BRITAIN'S MOST ADMIRED COMPANIES: Double First

BRITAIN'S MOST ADMIRED COMPANIES: Double First - MT's annual quest to produce league tables of Britain's best businesses is always a record of great achievement, but this year's winner scales new heights. For the first time ever, the Most Admired Company

by ANDREW SAUNDERS
Last Updated: 31 Aug 2010

MT's annual quest to produce league tables of Britain's best businesses is always a record of great achievement, but this year's winner scales new heights. For the first time ever, the Most Admired Company is also headed by the Most Admired Leader. Elsewhere, the 2002 ranking shows just how long 12 months is in business, with M&S and BT - companies in crisis last year - storming back up the charts.

Superstitious souls have given the number 13 a pretty rough ride through the ages, but as this 13th year of MT's Britain's Most Admired Companies demonstrates, the baker's dozen is lucky for some. For the first time in the history of our awards, one company has swept the board, picking up both of the top accolades - Most Admired Company and Most Admired Leader.

Doing the double is no small achievement in any contest, but winning the Britain's Most Admired twosome means earning the respect of your severest critics - your competition. They may be harsh judges, but they are also the people most aware of your strengths and weaknesses. If one firm can dominate the thoughts of its peers so completely it must be doing something right.

Here are a few clues to the identity of this dual paragon of corporate reputation. It's the UK's biggest company, the second-largest in the world in its sector and one of the handful of our native businesses able to better any of its rivals anywhere across the globe. Last year, it acquired a rather more eco-friendly, 21st-century brand identity at a cost of pounds 136 million, and its commercial potential was first spotted way back in the '80s by Margaret Thatcher, who made it one of her earliest privatisation targets.

As for the captain of the ship, he has turned its fortunes around, masterminded two of the past decade's biggest mergers (plus a string of smaller ones), been made a life peer and built an ever-growing reputation as intelligent, forward-thinking and accessible. At home on any platform and one of our leading corporate statesmen, he is, of course, Lord Browne of Madingley, and the company is that giant of the extractive industries, BP.

BP's victory is all the more remarkable, given that the company has not had the easiest of times this year. Operational difficulties have beset the business, including disappointing performances from oil fields in the North Sea and production shortfalls following an explosion in the firm's Prudhoe Bay facility that led to the temporary closure of another 150 of its Alaskan oil wells. As a result, BP has missed its stated growth targets for the first time in years (output is up 3% instead of the promised 5.5%), third-quarter profits are down 13% to dollars 2.29 billion and the City's hitherto unshakable confidence in Browne has been put to the test.

BP's links to New Labour have also come under close scrutiny. Browne (whose elevation to the Lords was as one of the first people's peers) is known to be well tapped into the Government, and BP's upper echelons have proved fertile ground for the staffing of quangos.

But adversity has brought out the best in both BP and its boss. Senior managers have proved themselves well able to minimise the impact of local difficulties, and despite a few flesh wounds, Lord Browne clearly remains the most powerful beast in the British corporate jungle. What's more, his vision of the future - BP as a progressive, integrated energy business, less dependent on black gold and more involved in renewables and alternative fuels - has even won him praise from environmentalists. Little wonder the board has asked Browne to stay on until he hits 60 - another five and a half years.

Looking at our other high-achievers, the old adage about it taking a lifetime to build a good name certainly rings true - several lifetimes in the case of this year's runner-up Cadbury Schweppes, whose constituent companies have been making sweeties since 1824 and bottling mineral water since 1728 respectively. It's a business whose Quaker roots are still much in evidence - chief exec John Sunderland has been with the company man and boy, and takes corporate citizenship seriously, spending nearly pounds 2 million annually on community involvement in the UK alone.

Unilever, this year's number four, is another outfit with a long history of good works. Lever Brothers - the British half of the Anglo-Dutch combine - was founded in 1885 by William Hesketh, who built Port Sunlight, a new town for his staff. But that other great Victorian maxim - charity begins at home - remains equally applicable to these corporate philanthropists.

Unilever's third-quarter results this year showed pre-tax profits up a hefty 33% quarter-on-quarter to EUR1.34 billion (pounds 854 million), and Cadbury Schweppes managed double-figures profit growth too - pounds 386 million for the six months to July, representing a 10% rise.

All but two of this year's top 10 could also be found in the upper reaches of last year's table - some, like Shell, Tesco and GlaxoSmithKline, are past winners. These companies are UK plc's premier-league - world-class businesses whose consistent excellence wins them enormous and enduring respect.

But, in business as in sport, it is possible for pushy newcomers to muscle in on the big players. One of this year's most impressive performances comes from a company that is the product of a merger only five years old.

Diageo - formerly Guinness and GrandMet - has rocketed up to eighth place from 63rd last year.

Despite tough trading conditions, chief exec Paul Walsh has finally seen his strategy - selling off non-core operations in order to concentrate on leading global brands, like Guinness, J&B, Smirnoff and Johnnie Walker - start to bear fruit. Peripheral businesses such as Pillsbury have been disposed of, and fast-food chain Burger King should be next to go - although the agreed pounds 1.45 billion sale may have to be renegotiated following Burger King's failure to hit performance targets.

The world's biggest booze business is in robust spirits nonetheless.

Diageo has outperformed its competitors more convincingly than any other company in our 240-strong survey. In arriving at the final score (out of 90), each entrant is assessed by its peers on nine criteria. These range from quality of management, through financial soundness and capacity to innovate, to the ability to attract and retain top talent. Diageo has achieved the rare distinction of being ranked number one in its sector (restaurants, pubs and breweries) across all nine categories, scoring 15 points more than its nearest rival, JD Wetherspoon.

The nation's favourite supermarket continues to put in a strong performance.

Tesco (voted Britain's Most Admired Company an unrivalled three times in the five years 1996-2000) is third in the current table, and chief exec Sir Terry Leahy runs Lord Browne a close second (25% versus 29.8%) in the leaders poll. Leahy's energy and retailing nous are legendary, and it's no coincidence that Tesco checks out top when it comes to quality of management, just pipping BP with a score of 8.5 out of 10. His latest purchase is the T&S chain of convenience stores, picked up at the end of October for around pounds 370 million.

Honourable mention should also go to support services giant Capita, up 17 places to 11th. From collecting the BBC's licence fee to running the Abbey National's back office systems, Capita is responsible for the kind of boring-but-important admin that attracts attention only when it goes wrong. The Individual Learning Account scheme that it built for the Government was beset by a fraud scandal, and the pounds 400 million system that it developed for the Criminal Records Bureau failed to vet school staff fast enough following the deaths of Holly Wells and Jessica Chapman. It may have been billed Britain's most unpopular company, but judging by its commercial performance, Capita must have plenty of satisfied customers we don't get to hear about - its June interims showed half-year profits up pounds 8 million at pounds 29 million and new business wins standing at more than pounds 1 billion for the same period.

One of the great strengths of the Britain's Most Admired survey is the insight it provides into the relative health of the UK economy. Because the 10 companies in each sector sit in judgment only on each other, the overall level of the scoring is an indication of the vibrancy of that particular market.

This year, the contrasts between buoyant optimism and unalloyed gloom are particularly marked. The construction and building sectors are clearly enjoying an upswing, with demand outstripping supply - as anyone who has tried to engage the services of a plumber or electrician recently will testify. The swashbuckling days of corporate raiding may be long gone at Hanson plc (number 22), but it is doing well enough out of bricks to have re-entered the FTSE 100 after a brief sojourn in the 250.

After several years of rising prices, confidence in the property business is also on a high. Canary Wharf - complete with its two new towers - is up 10 places to number 15, reaping the rewards as huge overseas banks like HSBC and Citibank escape to the east from the crowded offices of the Square Mile.

At the other end of the optimism spectrum, technology, IT and computing businesses are still licking their wounds following the market collapse of two years ago; but there are two sectors where levels of gloom are even worse. So deep is the depression in the telecommunications and insurance industries that a course of corporate Prozac may be required.

Repeated mis-selling scandals, concerns over cash reserves on a falling market and the latest financial phenomenon - the incredible shrinking pension fund - have brought the insurance business to an all-time low.

Even companies that remain relatively unsullied have suffered badly from the drop in confidence. CGNU has plummeted from 23rd last year to 149th in 2002, and our insurance top dog, Legal & General, is down from 24 to 31.

It's an equally sorry story in the telecoms market. Vodafone and Orange have found their wings severely clipped, falling from 35 to 52 and 57 to 82 respectively. Vodafone boss Chris Gent must be dizzy from the roller-coaster ride he's had over the past few years. From corporate hero after the record-breaking pounds 112 billion Mannesmann merger in 1999 to business bad guy by mid-2002, and pilloried for his company's pounds 11.8 billion loss, Gent is back on the up again after strong interims. But at around 110p, shares are a long way off their 2000 high of 400p.

Despite announcing its first operating profit since floating last year, Orange is still firmly in the red. After the pounds 690 million write-down of its investment in Italian mobile operator Wind, a modest pounds 137 million gain became a hefty pounds 540 million loss.

The dubious honour of Britain's Least Admired Company goes to TeleWest - 240th out of 240 in the table. After posting losses of pounds 239 million and losing CEO Adam Singer in the same week in August, the cable TV and internet service provider has struggled from one crisis to another. Just before the firm defaulted on interest payments worth pounds 68.5 million at the start of November, new boss Charles Burdick announced plans for a debt/equity swap that would exchange pounds 3.5 billion of the company's pounds 5.3 billion debt for a whopping 97% of TeleWest's stock. It might help keep the vessel afloat, but with only 3% of the firm left to divide between them, existing shareholders will be left feeling cut off.

There is one ray of sunshine illuminating this otherwise bleak landscape.

BT, everyone's least favourite privatised utility (now that Railtrack is no more), is on the up. Its new Dutch boss Ben Verwaayen has finally embraced the broadband challenge. The holy grail of high-speed internet access is now available to over 60% of the population for around pounds 30 a month, and BT has leapt from 203rd to 90th in our table.

Talking of rehabilitation, a well-deserved turnaround in the fortunes of one of our most famous names has been achieved this year. In 1997, Marks & Spencer was riding high - Sir Richard Greenbury was the undisputed king of the high street and his company was Britain's third-most admired.

By 2000, he was gone - ousted in an ugly succession struggle. M&S profits were cut in half, the share price plummeted to 163p, and the company was languishing at number 206 in our ranking.

Fast-forward to now, and after a painful restructuring programme, shares are trading at around 350p, first-half profits are up 30% and M&S now stands at number 46 in the Most Admired Companies ranking. That's still a long way short of competitors like Next (number seven) and Selfridges (number 13), but it's a big step in the right direction and due in no small part to M&S's talented chairman Luc Vandevelde. The Belgian former boss of a French fashion retailer, Vandevelde was an unknown quantity when he took over in 2000, and it says much for his performance that this year he has been voted our third-most admired leader - although trailing Browne and Leahy by a good margin.

Sales in M&S's cornerstone clothing business are now rising at roughly 5% a month. By last June, Vandevelde was so confident that the company had turned the corner that he went part-time, and has now handed over day-to-day running to new chief executive Roger Holmes. Let's hope that his luck holds into the 14th year of our poll.

TOP 10 COMPANIES AND THEIR CHIEFS

BP LORD BROWNE OF MADINGLEY, GROUP CHIEF EXECUTIVE - Since he took the helm in 1995, Lord Browne has skilfully piloted the BP supertanker through two huge mergers and a pounds 136 million rebranding exercise. Both company and boss have shown their mettle in a tough year to become our first double winners ever.

CADBURY SCHWEPPES JOHN SUNDERLAND, CHIEF EXECUTIVE OFFICER - Cadbury Schweppes lifer Sunderland is committed to 10% annual growth and has the acquisitions programme to prove it. His dollars 10.2 billion joint bid for US chocolate legend Hershey failed in September but boosted his reputation as a rapacious strategist.

TESCO SIR TERRY LEAHY, CHIEF EXECUTIVE - Leahy's style may be unflashy and his background humble - Liverpool council house and UMIST management course - but his ambition and talent are world class. Profits are up 13% in a cut-throat sector and Tesco remains the supermarket that others have to beat.

UNILEVER NIALL FITZGERALD, CHAIRMAN - Chairman since 1996, Irishman FitzGerald has been with Unilever for more than 30 years and is likely to stay for a few more. He's only halfway through a challenging five-year restructuring plan in which brands have been rationalised and margins have risen to 16%.

GLAXOSMITHKLINE JEAN-PIERRE GARNIER, CHIEF EXECUTIVE OFFICER - Garnier has had his hands full coping with post-merger fallout this year, including defecting research scientists and delayed drug launches. But GlaxoSmithKline still makes pounds 30 million profit every day - just what the doctor ordered.

SHELL TRANSPORT & TRADING PHILIP WATTS, CHAIRMAN - Since Watts took over as head of Royal Dutch Shell's committee of MDs in July 2001, the company has swallowed Enterprise Oil for pounds 3.5 billion. A champion of sustainable development, he headlined at the Johannesburg Earth Summit this summer.

NEXT SIMON WOLFSON, CHIEF EXECUTIVE - With rising profits over his 18-month stint, 35-year-old Wolfson has become a high street star. If he can brush off lacklustre autumn sales, his City reputation will be assured.

DIAGEO PAUL WALSH, CHIEF EXECUTIVE - Walsh's strategy - dispose of peripheral companies and concentrate wholly on drinks - has involved the sale of Diageo's food arm Pillsbury for dollars 10.5 billion and helped put some sparkle back in the world's biggest booze business, despite a flat market.

BAA MIKE HODGKINSON, CHIEF EXECUTIVE - A former GrandMet senior exec, Hodgkinson took over the controls at BAA in 1999. The boom in budget airlines and planned expansion at Stansted and Heathrow and the coming of a fifth London airport have boosted BAA's recovery following the 9/11 disaster.

W MORRISON SIR KENNETH MORRISON, CHAIRMAN AND CHIEF EXECUTIVE - Sir Ken Morrison, 71, is a retailer of the old school, hugely respected and with 35 years of continuously rising profits under his belt. He's famed for his no-frills approach, but recently branched out with a novel deal to sell cars from some of his 114 stores.

HOW THE WINNERS WERE CHOSEN

In conjunction with Nottingham Business School, MT asked Britain's 10 largest public companies in 24 sectors to evaluate their peers. Participants rated their nine sector rivals 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 goods and/or services; ability to attract 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 City investment firms were also polled. On the basis of these scores, three rankings were produced: all 240 companies; the 10 companies in each sector across the nine criteria; and league tables in each category.

Participants were also asked to name the leader they most admired. This year there is one new sector - automobiles and parts. Two others - electricity & gas, and water - were merged to create a utilities sector. The research was conducted by D Michael Brown of NBS and Stuart Laverick.

Download the full results at www.clickMT.com

< top="" 125="" companies="" across="" the="" board="" sum="" of="" scores="" in="" nine="" criteria.="" last="" year's="" position="" in="" brackets="" 1="" (3)="" bp="" 73.00="" 2="" (7)="" cadbury="" schweppes="" 71.25="" 3="" (4)="" tesco="" 69.13="" 4="" (13)="" unilever="" 69.10="" 5="" (5)="" glaxosmithkline="" 68.71="" 6="" (1)="" shell="" transport="" &="" trading="" 68.38="" 7="" (6)="" next="" 67.75="" 8="" (63)="" diageo="" 67.00="" 9="" (60)="" baa="" 67.00="" 10="" (9)="" w="" morrison="" 66.78="" 11="" (28)="" capita="" group="" 66.67="" 12="" (2)="" astrazeneca="" 66.38="" 13="" (8)="" selfridges="" 65.29="" 14="" (88)="" exel="" 65.17="" 15="" (25)="" canary="" wharf="" 65.13="" 16="" (36)="" cobham="" 64.22="" 17="" (14)="" hsbc="" 63.90="" 18="" (74)="" rio="" tinto="" 63.83="" 19="" (72)="" hilton="" group="" 63.75="" 20="" (69)="" barclays="" 63.45="" 21="" (18)="" royal="" bank="" of="" scotland="" 63.30="" 22="" (12)="" hanson="" 63.14="" 23="" (39)="" j="" sainsbury="" 63.13="" 24="" (50)="" aggregate="" industries="" 63.00="" 25="" (127)="" rentokil="" initial="" 63.00="" 26="" (49)="" smiths="" group="" 62.75="" 27="" (59)="" reckitt="" benckiser="" 62.33="" 28="" (19)="" bskyb="" 62.31="" 29="" (51)="" serco="" group="" 61.95="" 30="" (17)="" smith="" &="" nephew="" 61.95="" 31="" (24)="" legal="" &="" general="" group="" 61.93="" 32="" (-)="" reg="" vardy="" 61.27="" 33="" (20)="" berkeley="" group="" 61.17="" 34="" (-)="" umeco="" 60.67="" 35="" (46)="" lloyds="" tsb="" 60.56="" 36="" (11)="" johnson="" matthey="" 60.38="" 37="" (94)="" bhp="" billiton*="" 60.33="" 38="" (82)="" boots="" 60.13="" 39="" (45)="" bg="" group="" 60.00="" 40="" (10)="" arm="" holdings="" 60.00="" 41="" (52)="" travis="" perkins="" 59.93="" 42="" (-)="" thorntons="" 59.85="" 43="" (34/38)="" hbos*="" 59.85="" 44="" (-)="" amec="" 59.83="" 45="" (21)="" safeway="" 59.78="" 46="" (233)="" marks="" &="" spencer="" 59.75="" 47="" (107)="" persimmon="" 59.60="" 48="" (105)="" meggitt="" 59.50="" 49="" (37)="" reed="" elsevier*="" 59.35="" 50="" (93)="" p&o="" princess="" cruises="" 59.33="" 51="" (65)="" bae="" systems="" 59.31="" 52="" (35)="" vodafone="" 58.50="" 53="" (-)="" ultra="" electronics="" 58.40="" 54="" (117)="" hammerson="" 58.21="" 55="" (167)="" g="" wimpey="" 58.20="" 56="" (-)="" bba="" 58.14="" 57="" (15)="" amersham*="" 58.14="" 58="" (31)="" boc="" 58.10="" 59="" (123)="" matalan="" 57.81="" 60="" (160)="" greggs="" 57.50="" 61="" (133)="" barratt="" developments="" 57.42="" 62="" (66)="" gkn="" 57.38="" 63="" (80)="" first="" choice="" 57.30="" 64="" (-)="" marshalls="" 57.21="" 65="" (101)="" 3i="" 57.20="" 66="" (102)="" taylor="" woodrow="" 57.20="" 67="" (26)="" pillar="" property="" 57.14="" 68="" (84)="" bunzl="" 57.00="" 69="" (195)="" anglo="" american="" 57.00="" 70="" (30)="" wolseley="" 56.94="" 71="" (90)="" bpb="" industries="" 56.93="" 72="" (-)="" mayflower="" 56.90="" 73="" (137)="" easyjet="" 56.85="" 74="" (83)="" centrica="" 56.80="" 75="" (27)="" debenhams="" 56.71="" 76="" (22)="" wpp="" group="" 56.69="" 77="" (166)="" british="" land="" co="" 56.61="" 78="" (67)="" man="" 56.60="" 79="" (116)="" six="" continents*="" 56.53="" 80="" (53)="" wilson="" bowden="" 56.40="" 81="" (100)="" land="" securities="" 56.25="" 82="" (57)="" orange="" 56.21="" 83="" (147)="" associated="" british="" ports="" 56.15="" 84="" (104)="" croda="" international="" 56.13="" 85="" (56)="" pilkington="" 56.00="" 86="" (171)="" associated="" british="" foods="" 56.00="" 87="" (61)="" psion="" 56.00="" 88="" (-)="" bellway="" 56.00="" 89="" (68)="" daily="" mail="" &="" general="" trust="" 55.95="" 90="" (203)="" bt="" 55.89="" 91="" (58)="" rolls-royce="" 55.89="" 92="" (79)="" national="" grid="" 55.58="" 93="" (43)="" pearson="" 55.57="" 94="" (-)="" electrocomponents="" 55.50="" 95="" (-)="" pendragon="" 55.45="" 96="" (-)="" cmg="" 55.40="" 97="" (-)="" cranswick="" 55.25="" 98="" (112)="" jjb="" sports="" 55.13="" 99="" (206)="" rank="" group="" 55.10="" 100="" (-)="" new="" look="" group="" 55.06="" 101="" (-)="" inchcape="" 55.00="" 102="" (16)="" amvescap="" 54.83="" 103="" (29)="" alliance="" unichem="" 54.63="" 104="" (161)="" great="" universal="" stores="" 54.57="" 105="" (-)="" mcalpine="" 54.50="" 106="" (216)="" arcadia*="" 54.43="" 107="" (91)="" dixons="" 54.43="" 108="" (-)="" liberty="" international="" 54.36="" 109="" (-)="" brambles="" industries="" 54.35="" 110="" (32)="" reuters="" 54.23="" 111="" (138)="" firstgroup="" 54.21="" 112="" (89)="" united="" utilities="" 54.20="" 113="" (99)="" scottish="" &="" southern="" energy="" 54.13="" 114="" (-)="" rexam="" 54.10="" 115="" (124)="" fitness="" first="" 53.93="" 116="" (-)="" computacenter="" 53.92="" 117="" (149)="" powergen*="" 53.90="" 118="" (-)="" mmo2="" 53.88="" 119="" (111)="" northern="" foods="" 53.63="" 120="" (142)="" balfour="" beatty="" 53.58="" 121="" (125)="" whsmith="" 53.50="" 122="" (-)="" wagon="" 53.47="" 123="" (-)="" cd="" bramell="" 53.33="" 124="" (159)="" victrex="" 53.13="" 125="" (-)="" premier="" farnell="" 53.05="" -="" new="" entry="" *="" merged,="" acquired="" or="" name="" changed="" peer="" approval:="" best="" in="" each="" sector="" automobiles="" &="" parts="" 1="" (-)="" reg="" vardy="" 61.3="" 2="" (-)="" gkn="" 57.4="" 3="" (-)="" mayflower="" 56.9="" 4="" (-)="" pendragon="" 55.5="" banking="" 1="" (1)="" hsbc="" 63.9="" 2="" (6)="" barclays="" 63.5="" 3="" (2)="" royal="" bank="" of="" scotland="" 63.3="" 4="" (5)="" lloyds="" tsb="" 60.6="" building="" materials="" &="" merchants="" 1="" (1)="" hanson="" 63.1="" 2="" (4)="" aggregate="" industries="" 63.0="" 3="" (5)="" travis="" perkins="" 59.9="" 4="" (-)="" marshalls="" 57.2="" chemicals="" 1="" (1)="" johnson="" matthey="" 60.4="" 2="" (2)="" boc="" 58.1="" 3="" (4)="" croda="" international="" 56.1="" 4="" (8)="" victrex="" 53.1="" construction="" 1="" (1)="" berkeley="" group="" 61.2="" 2="" (-)="" amec="" 59.8="" 3="" (6)="" persimmon="" 59.6="" 4="" (9)="" g="" wimpey="" 58.2="" electrical="" &="" it="" hardware="" 1="" (1)="" arm="" holdings="" 60.0="" 2="" (4)="" psion="" 56.0="" 3="" (8)="" renishaw="" 52.3="" 4="" (-)="" filtronic="" 52.0="" engineering="" -="" aero="" &="" defence="" 1="" (1)="" cobham="" 64.2="" 2="" (2)="" smiths="" group="" 62.8="" 3="" (-)="" umeco="" 60.7="" 4="" (6)="" meggitt="" 59.5="" food="" production="" &="" processing="" 1="" (1)="" cadbury="" schweppes="" 71.3="" 2="" (2)="" unilever="" 69.1="" 3="" (4)="" associated="" british="" foods="" 56.0="" 4="" (-)="" cranswick="" 55.3="" food="" retailing="" 1="" (1)="" tesco="" 69.1="" 2="" (2)="" w="" morrison="" 66.8="" 3="" (4)="" j="" sainsbury="" 63.1="" 4="" (-)="" thorntons="" 59.9="" health="" &="" household="" 1="" (2)="" glaxosmithkline="" 68.7="" 2="" (1)="" astrazeneca="" 66.4="" 3="" (6)="" reckitt="" benckiser="" 62.3="" 4="" (4)="" smith="" &="" nephew="" 62.0="" insurance="" 1="" (2)="" legal="" &="" general="" group="" 61.9="" 2="" (5)="" prudential="" corporation="" 51.8="" 3="" (1)="" cgnu="" 50.8="" 4="" (-)="" friends="" provident="" 46.4="" leisure,="" entertainment="" &="" hotels="" 1="" (1)="" hilton="" group="" 63.8="" 2="" (4)="" p&o="" princess="" cruises="" 59.3="" 3="" (3)="" first="" choice="" 57.3="" 4="" (5)="" six="" continents*="" 56.5="" media="" 1="" (1)="" bskyb="" 62.3="" 2="" (4)="" reed="" elsevier*="" 59.4="" 3="" (2)="" wpp="" group="" 56.7="" 4="" (6)="" daily="" mail="" &="" general="" trust="" 56.0="" oil,="" gas="" &="" extractive="" 1="" (2)="" bp="" 73.0="" 2="" (1)="" shell="" transport="" &="" trading="" 68.4="" 3="" (4)="" rio="" tinto="" 63.8="" 4="" (5)="" bhp="" billiton*="" 60.3="" property="" 1="" (1)="" canary="" wharf="" 65.1="" 2="" (5)="" hammerson="" 58.2="" 3="" (2)="" pillar="" property="" 57.1="" 4="" (9)="" british="" land="" co="" 56.6="" restaurants,="" pubs="" &="" breweries="" 1="" (1)="" diageo="" 67.0="" 2="" (3)="" jd="" wetherspoon="" 52.0="" 3="" (6)="" scottish="" &="" newcastle="" 50.5="" 4="" (2)="" south="" african="" breweries="" 50.4="" retailing="" (textiles="" &="" apparel)="" 1="" (1)="" next="" 67.8="" 2="" (2)="" selfridges="" 65.3="" 3="" (10)="" marks="" &="" spencer="" 59.8="" 4="" (6)="" matalan="" 57.8="" retailing="" (general)="" 1="" (1)="" boots="" 60.1="" 2="" (6)="" great="" universal="" stores="" 54.6="" 3="" (2)="" dixons="" 54.4="" 4="" (4)="" wh="" smith="" 53.5="" software="" &="" computer="" services="" 1="" (-)="" cmg="" 55.4="" 2="" (-)="" computacenter="" 53.9="" 3="" (-)="" sage="" group="" 51.2="" 4="" (-)="" logica="" 50.5="" speciality="" &="" other="" finance="" 1="" (6)="" 3i="" 57.2="" 2="" (3)="" man="" 56.6="" 3="" (1)="" amvescap="" 54.8="" 4="" (8)="" schroders="" 52.2="" support="" services="" 1="" (1)="" capita="" group="" 66.7="" 2="" (7)="" rentokil="" initial="" 63.0="" 3="" (4)="" serco="" group="" 62.0="" 4="" (6)="" bunzl="" 57.0="" telecommunications="" 1="" (1)="" vodafone="" 58.5="" 2="" (2)="" orange="" 56.2="" 3="" (8)="" bt="" 55.9="" 4="" (-)="" mmo2="" 53.9="" transport="" 1="" (1)="" baa="" 67.0="" 2="" (2)="" exel="" 65.2="" 3="" (-)="" bba="" 58.1="" 4="" (5)="" easyjet="" 56.9="" utilities="" 1="" (1)="" national="" grid="" 55.6="" 2="" (-)="" united="" utilities="" 54.2="" 3="" (4)="" scottish="" &="" southern="" energy="" 54.1="" 4="" (5)="" powergen*="" 53.9="" -="" new="" entry="" *="" merged,="" acquired="" or="" name="" changed="" meeting="" the="" criteria="" quality="" of="" management="" 1="" (3)="" tesco="" 8.5="" 2="" (2)="" bp="" 8.4="" 3="" (12)="" w="" morrison="" 8.2="" financial="" soundness="" 1="" (1)="" shell="" transport="" &="" trading="" 8.9="" 2="" (3)="" w="" morrison="" 8.6="" 3="" (8)="" six="" continents*="" 8.4="" quality="" of="" goods="" &="" services="" 1="" (9)="" cadbury="" schweppes="" 8.8="" 2="" (11)="" canary="" wharf="" 8.3="" 3="" (5)="" selfridges="" 8.3="" ability="" to="" attract,="" develop="" and="" retain="" top="" talent="" 1="" (1)="" bp="" 8.8="" 2="" (7)="" unilever="" 8.4="" 3="" (4)="" cadbury="" schweppes="" 8.3="" value="" as="" a="" long-term="" investment="" 1="" (38)="" baa="" 8.4="" 2="" (1)="" shell="" transport="" &="" trading="" 8.4="" 3="" (4)="" w="" morrison="" 8.3="" capacity="" to="" innovate="" 1="" (8)="" tesco="" 8.1="" 2="" (9)="" bp="" 8.0="" 3="" (1)="" bskyb="" 7.8="" quality="" of="" marketing="" 1="" (2)="" glaxosmithkline="" 8.4="" 2="" (60)="" diageo="" 8.0="" 3="" (3)="" easyjet="" 7.9="" community="" &="" environmental="" responsibility="" 1="" (7)="" cadbury="" schweppes="" 8.5="" 2="" (2)="" bp="" 7.6="" 3="" (3)="" glaxosmithkline="" 7.6="" use="" of="" corporate="" assets="" 1="" (112)="" rentokil="" initial="" 8.0="" 2="" (65)="" diageo="" 8.0="" 3="" (6)="" w="" morrison="" 7.9="" -="" new="" entry="" *="" merged,="" acquired="" or="" name="" changed="">

Find this article useful?

Get more great articles like this in your inbox every lunchtime