Final Results
Persimmon PLC
28 February 2005
28 February 2005
RESULTS FOR THE YEAR ENDED 31 DECEMBER 2004
Highlights
•Record pre-tax profits*: up 33% on 2003 at £470.4 million (2003: £352.5
million).
•Proposed full year dividend to increase by 50% to 27.5p per share (2003:
18.3p)as a result of continued excellent profit growth and strong confidence
in the future. Dividend will be covered 4.0 times (2003: 4.5 times).
•31% increase in basic earnings per share* to 113.9p (2003: 86.8p). Earnings
per share have risen by 70% in the two years since 2002.
•Full year operating margin* increased to 23.3% (2003: 20.3%): delivering on
strategy of focusing on margin and profitability.
•ROACE* improved to 30.5% (2003: 25.5%).
•Completed the sale of 12,360 homes (2003: 12,163), producing turnover of
£2.13 billion (2003: £1.88 billion). Group average selling price advanced to
£172,431 (2003: £154,810).
•Currently selling from circa 15% more developments, compared to the same
date last year.
•Strong net cash inflow from operating activites of £315 million during the
year. Free cash flow of £108 million.
•Gearing reduced further to 15% (2003: 28%), despite significant investment
in land - finished year with 59,947 plots representing a 4.9 year supply.
* before goodwill amortisation of £10.8m
Duncan Davidson, Group Chairman said: 'We are delighted to report record pre-tax
profits of £470.4 million. This excellent result has been achieved despite
experiencing a more challenging housing market since May 2004.
The Group has had a positive start to the year. We have seen a marked up-turn in
demand for our homes since early 2005 and have currently sold circa £1 billion
homes for 2005. Persimmon is in a strong position to maintain good sales volumes
during 2005, whilst continuing to deliver on our strategy of focusing on margin
and return on capital employed. The Group is well positioned for the coming year
and I am confident that we will continue to move forward successfully.'
For further information, please contact:
Duncan Davidson, Group Chairman Edward Orlebar/ Faeth Birch
John White, Group Chief Executive Finsbury
Mike Killoran, Group Finance Director
Persimmon plc Tel: +44 (0) 20 7251 3801
Tel: +44 (0) 20 7251 3801 on 28 February 2005
Tel: +44 (0) 1904 642199 thereafter
Print resolution images are available for media download at www.newscast.co.uk
CHAIRMAN'S STATEMENT
ANNUAL REPORT - FEBRUARY 2005
During the 12 months to 31 December 2004, Persimmon achieved record net pre-tax
profits of £470.4 million, which was an increase of 33% over the 2003 profits of
£352.5 million. Earnings per share increased by 31% to 113.9p per share (2003:
86.8p). Earnings per share have risen by 70% in the two years since 2002. (All
figures are stated before goodwill amortisation).
During 2004 we legally completed the sale of 12,360 homes (2003: 12,163) at an
average selling price of £172,431 (2003: £154,810), producing a turnover of
£2.13 billion (2003: £1.88bn).
Despite experiencing a more challenging housing market since May 2004, we
increased our operating margins in the year to 23.3%, from 20.3% in 2003. Return
on average capital employed also increased, to 30.5% from 25.5% in 2003.
Operating activities generated a strong net cash inflow of £315 million during
the year, and our free cash flow of £108 million added further strength to our
balance sheet. Net debt at 31 December 2004 was reduced to £204 million, giving
gearing of 15% (31 December 2003: 28%). Interest was covered 18.8 times.
At Persimmon we work very closely with many organisations and advisers, to
establish long term trusted relationships. An example of this was the £500
million five year revolving credit facility which we put in place in December
with the same four lead banks that supported Persimmon at our initial flotation
in 1985.
Since early January 2005 we have seen a marked up-turn in demand for our homes,
by comparison with the last eight months of 2004. There have been high levels of
visitors to our developments, reflecting the pent-up demand from the more
subdued market conditions of the second half of 2004. We have currently sold
circa £1 billion of homes for 2005. Whilst sales rates per site have returned to
a more normal level over the last 12 months, we are currently selling from circa
15% more developments, compared to the same date last year. Therefore, we are in
a strong position to maintain good sales volumes during 2005 and beyond, whilst
remaining focused on maximising margins and return on capital employed.
Turning to dividends, in our Interim Statement on 24 August 2004, we indicated
an anticipated increase of 25% in our total dividend
pay-out for the full year 2004. As a result of Persimmon's continued excellent
profit growth and our strong confidence in the future, we are proposing to
increase the full year dividend by 50% to 27.5p per share (2003: 18.3p per
share), which is covered 4.0 times. We paid an interim dividend of 9.1p per
share in October 2004, and will recommend a final dividend of 18.4p, which will
be payable on 22 April 2005 to shareholders on the Register at 11 March 2005.
At this level of dividend cover we maintain the flexibility to increase future
dividend payments in line with on-going performance and prospects. Dividends
paid have doubled in the last three years. In addition the strength of our
balance sheet enables us to achieve further expansion of the business.
During 2004 we completed 11,273 homes through our core housing business at an
average selling price of £164,488. We increased output in our premium range
Charles Church brand by a further 10% to 1,087 homes at an average selling price
of £254,810. Included in these total completions were over 1,000 social housing
units, providing circa 5% of the industry output in the UK in this sector of the
market.
The economies of scale we are achieving continue to minimise build cost
increases in support of our focus on maximum efficiency and, ultimately,
improvement of shareholder value. This efficiency of build and associated costs
also ensures that we remain competitive in the land market. Our landbank is
currently at 59,947 plots (2003: 57,222 plots), which enables us to plan our
business growth with some certainty, while responding to the demands and
challenges of our industry.
We offer a wide range of new homes, our experience and skills are extensive, and
we remain committed to further profitable growth. We recognise the need to work
closely with a wide range of interested parties at both local and national
levels, and are ready to respond to Government initiatives to address the
shortage of new housing.
We believe our strong balance sheet, depth of proven management, good landbank
and truly national exposure to all markets positions us to achieve further good
progress over future years.
In 2004 Persimmon achieved the highest profits before tax ever recorded by any
UK building company. This has been made possible by the excellent efforts of
every member of the Persimmon team, and I thank them all for their fine
achievements.
Duncan Davidson, Chairman
25 February 2005
CHIEF EXECUTIVE'S REVIEW
Overview
Another excellent set of results has been achieved by the Persimmon Group in a
year when the industry experienced a range of increasing pressures and almost
all aspects of our business faced real challenges. Despite this, Persimmon has
once again grown its business and profits to produce a record performance.
Looking back over the year it is interesting to note how conditions changed
during the 12 months. In the first four months of 2004 potential house
purchasers were extremely active causing a significant increase in volumes from
the first week of January.
As expected, this situation could not and did not continue. From the end of
April it was clear that sales prices had reached a level in many parts of the
country which caused customers to give greater consideration to their decision
to purchase a new home.
During early 2004 interest rates began to increase, a decision that we welcomed.
However, the greatest influence upon the housing market and customer sentiment
last year, was the threat of falling house prices. This understandably
undermined confidence and resulted in a slow-down of sales volumes throughout
the last eight months of 2004.
Looking back, this was entirely necessary and has resulted in a strengthening of
the sustainability of our markets for the future. Notwithstanding this effect,
we increased the number of homes sold during 2004 to 12,360 (2003: 12,163) at an
average selling price of £172,431 (2003: £154,810).
Build
Whilst we continued to experience increases in our build costs last year it was
largely due to labour cost pressures. However, these pressures receded around
the half year as the effect of a slowing market caused a general reduction in
activity across the UK.
Material prices were mainly affected by steel and fuel cost increases. However,
through our Group procurement strategy, and because of our long-term valued
relationships with suppliers, we have been able to mitigate these increases.
North
The North Division completed 5,086 (2003: 5,295) units during 2004, with an
average selling price of £154,287 (2003: £129,328). This 19% increase in average
selling price reflects some very strong price growth in all regions as well as a
change of mix to slightly larger homes.
All regions performed well and it was pleasing to note that our new Teesside
operation, opened in January 2004, made a good contribution to profits in its
first year of operation.
South
In the South we increased our volumes by 5% to 6,187 units (2003: 5,878) at an
average selling price of £172,874 (2003: £164,531). Average selling price
increases in the South were strongest in our Western Region, moving ahead by 16%
to £183,768 (2003: £157,746).
Across the South Division selling prices increased by a more sustainable 5%,
including the impact of mix changes in some areas where we introduced more
smaller units in response to local market conditions.
Charles Church
Charles Church, our premium brand business, achieved further good progress
during 2004. We increased volumes by 10% to 1,087 units (2003: 990) at an
average selling price of £254,810 (2003: £233,381). During the year we achieved
the first legal completions in the North West. We also commenced work on new
sites in Scotland and acquired new land for development in South Wales.
Our plans for the expansion of Charles Church continue to move forward as
anticipated and this business is now well set for further growth over future
years.
Landbank
During early 2004, we raised our hurdle rates for land purchases in reaction to
a general slow-down in the housing market. Nevertheless we selectively purchased
land in most parts of the UK and finished the year with 59,947 plots owned and
under control. In doing so we have maintained a most competitive plot cost to
selling price ratio of 19.1% ensuring that margin performance over the life of
the landbank, circa 4.9 years, is protected. At the year end we had also agreed
terms on a further 8,565 plots which were proceeding to contract. This gives a
total of all plots on our landbank of 68,512 (2003: 65,346).
Our strategic land portfolio gained further successes during 2004 with circa
2,500 plots pulled through to the landbank. We also made good progress on many
other land holdings which we are confident will eventually achieve planning
consents over the next few years.
We believe that Government initiatives will, in the medium term, allow us to
unlock the potential for more large developments as the undersupply of new
housing is addressed.
Current Trading Outlook
Since the beginning of this year we have experienced strong interest in our
homes, high levels of visitors to our show homes and a good level of new
reservations.
Comparisons with 2004 can be misleading due to the unprecedented high level of
sales taken in the first few months of last year. However, it is encouraging
that our sales levels over the first weeks of 2005 have been at similar levels
to 2004 and circa 25% better by volume than the same weeks of 2003.
As noted in the Chairman's Statement we are currently selling from 15% more
outlets than a year ago which has partly offset the reduction in sales per site
we have experienced since May 2004.
Environment and Innovation
During the year we continued to research and develop the use of more factory
manufactured components. In doing so we continue to reduce the number of skilled
man-hours on site whilst improving the quality of our new homes. During the year
we built over 2,000 homes using off site manufactured timber or steel frame
processes.
In addition, we set up a working group to establish a project to build a small
number of homes to trial 'Modern Methods of Construction' for the future. The
project itself was launched at the recent 'Sustainable Communities Summit'
attended by both the Prime Minister and Deputy Prime Minister. Five homes will
be built this year on our development at Irlam near Manchester as part of this
project, and will feature many factory finished products as well as many Eco
friendly adaptations.
Staff and Training
Our Management Development Programme continues to be a tremendous success with
graduates from previous years' intakes now firmly established in their chosen
roles within their operating businesses.
The number of apprentices continues to increase, with over 400 now engaged in
the Group. This number will be maintained as the number of young people
beginning their training replace those who are completing their apprenticeships.
The Group is committed to giving young people a start to their career in the
industry, and in addition to our graduates and apprentices who are following
structured programmes, we have many trainees in the business, including site
managers, surveyors, buyers and sales people.
We have increased training with over 2,000 more training days being delivered in
2004 than in previous years, much of it taking place at site level, to ensure
our labour force is well informed of operating procedures and has the correct
skills to maintain our quality standards.
Customers
During the year we have continued to invest in all aspects of our service to our
customers. The considerable investments we have made in IT in support of our
customer service is also assisting management to monitor, manage and react to
our customer's expectations.
We are also working closely with the House Builders Federation in order to
establish a national survey of the Industry's performance for the future, in
response to the issues raised on this subject by the Barker Review.
Whilst much progress has already been made in our commitment to continuously
improve our customer service, we remain focused on further improvements over the
forthcoming years.
Social Housing
Persimmon has continued to establish and maintain its relationships with
numerous social landlords and housing associations to build mixed, integrated
and inclusive developments which support greater social cohesion.
During 2004, our West Midlands operation was named 'Partner of the Year' by
Wolverhampton based Bromford Housing Group. Bromford Housing Group is dedicated
to the provision of affordable housing and associated care and support services.
Persimmon was commended for its strong product offering, its reliable and
professional approach to construction, efficiency and value for money.
In addition, our Persimmon Partnerships operating business in Scotland, in a
joint venture with North Lanarkshire Council, the Scottish Executive and Clyde
Valley Housing Association won the Chartered Institute of Housing award - 'Best
Regeneration - Building Sustainable Communities' UK National Winner 2004 - for
the Old Monkland housing development at Coatbridge.
Health & Safety
The safety of our employees, sub-contractors, visitors and members of the public
is vitally important to Persimmon. We continue to provide our workers with
suitable and relevant health and safety training to enable them to manage and
carry out their duties safely and to ensure the safety of others who may be
affected by their work activities. To reinforce our commitment to health and
safety we have signed up to the House Builders Federation's Health and Safety
Charter launched in May 2004.
Summary
We have once again successfully traded through what have undoubtedly been more
challenging times. The current environment brings out the best from our
business, our staff, our contractors and suppliers. It is also apparent that the
scale of our business gives us many advantages, whether through our procurement
strengths or ability to manoeuvre our way through long term land negotiations
and planning issues. Over the years we have grown our business by adapting to
changing conditions. We believe that, as the need for a suitable housing supply
for the UK becomes a more pressing issue, we will be able to react and fulfil
any new challenges.
The resilience and progress of our business is built on the true national spread
and scale of our operations and extensive range of new homes. I am therefore
confident that with the continued hard work, commitment and loyalty of our
several thousands of staff, contractors and suppliers we will continue to move
forward successfully.
John White
Group Chief Executive
25 February 2005
PERSIMMON PLC
Consolidated Profit and Loss Account for the year ended 31 December 2004
------------------------------------------------------------------------------
Note Year to Year to
31 December 31 December
2004 2003
£m £m
------------------------------------------------------------------------------
Turnover 2,131.3 1,883.0
Cost of sales (1,550.8) (1,423.6)
------------------------------------------------------------------------------
Gross profit 580.5 459.4
Net operating expenses (94.5) (88.5)
--------------------------------------------------------------------------------
|Operating profit before goodwill 496.8 381.7 |
|amortisation |
| |
|Goodwill amortisation (10.8) (10.8)|
--------------------------------------------------------------------------------
Operating profit 486.0 370.9
Net interest payable and similar charges (26.4) (29.2)
------------------------------------------------------------------------------
Profit on ordinary activities before 459.6 341.7
taxation
Tax on ordinary activities 5 (145.1) (107.5)
------------------------------------------------------------------------------
Profit for the financial year 314.5 234.2
Dividends (79.2) (51.9)
------------------------------------------------------------------------------
Retained profit 235.3 182.3
------------------------------------------------------------------------------
Basic earnings per share 6
Before goodwill 113.9p 86.8p
After goodwill 110.1p 83.0p
Diluted earnings per share 6
Before goodwill 113.1p 86.0p
After goodwill 109.4p 82.2p
Dividend per share 27.50p 18.30p
------------------------------------------------------------------------------
No separate statement of total recognised gains and losses has been prepared as
the Group has no recognised gains or losses other than the profit for the year
as shown above.
There is no material difference between the profit on ordinary activities before
taxation and the retained profit for the year stated above, and their historic
cost equivalents.
The results of the Group relate entirely to continuing operations.
Consolidated Balance Sheet at 31 December 2004
------------------------------------------------------------------------------
Note 31 December 31 December
2004 2003
£m (Restated)
£m
------------------------------------------------------------------------------
Fixed assets
Tangible assets 28.2 24.1
Intangible assets 171.2 182.0
------------------------------------------------------------------------------
199.4 206.1
------------------------------------------------------------------------------
Current assets
Stocks and work in progress 2,003.9 1,661.2
Debtors 102.3 112.4
Cash at bank and in hand 3 84.6 0.8
------------------------------------------------------------------------------
2,190.8 1,774.4
------------------------------------------------------------------------------
Creditors due within one year
Borrowings 3 (21.6) (19.7)
Other creditors (650.9) (501.1)
------------------------------------------------------------------------------
(672.5) (520.8)
------------------------------------------------------------------------------
Net current assets 1,518.3 1,253.6
------------------------------------------------------------------------------
Total assets less current liabilities 1,717.7 1,459.7
------------------------------------------------------------------------------
Creditors due after more than one year
Borrowings 3 (264.2) (295.6)
Other creditors (66.2) (37.8)
------------------------------------------------------------------------------
(330.4) (333.4)
------------------------------------------------------------------------------
Net assets 1,387.3 1,126.3
------------------------------------------------------------------------------
Capital and reserves
Called up share capital 28.9 28.4
Share premium account 221.2 214.2
Merger reserve 281.4 281.4
Revaluation reserve 1.2 1.2
Own shares 9 (3.2) (5.5)
Profit and loss account 857.8 606.6
------------------------------------------------------------------------------
Equity shareholders' funds 1,387.3 1,126.3
------------------------------------------------------------------------------
Net assets per share 481.5p 398.7p
------------------------------------------------------------------------------
Consolidated Cash Flow Statement for the year ended 31 December 2004
------------------------------------------------------------------------------
Note Year to Year to
31 December 31 December
2004 2003
£m £m
------------------------------------------------------------------------------
Net cash inflow from operating activities 2 315.1 243.6
------------------------------------------------------------------------------
Return on investments and servicing of finance
Interest received 0.6 1.1
Interest paid (26.2) (30.6)
Interest paid on finance leases (0.2) (0.2)
------------------------------------------------------------------------------
(25.8) (29.7)
------------------------------------------------------------------------------
Taxation
UK corporation tax paid (127.6) (89.8)
------------------------------------------------------------------------------
Capital expenditure
Purchase of tangible fixed assets (12.9) (7.1)
Sale of tangible fixed assets 2.5 2.9
------------------------------------------------------------------------------
(10.4) (4.2)
------------------------------------------------------------------------------
Acquisitions and disposals
Acquisition of businesses and subsidiaries - (48.1)
Net borrowings acquired with subsidiaries - (9.1)
------------------------------------------------------------------------------
- (57.2)
------------------------------------------------------------------------------
Equity dividends paid (43.1) (41.9)
------------------------------------------------------------------------------
Net cash inflow before financing 108.2 20.8
------------------------------------------------------------------------------
Financing
Repayment of bank loans (16.6) (32.9)
Exercise of share options 6.0 3.5
Repayment of principal under finance leases (0.9) (1.5)
------------------------------------------------------------------------------
Net cash outflow from financing (11.5) (30.9)
------------------------------------------------------------------------------
Increase/(decrease) in cash 3, 4 96.7 (10.1)
------------------------------------------------------------------------------
Notes
1. Accounting policies
The financial information has been prepared on the basis of the accounting
policies set out in the financial statements for the year ended 31 December
2003, with the exception of the adoption of UITF 38 (Accounting for ESOP
trusts) as detailed in note 9. The continued transitional disclosure
requirements of FRS 17 (Retirement Benefits) are set out, in an abbreviated
format, in note 7.
2. Reconciliation of operating profit to net cash inflow from operating
activities
------------------------------------------------------------------------------
Year to Year to
31 December 31 December
2004 2003
£m £m
------------------------------------------------------------------------------
Operating profit 486.0 370.9
Depreciation charge 7.0 6.5
Amortisation of goodwill 10.8 10.8
Loss/(profit) on sale of tangible fixed assets 0.1 (0.2)
LTIP charge 2.3 1.7
Increase in stocks and work in progress (342.7) (159.1)
Decrease/(increase) in debtors 10.4 (5.8)
Increase in creditors 141.2 18.8
------------------------------------------------------------------------------
Net cash inflow from operating activities 315.1 243.6
------------------------------------------------------------------------------
3. Analysis of net debt
-------------------------------------------------------------------------------
31 December Cash flow Other non-cash 31 December
changes
2004 £m £m 2003
£m £m
-------------------------------------------------------------------------------
Net cash:
Cash at bank and in hand 84.6 83.8 - 0.8
Bank overdrafts (5.2) 12.9 - (18.1)
-------------------------------------------------------------------------------
79.4 96.7 - (17.3)
-------------------------------------------------------------------------------
Debt and lease financing:
Bank loans - 15.0 - (15.0)
US & UK senior loan notes (280.6) 1.6 - (282.2)
Finance leases (2.3) 0.9 (0.8) (2.4)
------------------------------------------------------------------------------
(282.9) 17.5 (0.8) (299.6)
------------------------------------------------------------------------------
Net debt (203.5) 114.2 (0.8) (316.9)
------------------------------------------------------------------------------
Analysed as:
Cash at bank and in hand 84.6 0.8
Borrowings due within one year (21.6) (19.7)
Borrowings due after more
than one year (264.2) (295.6)
Finance leases (2.3) (2.4)
-------------------------------------------------------------------------------
Net debt (203.5) (316.9)
-------------------------------------------------------------------------------
4. Reconciliation of net cash flow to net debt
------------------------------------------------------------------------------
2004 2003
£m £m
------------------------------------------------------------------------------
Increase/(decrease) in cash 96.7 (10.1)
Decrease in debt and lease finance 17.5 34.4
------------------------------------------------------------------------------
Decrease in net debt from cash flows 114.2 24.3
New finance leases (0.8) (1.8)
------------------------------------------------------------------------------
Decrease in net debt 113.4 22.5
Net debt at 1 January (316.9) (339.4)
------------------------------------------------------------------------------
Net debt at 31 December (203.5) (316.9)
------------------------------------------------------------------------------
5. Taxation
Taxation has been calculated at an effective rate of 30.8% of profit on
ordinary activities before taxation and goodwill amortisation (2003:
30.5%).
6. Earnings per share
The calculation of basic earnings per share after goodwill is based on
earnings after taxation of £314.5m (2003: £234.2m) and 285,707,897 ordinary
shares (2003: 282,113,458) being the weighted average number of ordinary
shares in issue during the period.
Diluted earnings per share after goodwill is calculated by dividing earnings
after taxation by the weighted average number of ordinary shares in issue
for the period, adjusted for the dilutive effect of shares held under
unexercised options and awards granted to directors and employees. The
weighted average number of ordinary shares so calculated is 287,530,169
(2003: 284,785,791).
The calculations of basic and diluted earnings per share before goodwill are
based on earnings after taxation of £325.3m (2003: £245.0m).
7. Pension and life assurance scheme
In November 2000 the Accounting Standards Board ('ASB') issued FRS 17
(Retirement Benefits) to replace SSAP 24 (Accounting for pension costs). FRS
17 was initially due to become fully effective for periods ending on or
after 22 June 2003. However, in November 2002 the ASB issued an amendment to
FRS 17 extending the transitional arrangements and therefore deferring the
mandatory requirement for its full adoption. The requirements of FRS 17 as
amended will now become mandatory for accounting periods beginning on or
after 1 January 2005.
The relevant transitional rules have again been adopted for 2004, with no
effect on the Group's results other than extensive disclosure requirements
regarding defined benefit pension schemes. In summary, calculation of the
illustrative balance sheet figures using the required valuation assumptions
results in a market value of scheme assets of £132.6m and a present value of
scheme liabilities of £198.9m. Net of the deferred tax asset of £19.9m, the
deficit is £46.4m (2003: £38.0m deficit).
8. Final dividend
It is proposed to pay a final dividend of 18.4p per share on 22 April 2005
to shareholders on the register at the close of business on 11 March 2005.
9. Prior period adjustment
During the year the Group has adopted UITF 38 (Accounting for ESOP trusts).
Comparative figures have been restated for the adoption of this new
policy.
UITF 38 requires that shares held by employee related trusts be stated at
cost and treated as a reduction in shareholders' funds. As a result of this
new accounting policy £3.2m (2003: £5.5m) of investment in own shares has
been reclassified appropriately. There has been no impact on the previously
reported profit and loss account or cash flow statement.
10. Disclaimer
The financial information set out above does not constitute the Company's
consolidated statutory accounts for the years ended 31 December 2004 or
2003 but is derived from those accounts. Statutory accounts for the year
ended 31 December 2003 have been delivered to the Registrar of Companies,
and those for the year ended 31 December 2004 will be delivered following
the Company's Annual General Meeting. The auditors have reported on those
accounts; their reports were unqualified and did not contain statements
under section 237(2) or (3) of the Companies Act 1985.
The annual report will be posted to shareholders on Friday 18 March 2005.
Copies of the annual report will also be available from the Company
Secretary, Persimmon plc, Persimmon House, Fulford, York,
YO19 4FE.
Further information on the Group can be found on the Persimmon website at:
www.persimmonhomes.com
This information is provided by RNS
The company news service from the London Stock Exchange
Latest directors dealings
- 12 hours ago Alphawave IP Group
- 13 hours ago WH Smith
- 13 hours ago Staffline Group
- 14 hours ago Manchester & London Investment Trust
- 14 hours ago Associated British Foods