Parliament. Fisons remained firm. As far as the company was concerned,
abandoning peat cutting was simply not an option. In the words of Robert
Stockdale, a director of the Horticulture Division, ‘Any dialogue with the
company has to ask how we can work together – recognising that peat har-
vesting has to continue’.^21
The row rumbled on, keeping Fisons in the headlines throughout 1990,
and into the following year, with a repeat performance by PIRC at the
company’s 1991 annual meeting. The Peatlands Campaign was a thorn in
Fisons’ side, and while its reputation among certain sections of the press,
the public and the powers that be was looking distinctly tarnished, the
overall impact on the group’s bottom line was negligible. The entire
Horticulture Division only accounted for 7 per cent of the company’s
turnover and 5 per cent of its profits. But by August 1991 the campaigners
had managed to up the stakes. Surrey County Council became just one of
34 local authorities to publicly support a boycott of peat products. More
worryingly for Fisons’ shareholders, B&Q – Britain’s largest DIY and gar-
dening chain – announced that, on conservation grounds, it had decided to
ban all peat cut from SSSIs from its stores. Its leading competitors quickly
followed suit.
Meanwhile, the South Yorkshire Pensions Authority – holder of £1
million worth of Fisons’ shares – continued to demonstrate concern for its
local bogs, requesting that it be allowed to visit the SSSIs in its own area
where peat cutting was taking place. The SYPA received a letter from head
of corporate affairs, Peter Woods, informing it that ‘Relations between
Fisons and major customers are operational and confidential and as such
we would not comment on these to shareholders or any other third party.’
Permission for the visit was refused. The matter was reported in the Sunday
Times,^22 which explained that Woods and two other directors had spent the
day discussing the bog with the institutional investor. According to the
press report, the company felt that ‘the SYPA had had preferential treat-
ment, a fair share of its time, and is so intransigent it deserves no more’.
It would be some time before the impact of the peat boycott could be
judged. In the meantime investors’ attention focused on the forthcoming
announcement of Fisons’ results for the half year to June 1991.
Disappointing results
On 6 September, the eve of the meeting, analysts were still gleefully pre-
dicting an 11 per cent rise in interim profits. Little growth was expected
from the scientific instrument or horticulture businesses, but hopes were
high for the seemingly recession-proof Pharmaceuticals Division. Recent
reports had highlighted the fact that the death rate from asthma – the most
common chronic disease in the industrialized world – was climbing
The referral and influence market domains 277