2001: Britain's most admired companies

2001: Britain's most admired companies - Respect in business is hard won; the respect of your rivals doubly so. This is why MT's annual Most Admired Company award is so coveted - to have earned the admiration of one's peers is high praise. This year, the

by CHRIS BLACKHURST
Last Updated: 31 Aug 2010

Respect in business is hard won; the respect of your rivals doubly so. This is why MT's annual Most Admired Company award is so coveted - to have earned the admiration of one's peers is high praise. This year, the oil giant Shell shook off City criticism and tough challenges from newly demerged AstraZeneca and previous winners Tesco and BP to take the top spot for the first time in a decade. But BP's CEO Lord Browne can console himself with his third successive Most Admired Leader award. Chris Blackhurst reports

If Stephen Byers had second thoughts when he pulled the plug on Railtrack, a sneak preview of MT's Most Admired Companies rankings for 2001 would have hardened his resolve. Because one of the abiding themes of this year's list is not at the top but at the bottom, where one company came last or second-to-last in every single category.

The 10 largest companies in Britain in 24 sectors were asked to evaluate their peers in different categories on a scale of 0 to 10. And Railtrack trailed in every one: quality of management; financial soundness; quality of products and/or services; ability to attract, develop and retain top talent; value as a long-term investment; capacity to innovate; quality of marketing; community and environmental responsibility; and use of corporate assets. Quite an achievement. Indeed, D Michael Brown of Nottingham Business School, the compiler of the survey since its inception 12 years ago, says it is unique - 'quite remarkable, no other company has performed quite so badly'.

Enough, though, of corporate failure. Suffice to say that Railtrack's woeful showing is proof of just how uncannily prescient the annual MT ranking is. The Most Admired table is really about success. Topping the list is Shell Transport & Trading. This is the second time that Shell has won the accolade of Britain's Most Admired Company - the earlier occasion was 10 years ago. - yet its pre-eminence is still a surprise. In winning, the oil group beat off the more fashionable high-growth pharmaceuticals of AstraZeneca and GlaxoSmithKline, last year's victor, and high-profile retailers such as Tesco and Next.

Also, Shell defeated arch-rival BP, which has a much sharper public image. In recent years, BP has comfortably seen it off, not only in these league tables, where it has consistently outperformed the smaller company, but in the market, where Lord Browne of Madingley (formerly plain old Sir John), BP's chief executive, has steered a relentless course of expansion.

As a result, BP is widely seen as the sexier of the two; the one whose boss is revered throughout industry; the one that has indulged in spectacular dealmaking; the one that has kept up to date with a modish (and, it must be said, expensive) re-branding exercise.

Not this year. Dear, unloved Shell, the Ernie Wise to BP's Eric Morecambe, the quieter Hove to BP's Brighton, the cautious Gordon Brown to the flashier Tony Blair, has come up trumps.

At first sight, it is hard to see why. BP has had another triumphant year; Browne, for an incredible third time in a row, has picked up the Most Admired Leader award. But this year is different. Even before 11 September, there was a feeling of forbearance in the air, of stolid determination.

In the summer, the global economy was already turning chilly. Prudence, that word beloved of the chancellor, became the order of the day and Shell, a company that favoured a more conservative approach, was chosen.

D Michael Brown describes the mood thus: 'When it's raining and the landscape is flooding, people cluster around the strongest mountains - they go where they feel safest.' Pragmatic Shell, headed by the anonymous Phillip Watts since Sir Mark Moody-Stuart retired in the summer, was seen as a secure haven.

Shell's marketing success is often overlooked. It is one of the few companies in the world (Mercedes and Nike are others) and possibly the only one in the UK that can advertise its products by merely showing its logo minus a name. In uncertain times, such reassurance, built up over years with campaigns like 'You can be sure of Shell', supplies a warm comfort blanket.

The Anglo-Dutch oil group's success is all the more remarkable when one takes into account that the company had been given a hard time by those supposedly ace judges of corporate endeavour, the City analysts. In the summer, Shell took a pasting, with analysts accusing it of offering the market inconsistencies, vagueness and contradictions. The outcry was sparked by a presentation to analysts by the company's exploration and production division, in which Shell admitted it was downgrading its annual growth target from 5% to 3%.

The response of the market itself has been more measured. Its third-quarter results in November, predicting a 17% decline in full-year profits, were not heavily penalised. The share price recovered quickly, largely because the group has shown itself better able to cope with a falling oil price than some of its rivals. BP's third-quarter results show a comparable 20% fall in earnings. Even so, if analysts and fund managers had been voting, Shell would not have topped the rankings. But its peers put it first, and with a slightly higher overall score than last year's winner (73.7 compared with GlaxoSmithKline's 73.6 in 2000).

Maybe the ranking is a two-fingered salute from industrialists and executives; they know a good company when they see one, and are aware of what it takes to achieve success. They become fed up with the constant carping from analysts and from greedy shareholders and investors who are looking for future profits rather than applauding a company for a job well done.

Shell is undergoing an enormous internal restructuring. That sort of thing is guaranteed to impress rivals, who know all too well how difficult it is to shake up the business, to persuade a board that changes must be made. The firm's unusually collegiate management structure may also capture something of the increasingly sober and reflective corporate Zeitgeist. Shell is run by a committee comprising managing directors from companies within the group, the chairman being drawn from its number. In contrast to some of the competition, personalities are downplayed and it's very much a team effort.

This was, in a sense, an insiders' vote. Shell's drive to the summit may have been helped by the sector's advance knowledge of a smart deal in the offing. Soon after the deadline for voting passed, Shell disclosed that it had become the largest US petrol retailer after concluding a pounds 2.5 billion deal with a Saudi partner to take over Texaco service stations. That left Shell with 22,000 retail sites in the US.

Viewed from this side of the Atlantic, the purchase might seem strange: after all, Shell has cut back on its UK petrol outlets. But margins are much better in the US and the Texaco business is ripe for pruning, something Shell is good at. Crucially, the deal was not of Texaco's own making; it was forced to sell by regulators as a quid pro quo for its merger with Chevron - a favourable situation for Shell, as fire sales normally augur well for the purchaser. Even the City approved, believing Shell had picked up a bargain.

Shell also bought the US refining business that Texaco operated jointly with the Saudis. Shell plans to cut 1,250 jobs - 10% of the total - and make savings of dollars 400 million a year by exploiting synergies with its already established forecourts and refining businesses in the US. Rebranding the pumps will cost dollars 500 million, but the company's US operations should be earning well over dollars 1 billion a year by 2004. For once, Shell and not BP captivated the market with a sharp, global strike.

Below Shell come AstraZeneca, BP, Tesco and GlaxoSmithKline. Of these, AstraZeneca is the surprise, climbing from 10th last year. The drugs company's overall second placing was claimed by virtue of two top category ratings (for quality of management and quality of goods and services), and a consistently strong showing on other lists. Until demerger, Zeneca was ICI's pharmaceuticals division. Sadly, the same plaudits cannot be applied to ICI, once the great bellwether of UK industry. The company is a shadow of its former self these days, with an increasingly marginal air as it burrows into niche sectors. ICI was 86th in the Most Admired ranking, just ahead of JD Wetherspoon, the pub operator, and behind French Connection and First Choice holidays.

The top five are all among the world's leading players in their sector. Shell and BP are huge in oil, AstraZeneca and GlaxoSmithKline are major contenders in drugs, while Tesco is one of the few British retailers to expand overseas with any sense of conviction. In the same way that rivals applaud Shell's efforts at restructuring, they appreciate the difficulties in taking a company beyond Britain onto the world stage. The top five occupy positions in the global marketplace that other companies can only crave.

There is one glaring absentee at the top: Vodafone, the world's premier mobile phone company, is nowhere to be seen, coming in at a lowly 35th. Indeed, if Vodafone is the modern bellwether, as some in the City now say - given the shift in Britain's economic emphasis from old tech to new tech, manufacturing to services - the group's lack of admirers among its peers should give pause for thought. The feeling persists that Vodafone's foundations are fragile: the market that the company dominates has grown enormously, but it is hard to see how that expansion can be maintained.

Vodafone's modest ranking may betray the fact that it is not as good as it thinks it is. Despite all the hype, it has dropped to third behind Orange and BT Cellnet in mobile subscribers in the UK. The latest figures reveal that a whopping 16% of Vodafone subscribers are now inactive - in other words, earning no revenue for the company. More worrying, though, is the potential fallout from the sale of third-generation licences. So-called 3G phones will cost pounds 10 billion to roll out, according to Vodafone's own estimate. Add to that the price paid for the approvals in the first place and the bill looks vast. So, when Sir Chris Gent, Vodafone's chief executive, admitted recently to not knowing when his company will make a return on this great outlay, alarm bells started to ring.

Vodafone scored well in two of the survey's rankings. In the 'free vote', where firms can ballot outside their sector, it came third, behind BP and Tesco. But this was not repeated in the main ranking, where companies confine themselves to their own sectors. Vodafone emerged top in telecoms, but its marks were not high enough to propel it beyond 35th overall. This suggests that although the mobile operator has won the admiration of businesses everywhere, the view among its own kind is more cautious, less carried away by talk of constant growth.

Vodafone did well in one other ranking: Gent came second to Browne as Most Admired Leader. Although Browne polled 30% of the votes against Gent's 12% and Terry Leahy of Tesco's 11%, the poll says much about the profile of the Vodafone chief. An abiding worry at Vodafone is that Gent enjoys a large personal following and that the group has become identified with one individual. Its public relations advisers are now quick to stress that the company's success is the result of teamwork.

As for Browne, what more can be said? He has won the award for a third year in a row, a man short in stature but tall in ability and in the affection of his peers. He is far removed from the archetypal business chief: intellectual and charming, elegant, always immaculately turned out, with time for everyone, he is all that the responsible 21st-century corporate boss should be.

Shell last won the top spot 10 years ago and, in some respects, this year's rankings have a decade-old feel about them. Solidity and dependability are to the fore, with old-technology industries such as property (Berkeley Group is 20th), building materials (Hanson is 12th) and construction (Canary Wharf is 25th) all doing well. Part of the reason for this, believes D Michael Brown, is the uncertain times in which we live and the gloom that was enveloping commerce even before 11 September. 'The environment was already volatile and this was reflected in the responses, with some elements of the economy slipping into recession and others not,' he says. 'The evidence suggests that confidence in property, building materials and construction remains strong. House prices may be slowing down, but house-building remains buoyant - builders are still in short supply.'

Food and food retailing is another sector likely to withstand the worst ravages of recession. The same, alas, cannot be said for transport, engineering and manufacturing. The Most Admired Companies ranking does not allow firms to rest on past glories. The fact that the most exacting judges the business community has to offer, the largest enterprises themselves, rank British Airways at 114th speaks volume for the woes of 'the world's favourite airline', and this, remember, was before 11 September.

Quality of marketing and capacity to innovate are the only two categories not to be headed by Shell, BP or AstraZeneca. BSkyB deserves special mention for having shown the big boys a clean pair of heels in both lists, sweeping the board with its marketing and innovative ways of attracting new subscribers.

French Connection, another company to demonstrate the power of sustained clever advertising, also figures prominently in these categories. Indeed, it says much about the current state of British manufacturing that only one famous industrial name, Pilkington, appears in the top 10 of either list, in capacity to innovate.

Companies want it every which way. They applaud a safety-first, softly-softly approach - hence Shell's triumph - but they also praise ambition. Nowhere is this more apparent than in the most security-conscious sector of all, banking, where the most expansionist members, HSBC and Royal Bank of Scotland, have claimed first and second. 'It can't be coincidence that the most admired banks are also the most aggressive,' comments Brown.

Looking down the list of winners in each sector, it is those companies that have made a point of raising their game, of not being afraid to take on competition, that have won through. Diageo, Tesco, Cadbury-Schweppes and BSkyB are all head-and-shoulders above their nearest rivals, constantly looking to strike deals, to innovate (BSkyB was first in this category), to stay ahead. This may drive others in their sectors mad but it also earns them that vital word, respect. So, J Sainsbury may claim to be closing the gap on Tesco, but its food retailing colleagues see the battle differently. Tesco powers on regardless, with Sainsbury, although much improved, still trailing.

Time does not stand still in commerce. Two years ago, Sir Geoff Mulcahy, head of Kingfisher, was shortlisted for Most Admired Leader. This year he was nowhere to be seen. Last year, Kingfisher was Britain's 73rd Most Admired Company; this year, Mulcahy's pounds 4 billion retail group is down to 181st. At that rate, retirement for Mulcahy must beckon.

It is impossible to ignore the decline of Marks & Spencer. Once, it would have been inconceivable that M&S would not score highly in most categories; today, it surprises no-one. Ability to attract, develop and retain talent; quality of management; quality of goods and services - these are all categories M&S would once have called its own. Not any more. Put simply, the company has long since ceased to be admired and instead seems more deserving of pity. But there are signs that it has at last bottomed out. Profits are up 20% and new fashion ranges are proving popular.

So M&S may have begun the long haul back to the summit, but climbing up is slower than falling down - as other firms will discover to their cost next year. That is the joy of the MT survey: deadly accurate on the one hand, impossible to forecast on the other.

FINDING THE WINNERS

In conjunction with Nottingham Business School, MT asked Britain's 10 largest public companies in 24 sectors to evaluate their peers. Participants rated each firm in their own sector (in one of which there were only nine players) on a scale of 0 to 10, zero representing poor, five average and 10 excellent. Performance was rated against nine criteria: quality of management; financial soundness; quality of products and/or services; ability to attract, develop and retain top talent; value as a long-term investment; capacity to innovate; quality of marketing; community and environmental responsibility; and use of corporate assets. Analysts at leading investment firms in the City were also polled. Three analyses were produced: a ranking of all 239 firms; a ranking of the 10 in any one sector (nine in one instance) across the nine categories; and league tables in each category. The academics were D Michael Brown (Nottingham Business School) and Stuart Laverick.

TOP TABLE: LEADERS OF BRITAIN'S 10 MOST ADMIRED COMPANIES

1. SHELL - PHILLIP WATTS

With 30 years' experience, Watts really knows his business and exemplifies the good sense that made Shell this year's winner. Since taking over as chairman from Sir Mark Moody-Stuart in August, he has closed a deal with Texaco that will make Shell the largest petrol retailer in the US.

2. ASTRAZENECA - TOM McKILLOP

As CEO of Zeneca, the stronger half of the ICI corporate divorce, McKillop led the business through the 1999 merger with Sweden's Astra. His aim to create a 'pure pharmaceutical play' is backed by an investment of dollars 2.5bn in research into new medical treatments such as the lung cancer drug Iressa.

3. BP - LORD BROWNE OF MADINGLEY

CEO since 1995, Lord Browne turned BP into a major global player with the Amoco and Arco takeovers. Shrewdly championing his company's role in the environmental debate, he is now shifting to alternative energy to make BP less reliant on oil.

4. TESCO - TERRY LEAHY

During Leahy's near five-year reign, Tesco has held on to its hard-won place at the top of the UK grocery market, despite the renewed threat from a back-on-form Sainsbury's under Sir Peter Davis. Leahy's latest brainwave? Pick up a cheap TV, DVD player or microwave along with your groceries.

5. GLAXOSMITHKLINE - JEAN-PIERRE GARNIER

Regarded by many as the key facilitator of the merger of last year, creating a drug giant with sales of dollars 18bn annually, Garnier's reward was the new group's top job. With a PhD and a Stanford MBA, he is well qualified to lead in a sector where research is key.

6. NEXT - SIMON WOLFSON

Simon Wolfson, 33, is at least a decade younger than the rest of our Top 10 leaders, and ambitious to boot. A powerful supporter of the Next Directory catalogue (which accounts for 10% of revenue), he has pledged to double the group's turnover by 2007.

7. CADBURY-SCHWEPPES - JOHN SUNDERLAND

John Sunderland became chief executive in1996, and since then he has managed the neat trick of keeping both investors and customers happy, with a (mostly) rising share price and careful husbandry of a portfolio of well-loved brands.

8. SELFRIDGES - VITTORIO RADICE

When this dapper Italian and former Habitat MD became CEO in 1998, his plan to make the dowdy stores fashionable again raised doubts. But three years later he's done it, opening elegant new stores in Birmingham and Manchester along the way.

9. WILLIAM MORRISON - JOHN DOWD

Morrison's is a minnow compared with the other supermarket chain in our Top 10, but it put in a giant-killing performance. Managing director Dowd's strategy of prudent expansion works - there are now 110 stores across the country.

10. ARM HOLDINGS - ROBIN SAXBY

Executive chairman since October, Saxby has been the ARM boss for 11 years, taking it to the stock market in 1998. ARM's chips are fitted in half of all new mobile phones.

< top="" 125="" companies="" across="" the="" board="" figure="" in="" brackets="" indicates="" position="" in="" 2000="" 1="" (3)="" shell="" transport="" &="" trading="" 73.72="" 2="" (7)="" astrazeneca="" 72.57="" 3="" (2)="" bp="" 71.63="" 4="" (5)="" tesco="" 70.36="" 5="" (1)="" glaxosmithkline="" 69.50="" 6="" (13)="" next="" 68.43="" 7="" (4)="" cadbury-schweppes="" 65.50="" 8="" (68)="" selfridges="" 65.14="" 9="" (48)="" morrison,="" w="" 64.80="" 10="" (-)="" arm="" holdings="" 64.73="" 11="" (67)="" johnson="" matthey="" 64.40="" 12="" (42)="" hanson="" 64.37="" 13="" (9)="" unilever="" 63.80="" 14="" (29)="" hsbc="" 63.62="" 15="" (17)="" nycomed="" amersham*="" 62.89="" 16="" (32)="" amvescap="" 62.88="" 17="" (134)="" smith="" &="" nephew="" 62.63="" 18="" (54)="" royal="" bank="" of="" scotland="" 62.42="" 19="" (28)="" bskyb="" 62.42="" 20="" (117)="" berkeley="" group="" 61.71="" 21="" (148)="" safeway="" 61.70="" 22="" (41)="" wpp="" group="" 61.67="" 23="" (57)="" cgnu="" 61.64="" 24="" (18)="" legal="" &="" general="" group="" 61.50="" 25="" (108)="" canary="" wharf="" 61.50="" 26="" (-)="" pillar="" property="" 61.32="" 27="" (175)="" debenhams="" 61.14="" 28="" (60)="" capita="" group="" 61.10="" 29="" (79)="" alliance="" unichem="" 60.67="" 30="" (58)="" wolseley="" 60.55="" 31="" (65)="" boc="" 60.53="" 32="" (43)="" reuters="" 60.50="" 33="" (-)="" spirent="" 60.21="" 34="" (115)="" halifax*="" 59.88="" 35="" (15)="" vodafone="" group="" 59.78="" 36="" (69)="" cobham="" 59.78="" 37="" (155)="" reed="" international="" 59.67="" 38="" (62)="" bank="" of="" scotland*="" 59.56="" 39="" (77)="" sainsbury,="" j="" 59.44="" 40="" (46)="" hays="" 59.20="" 41="" (120)="" blue="" circle="" industries*="" 59.03="" 42="" (36)="" provident="" financial="" 58.90="" 43="" (14)="" pearson="" 58.90="" 44="" (-)="" aggreko="" 58.88="" 45="" (44)="" bg="" group*="" 58.86="" 46="" (37)="" lloyds="" tsb="" 58.83="" 47="" (109)="" fki="" 58.75="" 48="" (-)="" pace="" micro="" technology="" 58.46="" 49="" (11)="" smiths="" group*="" 58.45="" 50="" (38)="" aggregate="" industries="" 58.43="" 51="" (61)="" serco="" group="" 58.40="" 52="" (85)="" travis="" perkins="" 58.30="" 53="" (74)="" wilson="" bowden="" 58.29="" 54="" (110)="" french="" connection="" 58.14="" 55="" (53)="" severn="" trent="" water="" 58.10="" 56="" (150)="" pilkington="" 58.07="" 57="" (-)="" orange="" 57.89="" 58="" (24)="" rolls-royce="" 57.80="" 59="" (171)="" reckitt="" benckiser="" 57.75="" 60="" (97)="" baa="" 57.75="" 61="" (-)="" psion="" 57.62="" 62="" (122)="" shire="" pharmaceuticals="" 57.59="" 63="" (45)="" diageo="" 57.50="" 64="" (114)="" celltech="" 57.32="" 65="" (21)="" bae="" systems="" 57.17="" 66="" (10)="" gkn="" 57.08="" 67="" (87)="" man="" group*="" 57.00="" 68="" (64)="" daily="" mail="" &="" general="" trust="" 56.97="" 69="" (124)="" barclays="" 56.75="" 70="" (98)="" cookson="" 56.75="" 71="" (-)="" south="" african="" breweries="" 56.50="" 72="" (70)="" hilton="" group="" 56.45="" 73="" (143)="" redrow="" 56.26="" 74="" (22)="" rio="" tinto="" 56.10="" 75="" (-)="" cattles="" 55.90="" 76="" (135)="" amey="" 55.75="" 77="" (75)="" awg*="" 55.55="" 78="" (92)="" whitbread="" 55.40="" 79="" (25)="" national="" grid="" 55.33="" 80="" (88)="" first="" choice="" 55.13="" 81="" (125)="" bovis="" homes="" 55.08="" 82="" (31)="" boots="" 55.06="" 83="" (23)="" centrica="" 55.00="" 84="" (156)="" bunzl="" 54.80="" 85="" (-)="" slough="" estates="" 54.71="" 86="" (128)="" ici="" 54.67="" 87="" (35)="" wetherspoon,="" jd="" 54.67="" 88="" (6)="" exel="" 54.50="" 89="" (95)="" united="" utilities="" 54.50="" 90="" (51)="" bpb="" industries="" 54.47="" 91="" (30)="" dixons="" 54.42="" 92="" (89)="" close="" brothers="" 54.33="" 93="" (121)="" p&o="" princess="" cruises*="" 54.15="" 94="" (96)="" billiton*="" 54.00="" 95="" (-)="" bookham="" technology="" 54.00="" 96="" (-)="" st="" james's="" place="" capital="" 53.92="" 97="" (47)="" scottish="" power="" 53.90="" 98="" (-)="" national="" express="" 53.89="" 99="" (84)="" scottish="" &="" southern="" energy="" 53.88="" 100="" (158)="" land="" securities="" 53.82="" 101="" (20)="" 3i="" 53.50="" 102="" (202)="" taylor="" woodrow="" 53.42="" 103="" (-)="" fairey="" group*="" 53.33="" 104="" (105)="" croda="" international="" 53.30="" 105="" (66)="" meggitt="" 53.25="" 106="" (126)="" abbey="" national="" 53.19="" 107="" (-)="" persimmon="" 53.19="" 108="" (201)="" rmc="" group="" 53.14="" 109="" (80)="" standard="" chartered="" 53.05="" 110="" (49)="" energis="" 52.75="" 111="" (119)="" northern="" foods="" 52.50="" 112="" (-)="" jjb="" sports="" 52.50="" 113="" (181)="" first="" technology="" 52.50="" 114="" (-)="" british="" airways="" 52.44="" 115="" (56)="" compass="" 52.38="" 116="" (55)="" bass*="" 52.33="" 117="" (132)="" hammerson="" 52.33="" 118="" (50)="" pizza="" express="" 52.25="" 119="" (-)="" carphone="" warehouse="" 52.25="" 120="" (16)="" iceland="" 52.20="" 121="" (-)="" novar="" 52.00="" 122="" (101)="" south="" staffordshire="" 52.00="" 123="" (172)="" matalan="" 51.89="" 124="" (198)="" fitness="" first="" 51.67="" 125="" (112)="" smith,="" wh="" 51.67="" -="" new="" entry="" *="" merged,="" acquired,="" or="" name="" changed="" like="" for="" like:="" top="" four="" in="" each="" sector="" auto="" &="" auto="" engineering="" 1="" (6)="" cobham="" 59.8="" 2="" (2)="" smiths="" group*="" 58.5="" 3="" (4)="" rolls-royce="" 57.8="" 4="" (3)="" bae="" systems="" 57.2="" banking="" 1="" (1)="" hsbc="" 63.6="" 2="" (3)="" royal="" bank="" of="" scotland="" 62.4="" 3="" (7)="" halifax*="" 59.9="" 4="" (4)="" bank="" of="" scotland*="" 59.6="" building="" materials="" &="" merchants="" 1="" (2)="" hanson="" 64.4="" 2="" (4)="" wolseley="" 60.6="" 3="" (6)="" blue="" circle="" industries*="" 59.0="" 4="" (1)="" aggregate="" industries="" 58.4="" business="" services="" 1="" (2)="" capita="" group="" 61.1="" 2="" (1)="" hays="" 59.2="" 3="" (-)="" aggreko="" 58.9="" 4="" (3)="" serco="" group="" 58.4="" chemicals="" &="" plastics="" 1="" (2)="" johnson="" matthey="" 64.4="" 2="" (1)="" boc="" 60.5="" 3="" (4)="" ici="" 54.7="" 4="" (3)="" croda="" international="" 53.3="" construction="" 1="" (2)="" berkeley="" group="" 61.7="" 2="" (1)="" wilson="" bowden="" 58.3="" 3="" (4)="" redrow="" 56.3="" 4="" (3)="" bovis="" homes="" 55.1="" electrical="" &="" it="" hardware="" 1="" (-)="" arm="" holdings="" 64.7="" 2="" (-)="" spirent="" 60.2="" 3="" (-)="" pace="" micro="" technology="" 58.5="" 4="" (-)="" psion="" 57.6="" electricity="" &="" gas="" 1="" (2)="" national="" grid="" 55.3="" 2="" (1)="" centrica="" 55.0="" 3="" (3)="" scottish="" power="" 53.9="" 4="" (5)="" scottish="" &="" southern="" energy="" 53.9="" engineering="" &="" metals="" 1="" (4)="" fki="" 58.8="" 2="" (2)="" cookson="" 56.8="" 3="" (5)="" bodycote="" 50.5="" 4="" (10)="" imi="" 49.5="" financial="" sector="" 1="" (2)="" amvescap="" 62.9="" 2="" (3)="" provident="" financial="" 58.9="" 3="" (4)="" man="" group*="" 57.0="" 4="" (-)="" cattles="" 55.9="" food="" manufacturing="" 1="" (1)="" cadbury-schweppes="" 65.5="" 2="" (2)="" unilever="" 63.8="" 3="" (3)="" northern="" foods="" 52.5="" 4="" (5)="" associated="" british="" foods="" 47.8="" food="" retailing="" 1="" (1)="" tesco="" 70.4="" 2="" (3)="" morrison,="" w="" 64.8="" 3="" (5)="" safeway="" 61.7="" 4="" (4)="" sainsbury,="" j="" 59.4="" health="" &="" household="" 1="" (2)="" astrazeneca="" 72.6="" 2="" (1)="" glaxosmithkline="" 69.5="" 3="" (3)="" nycomed="" amersham*="" 62.9="" 4="" (7)="" smith="" &="" nephew="" 62.6="" insurance="" 1="" (2)="" cgnu="" 61.6="" 2="" (1)="" legal="" &="" general="" group="" 61.5="" 3="" (-)="" st="" james's="" place="" capital="" 53.9="" 4="" (4)="" britannic="" assurance="" 50.2="" leisure,="" entertainment="" &="" hotels="" 1="" (4)="" hilton="" group="" 56.5="" 2="" (-)="" whitbread="" 55.4="" 3="" (5)="" first="" choice="" 55.1="" 4="" (-)="" p&o="" princess="" cruises="" 54.2="" media="" 1="" (2)="" bskyb="" 62.4="" 2="" (3)="" wpp="" group="" 61.7="" 3="" (4)="" reuters="" 60.5="" 4="" (7)="" reed="" international="" 59.7="" oil,="" gas="" &="" extractive="" 1="" (2)="" shell="" transport="" &="" trading="" 73.7="" 2="" (1)="" bp="" 71.6="" 3="" (4)="" bg="" group*="" 58.9="" 4="" (3)="" rio="" tinto="" 56.1="" property="" 1="" (3)="" canary="" wharf="" 61.5="" 2="" (-)="" pillar="" property="" 61.3="" 3="" (5)="" slough="" estates="" 54.7="" 4="" (6)="" land="" securities="" 53.8="" restaurants,="" pubs="" &="" breweries="" 1="" (2)="" diageo="" 57.5="" 2="" (-)="" south="" african="" breweries="" 56.5="" 3="" (1)="" wetherspoon,="" jd="" 54.7="" 4="" (5)="" compass="" 52.4="" retailers="" (textiles="" &="" apparel)="" 1="" (1)="" next="" 68.4="" 2="" (2)="" selfridges="" 65.1="" 3="" (5)="" debenhams="" 61.1="" 4="" (3)="" french="" connection="" 58.1="" retailers="" (general)="" 1="" (2)="" boots="" 55.1="" 2="" (1)="" dixons="" 54.4="" 3="" (-)="" carphone="" warehouse="" 52.3="" 4="" (4)="" smith,="" wh="" 51.7="" telecommunications="" 1="" (1)="" vodafone="" group="" 59.8="" 2="" (-)="" orange="" 57.9="" 3="" (2)="" energis="" 52.8="" 4="" (7)="" fibernet="" group="" 51.3="" transport="" 1="" (3)="" baa="" 57.8="" 2="" (1)="" exel="" 54.5="" 3="" (-)="" national="" express="" 53.9="" 4="" (5)="" british="" airways="" 52.4="" water="" 1="" (2)="" severn="" trent="" water="" 58.1="" 2="" (3)="" awg*="" 55.6="" 3="" (4)="" united="" utilities="" 54.5="" 4="" (5)="" south="" staffordshire="" 52.0="" -="" new="" entry="" *="" merged,="" acquired,="" or="" name="" changed="" leading="" attributes="" quality="" of="" management="" 1="" (60)="" astrazeneca="" 8.6="" 2="" (1)="" bp="" 8.5="" 3="" (6)="" tesco="" 8.5="" financial="" soundness="" 1="" (3)="" shell="" transport="" &="" trading="" 8.9="" 2="" (5)="" hsbc="" 8.7="" 3="" (50)="" morrison,="" w="" 8.7="" quality="" of="" goods="" &="" services="" 1="" (12)="" astrazeneca="" 9.0="" 2="" (6)="" glaxosmithkline="" 8.4="" 3="" (2)="" shell="" transport="" &="" trading="" 8.3="" ability="" to="" attract,="" develop="" and="" retain="" top="" talent="" 1="" (2)="" bp="" 8.6="" 2="" (8)="" shell="" transport="" &="" trading="" 8.6="" 3="" (4)="" tesco="" 8.4="" value="" as="" a="" long-term="" investment="" 1="" (2)="" shell="" transport="" &="" trading="" 8.6="" 2="" (16)="" bp="" 8.0="" 3="" (6)="" tesco="" 7.8="" capacity="" to="" innovate="" 1="" (1)="" bskyb="" 8.4="" 2="" (-)="" arm="" holdings="" 8.3="" 3="" (29)="" astrazeneca="" 8.3="" quality="" of="" marketing="" 1="" (7)="" bskyb="" 8.6="" 2="" (1)="" glaxosmithkline="" 8.5="" 3="" (-)="" easyjet="" 8.2="" community="" &="" environmental="" responsibility="" 1="" (37)="" shell="" transport="" &="" trading="" 7.8="" 2="" (10)="" bp="" 7.4="" 3="" (7)="" glaxosmithkline="" 7.3="" use="" of="" corporate="" assets="" 1="" (1)="" bp="" 7.9="" 2="" (7)="" shell="" transport="" &="" trading="" 7.8="" 3="" (5)="" tesco="" 7.7="">

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