10 The Sunday Times February 13, 2022
BUSINESS
111 Royal Mail 442.9 +13.7606.4404.1 3.8 5.1 4.3
145 S4 Capital 536.0 +25.0 870.0424.0 0.0 N.A 3.0
159 Safestore 1268.0 +3.01418.0735.5 1.6 7.2 2.7
68 Sage 685.4-25.8 853.8 558.6 2.6 26.1 7.0
192 Savills 1369.0 +20.0 1450.0 1059.0 1.7 17.6 2.0
59 Schroders 3349.0 +35.03871.0 3281.0 3.5 16.6 8.8
36 Scottish Mortgage IT 1082.5+21.01543.51014.5 0.3 2.8 15.6
38 Segro 1246.5-24.01436.5875.8 1.6 5.9 15.0
67 Severn Trent 2875.0 +43.0 2984.0 2168.0 3.5 N.A 7.2
178 Shaftesbury 600.0 -7.0669.0561.0 0.9 N.A 2.3
1 Shell 2039.0 +2.02061.5 1332.0 3.2 10.7 155.7
1 Shell 2039.0 +2.02061.5 1332.0 3.2 10.7 155.7
42 Smith & Nephew 1220.0-27.0 1600.01197.0 2.326.3 10.7
81 Smiths 1547.0 +4.01661.0 1355.5 2.439.5 6.0
147 Smithson Investment Trust 1662.0 -2.0 2025.0 1556.0 0.0 5.5 2.9
43 Smurfit Kappa 4073.0 +89.0 4305.0 3318.0 4.4 18.6 10.6
137 Softcat 1581.0+13.0 2240.0 1427.0 1.332.8 3.2
119 Spectris 3367.0 -7.0 4083.0 3017.0 2.1 17.0 3.7
57 Spirax-Sarco Engineering 12195.0 -850.0 17135.0 10710.0 1.043.8 9.0
35 SSE 1547.0 -11.51682.01301.5 5.3 6.2 16.5
175 SSP 297.1 +30.9392.4 214.3 0.0 N.A 2.4
63 St James's Place 1546.5 +35.51731.51174.0 3.2 41.0 8.4
32 Standard Chartered 558.0 +3.0 571.4410.0 1.6 13.7 17.2
123 Tate & Lyle 756.0 +39.6 815.8 629.4 4.186.6 3.5
89 Taylor Wimpey 152.0 +2.7 191.7 144.9 5.4 11.4 5.5
184 Templeton Emerging Markets IT178.0 +5.21072.0 169.8 2.1 1.7 2.1
25 Tesco 298.2 +2.6 303.4 219.3 3.1 19.9 22.8
139 Travis Perkins 1438.5 +9.5 1830.01415.0 0.822.6 3.1
109 Tritax Big Box Reit 233.6 +1.0249.0 175.9 2.4 5.5 4.4
185 Ultra Electronics 2898.0 -100.0 3370.0 1856.0 2.0 21.3 2.1
4 Unilever 3914.5 +99.5 4360.0 3516.5 2.820.0 100.2
116 Unite 1020.5 +6.01237.0948.5 0.548.9 4.1
66 United Utilities 1065.5 +30.51130.0859.2 4.197.5 7.3
140 Virgin Money UK 216.9+22.4 218.1160.3 0.5 7.9 3.1
176 Vistry 1054.0+22.51346.5842.0 3.8 11.2 2.3
17 Vodafone 138.9 +4.7 142.4106.9 5.4 N.A 37.5
136 Watches of Switzerland 1318.0 +68.01518.0 611.0 0.043.0 3.2
108 Weir 1699.0 +23.0 2046.0 1600.5 0.728.8 4.4
183 WH Smith 1660.5 +35.0 2016.0 1311.0 0.0 N.A 2.2
73 Whitbread 3243.0 +275.0 3595.0 2713.0 0.0 N.A 6.6
84 Wise 572.0 -3.01150.0572.0 N.A 258.0 5.9
100 Wizz Air 4619.0 +490.0 5565.0 3729.0 0.0 N.A 4.8
186 Worldwide Healthcare Trust 3150.0 +95.0 3960.0 2970.0 0.7 15.7 2.1
39 WPP 1214.0 +30.51224.0824.4 2.2 N.A 13.974 J Sainsbury 280.6 -7.3 340.0 221.3 3.823.7 6.5
56 JD Sports Fashion 174.7 -7.31170.0 174.7 0.2 21.1 9.0
144 Jet2 1408.5+92.51564.5938.6 0.0 N.A 3.0
128 Johnson Matthey 1779.5 -1.5 3300.01761.5 4.022.5 3.4
70 Just Eat Takeaway.com 3203.0 -198.0 7975.0 3203.0 0.0 N.A 6.9
72 Kingfisher 321.4 +8.0376.4 263.8 2.9 8.2 6.6
82 Land Securities 794.8 -0.2 813.2607.0 3.1 N.A 5.9
33 Legal & General 281.1 -5.4307.8 250.6 6.3 8.4 16.8
16 Lloyds Banking Group 54.0 +2.6 55.1 37.1 2.3 8.2 38.3
15 London Stock Exchange 7038.0 -106.0 9910.0 6502.0 1.178.9 39.2
165 Londonmetric Property 264.4 +2.2 285.2206.2 2.7 5.6 2.6
87 M&G 215.5 +1.8248.6 183.9 8.592.0 5.6
156 Man 200.0 +6.1 242.5 143.5 4.1 12.0 2.8
117 Marks and Spencer 196.7 -7.2 256.9 129.5 0.0 155.3 3.9
170 Mediclinic International 338.0+11.8 346.4275.8 0.0 21.1 2.5
85 Meggitt 748.0 -1.0 839.2 395.3 0.099.8 5.8
69 Melrose Industries 158.9+10.7 190.8 141.1 1.0 N.A 6.9
198 Mercantile Investment Trust 242.5 +1.5 291.0235.0 2.8 2.3 1.9
51 Mondi 1909.0 +54.5 2068.01719.5 2.7 18.9 9.3
157 Monks Investment Trust 1162.0 +32.0 1484.0 1108.0 0.2 3.5 2.7
14 National Grid 1095.8+21.41104.8806.4 4.527.6 39.9
197 Nationwide Building Society 182.0 -5.0 191.0164.0 0.0 N.A 1.9
22 Natwest 253.0 +7.0 253.5 171.3 2.4 12.5 28.5
48 Next 7194.0 +52.0 8426.0 7142.0 0.0 15.8 9.5
171 Ninety One 266.0 +6.4 277.4 217.0 5.1 13.3 2.5
47 Ocado 1293.5 -116.52661.0 1225.0 0.0 N.A 9.7
166 OSB 575.5+29.5 576.0409.0 3.4 9.3 2.6
110 Oxford Nanopore Technologies530.0 +28.0 716.0452.0 0.0 N.A 4.4
195 Page 595.5 +8.0680.5466.8 0.855.0 2.0
99 Pearson 638.8+29.2869.4 571.8 3.1 17.2 4.8
152 Pennon 1050.0+0.01321.0 867.8 3.385.4 2.8
83 Pershing Square 2745.0 +20.03115.0 2425.0 0.9 2.6 5.9
65 Persimmon 2449.0 +88.0 3238.0 2351.0 9.6 9.9 7.8
169 Petershill Partners 218.0 +4.5352.0 213.5 N.A N.A 2.5
190 Pets at Home 399.6 -8.0 519.0372.0 2.5 16.4 2.0
71 Phoenix 670.6+15.8 759.8623.4 7.2 N.A 6.7
193 Playtech 642.0+17.0 770.0 351.0 0.0 7.5 2.0
141 Polar Capital Technology Trust2332.0 +50.0 2750.0 2085.0 0.0 4.0 3.1
94 Polymetal International 1109.5+61.01729.0 1048.5 8.9 6.4 5.3
19 Prudential 1214.0 -6.51585.51214.0 1.0 13.0 33.3
177 Quilter 142.2 +4.5 168.9130.3 3.779.6 2.3
13 Reckitt Benckiser 5894.0 +84.0 6801.0 5391.0 3.0 N.A 42.1
182 Redrow 617.6+15.8 718.8 545.0 4.6 7.7 2.2
12 Relx 2273.0 +7.0 2424.0 1692.5 2.230.0 44.0
148 Renewables Infrastructure 127.6 -3.4 137.4 119.6 5.3 19.4 2.9
124 Renishaw 4850.0 -4.0 6900.0 4256.0 1.4 27.7 3.5
50 Rentokil Initial 500.4 -11.8636.2 464.6 1.5 36.1 9.3
90 Rightmove 635.0 -1.0 800.4555.8 1.236.0 5.4
5 Rio Tinto 5726.0 +359.0 6658.0 4375.5 8.7 6.7 95.5
115 RIT Capital Partners 2620.0 +55.0 2765.0 2080.0 1.3 3.3 4.1
45 Rolls-Royce 120.9 +7.3 147.5 87.0 0.0 3.1 10.1
155 Rotork 322.4 -7.2 376.6322.4 2.729.4 2.8114 Direct Line Insurance 308.5 +2.9 327.9264.1 7.2 11.7 4.1
154 Dr Martens 279.4-14.0 514.8279.4 0.4 51.1 2.8
168 Drax 640.0 +39.0 642.5 358.4 2.8 N.A 2.6
95 DS Smith 379.1+13.3 462.3 358.3 3.4 21.5 5.2
162 Dunelm 1309.0 +33.01551.0 1238.0 1.8 17.6 2.7
93 Easyjet 706.0 +79.0 1095.0485.9 0.0 N.A 5.4
98 Electrocomponents 1036.0-39.01255.0956.5 1.6 26.3 4.9
46 Entain 1698.5 +126.02377.0 1342.0 0.063.4 10.0
75 Evraz 444.7-43.6 698.2 431.7 17.4 5.7 6.5
23 Experian 2925.0 -112.0 3667.0 2273.0 1.237.7 27.0
102 F&C Investment Trust 883.0 +25.0 946.0750.0 1.4 4.6 4.6
24 Ferguson 11025.0 -235.0 13305.0 8374.0 N.A20.4 24.2
173 Fevertree Drinks 2080.0-30.02812.0 2080.0 0.854.4 2.4
196 Finsbury Growth & Income Trust867.0 +1.0 930.0837.0 2.0 9.9 1.9
27 Flutter Entertainment 11360.0 +780.0 16915.010030.0 0.0 N.A 20.0
122 Frasers 712.5 +5.0 813.5448.8 0.0 N.A 3.6
104 Fresnillo 622.4 -2.0 1030.5 622.4 3.9 10.2 4.6
125 Future 2910.0 +20.0 3910.0 1694.0 0.148.6 3.5
163 Games Workshop 7990.0-70.0 12220.0 7740.0 2.622.0 2.6
179 Genus 3490.0 -150.0 6070.0 3490.0 0.948.4 2.3
8 GlaxoSmithKline 1619.4 -15.61707.8 1190.8 4.9 18.7 81.5
10 Glencore 417.8+15.5 421.1268.8 1.138.0 55.1
160 Grafton 1115.0-10.01412.0 952.5 2.1 12.8 2.7
181 Grainger 295.0 +0.0 335.0259.6 1.7 18.4 2.2
135 Greencoat UK Wind 141.0 -3.0 144.6124.6 5.1 13.7 3.3
158 Greggs 2644.0-28.0 3416.0 2044.0 0.6 31.6 2.7
58 Halma 2359.0-73.03216.0 2233.0 0.8 34.1 9.0
127 Harbour Energy 367.8 +2.6 430.6 17.3 0.0 N.A 3.4
180 HarbourVest Global Private Equity2815.0 +155.0 2940.0 1940.0 0.0 2.4 2.2
78 Hargreaves Lansdown 1347.0 +40.01772.0 1296.5 2.9 21.5 6.4
172 Hays 145.9 +1.9 176.7 137.7 0.840.2 2.4
194 HgCapital Trust 430.0 +5.5 444.0308.5 1.2 3.9 2.0
133 HICL Infrastructure 171.0 -1.8 178.2 160.0 4.8 17.7 3.3
106 Hikma Pharmaceuticals 1965.5-39.5 2690.0 1965.5 1.9 13.3 4.6
129 Hiscox 975.0 -12.6 996.2 770.0 0.9 N.A 3.4
167 HomeServe 765.0+15.01212.0 741.5 3.568.7 2.6
107 Howden Joinery 767.8-16.4975.6688.4 1.2 17.9 4.5
3 HSBC 567.2+22.2 567.2359.8 0.9 13.8 115.0
132 Hutchmed (China) 387.0-16.0 624.0352.0 0.0 N.A 3.3
130 IG 778.0 -13.5 952.5 762.0 5.6 7.8 3.4
112 IMI 1603.0 -6.01838.0 1260.0 1.4 24.1 4.2
31 Imperial Brands 1818.5+74.51818.5 1333.0 7.6 6.1 17.3
134 Inchcape 861.5+25.5 933.0688.5 1.5 45.6 3.3
52 Informa 613.4+57.8 615.8464.4 0.0 N.A 9.2
49 InterContinental Hotels 5140.0 +296.0 5336.0 4399.0 0.0 N.A 9.5
92 Intermediate Capital 1842.0 -4.0 2379.01731.0 3.1 10.6 5.4
60 International Airlines Group 174.6+19.6 217.9 125.8 0.0 N.A 8.7
153 International Public Partnerships 164.2 -2.4 174.8 160.4 4.550.7 2.8
62 Intertek 5202.0-36.06198.0 4775.0 2.0 31.6 8.4
105 Investec 451.7+10.2 457.5195.8 4.1 11.4 4.6
97 ITV 123.7+10.2 132.5 102.6 0.0 13.6 5.0
150 IWG 285.0+10.7 383.6 258.8 0.0 N.A 2.941 3i 1360.0 +7.51503.51107.0 3.0 4.7 13.2
143 3I Infrastructure 340.0 -1.0 362.5286.0 3.0 8.1 3.0
149 Abcam 1255.0-28.01750.0 1200.0 0.0 172.9 2.9
91 Abrdn 246.0 +6.2 331.1226.6 5.9 3.8 5.4
54 Admiral 3054.0 +95.0 3688.0 2850.0 5.0 13.9 9.1
88 Airtel Africa 147.8 -7.2 160.0 71.4 2.2 13.1 5.6
142 Alliance Trust 996.0+18.01078.0 875.0 1.5 4.2 3.1
11 Anglo American 3579.5 +257.0 3599.5 2470.5 5.0 9.0 47.9
40 Antofagasta 1366.5 +139.51925.0 1227.0 3.9 17.7 13.5
188 Ashmore 282.6+12.6 475.4 268.6 6.0 9.6 2.0
26 Ashtead 4969.0-39.0 6450.0 3872.0 0.927.5 22.1
187 Asos 2038.0-44.05918.0 2038.0 0.016.0 2.0
37 Associated British Foods 1930.0 +45.5 2494.0 1727.0 1.4 31.9 15.3
2 AstraZeneca 8510.0 +228.0 9444.0 6794.0 2.5 423.1 131.9
80 Auto Trader 637.0 -17.0 741.8543.6 1.2 31.4 6.0
76 Avast 623.4 +3.4626.4420.0 1.930.4 6.5
61 Aveva 2799.0-94.0 4220.0 2750.0 1.3 N.A 8.4
34 Aviva 444.4 +9.2 445.5348.6 3.228.0 16.6
86 B&M European Value Retail 571.4+16.2 644.0520.0 3.2 13.3 5.7
30 BAE Systems 601.8+29.2608.0465.3 4.0 11.0 18.9
18 Barclays 206.1 +5.5 217.1 145.9 1.5 6.6 34.5
77 Barratt Developments 625.6+12.6 794.8602.4 5.3 9.8 6.4
146 Beazley 484.0 -4.2500.0294.4 2.7 13.1 2.9
118 Bellway 3025.0 +235.03712.0 2770.0 3.9 9.6 3.7
103 Berkeley 4125.0-19.0 4943.0 4053.0 0.010.3 4.6
161 Big Yellow 1447.0-23.01724.0 1053.0 2.0 5.6 2.7
7 BP 417.2 +11.3 417.2 257.8 3.8 15.2 81.7
138 Bridgepoint 380.5+15.0 569.0360.5 0.064.9 3.1
9 British American Tobacco 3368.5 +157.5 3368.5 2485.5 6.4 12.7 77.3
96 British Land Company 545.2 +7.8 556.4459.8 2.574.5 5.1
174 Britvic 905.0 -11.0 1006.0806.5 2.723.4 2.4
28 BT 198.7 +6.3205.6 122.8 1.2 19.3 19.7
55 Bunzl 2687.0-32.0 2968.0 2150.0 2.0 19.8 9.1
64 Burberry 1976.0 +105.5 2264.01715.5 2.7 17.0 7.9
189 Caledonia Investments 3680.0 +120.0 4100.0 2630.0 1.7 3.3 2.0
29 Carnival 1583.0 +251.41865.41182.8 0.0 N.A 19.2
101 Centrica 79.1 +2.6 79.1 45.5 0.0 7.0 4.7
199 Close Brothers 1275.0 +1.01685.0 1239.0 4.7 9.5 1.9
53 Coca Cola HBC 2502.0 +24.0 2784.0 2238.0 2.220.7 9.2
20 Compass 1806.5+72.51820.5 1403.0 0.890.3 32.2
126 Computacenter 2790.0 +96.0 3030.0 2086.0 2.0 17.5 3.4
120 ConvaTec 181.1 +3.3 262.6 166.9 2.335.8 3.6
191 Cranswick 3756.0-24.0 4148.0 3348.0 1.9 19.9 2.0
21 CRH 3779.0+13.0 4002.0 3095.0 2.326.9 29.0
44 Croda International 7298.0 -432.0 10410.0 6082.0 1.340.4 10.2
151 Darktrace 406.2+29.2 985.0315.0 0.0 N.A 2.8
79 DCC 6416.0 +82.0 6614.0 5506.0 2.6 21.2 6.3
113 Dechra Pharmaceuticals 3820.0 -198.0 5405.0 3272.0 1.174.9 4.1
164 Deliveroo 141.4 -5.0 395.0 141.4 0.0 N.A 2.6
121 Derwent London 3233.0-48.0 3802.0 3116.0 2.0 70.1 3.6
6 Diageo 3717.5-32.04103.5 2812.5 2.0 28.6 86.2
131 Diploma 2694.0-80.0 3460.0 2318.0 1.648.0 3.4TOP 200 COMPANIES
Market cap ranking
V PriceChangeon weekhigh52-week lowYield P/EMkt Cap(£bn)Market cap ranking
V PriceChangeon weekhigh52-week lowYield P/EMkt Cap(£bn)Market cap ranking
V PriceChangeon weekhigh52-week lowYield P/EMkt Cap(£bn)Market cap ranking
V PriceChangeon weekhigh52-week lowYield P/EMkt Cap(£bn)Price/earnings ratios are based on historic data, with yield and p/e values
calculated from most recent reported dividends and earnings per share, using
trailing 12-month figures. P/E is not calculated when last twelve months EPS is
less than or equal to zero. 52-week highs and lows are end of day. Excludes
exchange-traded funds. nc = no change. N.A. = not applicable. Source: RefinitivHANG SENG
24,906.66
U333.37H:31,084.9
U1.36% L:22,744.9SHANGHAI
3,462.95
U68.70 H:3,715.4
U2.02% L:3,357.7CAC 40
7,011.60
U60.22 H:7,376.4
U0.87% L:5,669.8DAX
15,425.12
U325.56H:16,271.8
U2.16% L:13,786.3DOW JONES
35,089.74
U1012.59H:36,952.6
U2.92% L:30,547.5NASDAQ
13,791.15
U20.58 H:16,212.2
U0.15% L:12,397.1S&P 500
4,418.64
V13.21 H:4,818.6
V0.30%L:3,723.3NIKKEI
27,696.08
U256.09H:30,795.8
U0.93%L:26,044.5FTSE EUROFIRST
1,835.09
U28.60 H:1,917.4
U1.58% L:1,559.5SENSEX
58,152.92
V491.90H:61,765.6
V0.84%L:47,705.8ALL ORDS
7,515.80
U96.90 H:7,926.8
U1.31% L:6,940.6S&P TSX
21,548.84
U276.99H:21,670.3
U1.30% L:14,783.9For those looking for a way to
invest in early-stage science
since the implosion of
Woodford Patient Capital
Trust, Syncona may offer a
tempting alternative.
Its investments focus on
areas such as helping the
body’s defences to fight
cancer. They include gene
therapies to combat eye
cancer and blindness, and
cell therapies to treat diseases
of the immune system.
The FTSE 250 company
was formed in 2016 through
the merger of Battle Against
Cancer Investment Trust, a
listed vehicle, and Syncona
Partners, a life sciences
investor set up in 2012.
Last week, Syncona
reported results for the three
months to December 31 — its
net asset value rose by 16 per
cent to £1.4 billion, or 199p per
share. On Friday, its shares
closed at 187.4p for a value ofSABAH MEDDINGS
THE TIPSTER
FTSE 1008,0006,5007,0007, 5 0 06,000
2021 2022
Source: Thomson Reuters EikonTHE WEEK IN THE MARKETS
£1.25 billion — putting it at a
5 per cent discount.
Historically, it has traded at a
20 per cent premium,
according to Peel Hunt.
Syncona, led by former
venture capitalist Martin
Murphy, operates in a sector
that has been hammered in
recent months as investors
retreat from riskier stocks. In
America, where Syncona
portfolio companies such as
cancer immunotherapy
specialist Autolus are listed,
the Nasdaq Biotechnology
Index has fallen 13 per cent
since the start of the year.
Syncona has valued its life
sciences portfolio at
£843.2 million, marking a
total return of 29.5 per cent
on the quarter. It also has a
capital base of £497 million —
and is still to receive upfront
cash proceeds of £327 million
for the sale of one of its firms,the retinal gene therapy start-
up Gyroscope, to the Swiss
pharma giant Novartis, which
has agreed to pay up to
$1.5 billion (£1.1 billion).
Syncona offers a lower-risk
way to invest in early-stage
science. Successes include
Nightstar Therapeutics, a
gene-therapy specialist sold
to US biotech Biogen for
$877 million in 2019. The deal
valued Nightstar, which was
listed in the US, at a 70 per
cent premium.
In the past three months,
Syncona has led $87 million
early-stage financing of Clade
Therapeutics, a stem cell
therapy company, while
Blackstone Life Sciences
committed up to $250 million
in Autolus and it co-led
further financing of Quell,
another cell therapy firm.
Investors are encouraged
to look beyond the existing
value of its holdings to the
returns that could be
achieved should its early-
stage bets succeed — and
become blockbuster cures.
The early signs are good: it
netted £351 million, ten times
its investment, in a prostate
cancer imaging business in
2019.
Syncona’s hefty discount
to NAV is worth a punt. Buy.A chance
to back the
next stars
of science
Syncona260p1401802202021
Source: Thomson Reuters Eikonvariation 12 months
high low
UK 1.55 U0.13 1.55 0.47US 1.93 U0.01 2.04 1.16JAPAN 0.23 U0.02 0.22 0.00GERMANY 0.29 U0.08 0.29 -0.5010-YEAR BOND YIELDS %
DOLLAR
USD > GBP$1.36
0.00
12-month high: $1.42
low: $1.32EURO
EUR > GBP€1.20
U0.01
12-month high: €1.20
low: €1.14YEN
YEN > USD¥115.34
U0.14
12-month high: ¥116.14
low: ¥104.72OIL
DOLLARS/BARREL$94.97
U1.70
12-month high: $94.97
low: $58.84GOLD
DOLLARS/TROY OZ$1,862.99
U55.49
12-month high: $1,907.94
low: $1,681.24BITCOIN
DOLLARS$42,578.04
U1,932.29
12-month high: $68,893.62
low: $28,893.62
Price at 10pm FridayFTSE 100
7,661.02
U144.62 H: 7,672.4
U1.92% L: 6,483.4FTSE 250
22,048.71
U336.67 H: 24,250.8
U1.55% L: 20,910.4RISERS
Carnival: £15.85, U 18.9% on Covid
recovery Cineworld: 41.6p, U 16.1% on
Covid reversal National Express: 284.2p,
U 14.9% on bid situation Tui: 286.3p, U
13.3% on upbeat trading
Source: AJ Bell/SharepadFALLERS
Moonpig: 276p, V 9.6% on Covid
sentimen Auction Technology
Group: 895p, V 9.5% on sentiment
Evraz: 444.7p, V 8.9% on Russian links
Ocado: £12.93, V 8.3% on downbeat
tradingTHE ECONOMY
Consumer prices index current rate prev. month
5.4% 5.1%
CPI including housing current rate prev. month
4.8% 4.6%
Retail prices index current rate prev. month
7.5% 7.1%
Average weekly earnings on prev. monthon last year
£588 U0.3% U3.5%
Unemployment current rate prev. month
1.38m 4.1% 4.2%
Manufacturing output on the year on last month
U1.3% U0.2%
Retail sales on the year on last month
U 0.9%U 3.7%
UK trade
balance (£bn)latest 3 mthsprev. 3 mths latest 12 mths
-6.54 -15.79 -28.76
Gross domestic
productlatest quarter prev. quarterannual change
U1% U1% U6.5%
Budget deficit
(PSNB) in £bnlast month prev. month year to dateV16.8 V14.7 V146.8
We have to be honest with ourselves
and each other... even when the
truth is uncomfortable or
inconvenient to deal with
Peloton’s new boss Barry McCarthy
addresses the harsh realities of post-Covid
life for the maker of luxury exercise bikesYes75%
No25%
Winston Marshall, the former
Mumford & Sons banjo
player, has begun his new
career as an interviewer after
he was “cancelled” by a left-
wing “swarm of snakes” on
social media. Marshall had
praised a book by right-wing
American author Andy Ngo
attacking the Antifa
movement. Now, his new
Marshall Matters podcast
with The Spectator magazine
will encourage guests to
“speak freely at a time when
many feel they can’t”.
Marshall, 34, is the son of
hedge fund tycoon Sir Paul
Marshall, the Marshall Wace
co-founder who was one of
the founding shareholders of
GB News. The news channelwas set up last year to
challenge cancel culture,
before being accused of
cancel culture itself when it
took presenter Guto Harri off
the air for taking the knee in
support of the Black Lives
Matter movement.
Harri left and last week
started a new role as the
prime minister’s PR man.
Winston wrote in The
Speccie last week that instead
of politicians, his podcast
would feature “musicians,
artists, composers,
comedians — everyone in the
creative industries”.
Does PR count as a
creative profession? If so,
perhaps Harri can expect his
invite through the post.Rose Gagné, 59, is scrambling
to sell more assets. Flatt’s
testimony suggests she can
expect a few more bargain-
hunters to pitch up.Think before you
tweet, bosses
It has been quite a week for
companies showing off on
social media. Norwegian oil
and gas giant Equinor put its
foot in it by boasting about its
record annual results on
Twitter — cashing in on
soaring gas prices just as
consumers brace for surging
energy costs. The companyused emojis depicting bags of
money to illustrate its results.
The tweet didn’t last long and
was quickly deleted after
complaints.
Over in Germany, Niklas
Ostberg felt the urge to talk
up Delivery Hero on Twitter,
using rocket emojis to
illustrate the takeaway giant’s
strong growth. The only
problem was that Delivery
Hero, which last year bought
a stake in Deliveroo, also set
cautious guidance for 2022.
That made investors lose
their appetites for the stock,
which crashed 30 per cent.
A few hours later, Ostberg
tweeted to apologise to
shareholders and this time a
more suitable emoji was
deployed: sad face.Delivery riders
don’t feel the love
Talking of takeaways, more
strikes are planned on
Valentine’s Day by Just Eat
couriers in Sheffield.
The riders, employed by
Just Eat subcontractor Stuart
Delivery, are protesting that
Stuart’s new pay model will
amount to a wage cut.
The “No Love for Just Eat”
campaign will wreak havoc
on last-minute plans across
the Steel City.
Brookfield’s Mark Carney Cancel the korma.Hedgie’s son sings new
tune on cancel culture
6 It’s been a rough few months for technology stocks — just
ask Made Tech, the British company that works with the
public sector to digitise legacy systems. The company,
founded by Rory MacDonald in 2010, floated on AIM at 122p a
share in September, quickly rising to 140p. Since then, the
shares have tumbled to 104p.
So what activities propelled Made Tech towards a listing?
The London-based company created the websites and tech
behind the government’s furlough scheme, Eat Out to Help
Out and the self-employed support scheme — not that you
would have known from the admission document when it
floated. Another lockdown might come in handy for Made
Tech, if no one else.Jamie Nimmo
FUNNY BUSINESS
TWITTER POLL
Co-op food boss Jo
Whitfield is taking four
months’ unpaid leave to
help her sons with their
exams. Should more people
take career breaks like this?Will Winston Marshall give Guto Harri (right) a platform?JUST SAYING...
Profithunters can
be Flatt-footed
Canadian private equity
tycoon Bruce Flatt couldn’t
resist crowing last week
about his latest lucrative
deals with hapless shopping
centre owner Hammerson.
In a letter to shareholders
of Brookfield Asset
Management, chief executive
Flatt, 56, hailed the
“incredible opportunities” to
buy property at big discounts
in the pandemic. Brookfield’s
£330 million purchase of
Hammerson’s retail park
portfolio last April was
particularly worthy of note; if
Brookfield were inclined to
sell, it could get double the
purchase price, Flatt said.
This tale has a familiar
ring. In 2012, Brookfield,
where former Bank of
England governor Mark
Carney is now vice-
chairman, bought most of
Hammerson’s London offices
portfolio for £518 million,
capitalising on the
determination of then-boss
David Atkins to put all his
chips on retail property. The
office market then staged a
healthy recovery, the retail
market collapsed, and
Brookfield made out like
bandits.
Atkins’s successor Rita-