |
|
4.1 |
Diageo |
|
357 |
|
4.0 |
Becton
Dickenson |
|
356 |
|
4.0 |
Nestle |
|
351 |
|
4.0 |
Reckitt
Benckiser |
|
337 |
|
3.8 |
Unilever |
|
332 |
|
3.8 |
Heineken |
|
329 |
|
3.7 |
Anheuser
Busch Inbev |
|
322 |
|
3.6 |
BASF |
|
318 |
|
3.6 |
3M |
|
318 |
|
3.6 |
Imperial
Tobacco |
|
315 |
|
3.6 |
L'Oreal |
|
312 |
|
3.5 |
Pernod-Ricard |
|
305 |
|
3.4 |
Procter
& Gamble |
|
272 |
|
3.1 |
United
Technologies |
|
266 |
|
3.0 |
Danone |
|
258 |
|
2.9 |
Linde |
|
257 |
|
2.9 |
LVMH |
|
248 |
|
2.8 |
ABB |
|
226 |
|
2.6 |
Brown
Forman B |
|
190 |
|
2.1 |
Givaudan |
|
186 |
|
2.1 |
Kimberley
Clark Corp |
|
185 |
|
2.1 |
|
|
|
|
|
|
|
8,835 |
|
100 |