Top Track 100 Research Report Research Report Britain's 100 biggest private companies. In association #TopTrack100

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1 Top Track 100 Research Report Research Report 2015 Britain's 100 biggest private companies In association #TopTrack100

2 CONTENTS INTRODUCTION 1 Top 10 companies on the league table 1 EXECUTIVE SUMMARY 2 The long view of the Top Track Companies appearing every year since KEY STATISTICS 5 Regional breakdown 6 Sector breakdown 6 Industry breakdown 7 Main ownership 8 The ten wealthiest individual shareholders 8 New entrants 9 Departures from last year's league table 10 FINANCIAL PERFORMANCE 11 Biggest profits (ebitda) 11 Biggest ebitda margin 12 Sales growth by sector 13 Profit growth by sector 13 Biggest rises & falls in sales 14 Biggest rises & falls in profits (ebitda) 15 Biggest debts 16 Examples of companies faring well 17 Examples of companies hit by the economic downturn 18 Boardroom changes 19 CORPORATE ACTIVITY 20 Public-to-private takeovers 20 Buyouts of subsidiaries or divisions 21 Acquisitions and disposals 22 Possible future exits TOP TRACK 100 LEAGUE TABLE 24 METHODOLOGY 28 BACKGROUND 31 Sponsors & media partner 31 Compiler & publisher 33 The authors 33 Fast Track 34 CONTACT DETAILS 34

3 Top Track 100 Research Report INTRODUCTION For 14 years, The Sunday Times Top Track 100 has ranked Britain s biggest private companies by sales. HSBC is the title sponsor of the league table, and Linklaters is a main sponsor. The Top Track 100 is the only league table of its kind in Britain. To qualify, companies must be unquoted, registered in the UK and not subsidiaries, although their ultimate holding companies may be based offshore. Ineos is the UK's biggest private company by sales, replacing Alliance Boots at No 1 This year, the league table companies have combined sales of 178bn, equivalent to 11% of UK GDP. Their profits (ebitda) are 18bn, and they employ more than 900,000 people, equivalent to 2.8% of the UK s entire workforce. Some of the companies have significant debts. The contribution to the UK economy of the Top Track 100 companies remains important, and we aim to continue to monitor and measure this contribution in the years to come. Chemicals maker Ineos takes the top position this year following the merger of Alliance Boots, last year s No 1, to US chemists chain Walgreens. Its founder and executive chairman Jim Ratcliffe intends to turn the company into the UK's largest shale gas producer. Top 10 companies on the league table Rank Rank Company Activity HQ location FYE % annual Sales sales m growth Ebitda m Staff Main shareholders 1 2 INEOS Chemicals manufacturer 2 3 Greenergy Fuel supplier 3 4 John Lewis Partnership Food & general retailer 4 5 Swire Conglomerate 5 7 Palmer and Harvey Wholesale distributor 6 6 Stemcor Steel trader 7 8 WorldPay Payment processor Sisters Food Group Food producer Laing O'Rourke Engineering & construction group Arnold Clark Automobiles Car dealer UK/Switzerland Dec 14 *17, *1,679 14,319 Central London Apr 15 *14, * Jim Ratcliffe (60%), John Reece (20%), Andrew Currie (20%) Central London Jan 15 *9, *797 92,100 Employees (100%) Tesco Pension Trustees Ltd (35%), Owens family (32%), Seerave (24%) Central London Dec 14 *6, *1,471 88,179 Swire family (67%), others (33%) East Sussex Apr 14 4, ,706 Central London Dec 13 3, ,733 Central London Dec 13 3, ,142 Management & employees (54%), former employees (46%) Oppenheimer family (71%), management & staff (29%) Advent International (43%), Bain Capital (43%), management & staff (10%), other (4%) Birmingham Jul 14 3, ,767 Baljinder & Ranjit Boparan (100%) Dartford Mar 14 3, ,312 Ray O Rourke & Des O Rourke through Suffolk Partners Corporation Glasgow Dec 14 *3, *261 9,184 Clark family & trusts (100%) *Supplied by the company annualised

4 Top Track 100 Research Report EXECUTIVE SUMMARY More than two thirds (71) of the Top Track 100 companies reported increased sales in their latest accounts. Combined sales are up 2% to 178bn Swire (No 4), which owns a stake in Cathay Pacific, grew sales by 11% to 6.9bn Levels of sales Number of companies in each range of sales in their latest financial year ( ) > 5bn 2bn 5bn 1.5bn 2bn 1bn 1.5bn 750m 1bn 675m 750m 4 Levels of ebitda More than six in ten companies (65) grew their profits year-onyear. Another 32 saw a fall in ebitda and three did not disclose their profits. Total profits are up 7.1% to 17.9bn, while margins at ebitda level remained level at 10% Total combined debt (including shareholder debts) among the 95 companies that disclosed figures is 87bn, resulting in an average debt multiple of four times ebitda. Sixteen of the companies have debt of more than 1bn, while 31 have debt of more than five times ebitda Of the 10 companies with the highest ebitda profits, seven have debt of more than 3bn and pay out a large proportion of their profits in interest. Of the seven, six are owned by private equity The 12 new entrants to this year's Top Track 100 include six services companies, three retailers and one each in construction, manufacturing and wholesale Construction companies have grown their sales the fastest, up 8.1% to 13bn Retail grew sales 5.3% to a combined 41bn One third of the companies (34) are majority-owned by private equity, with private equity firms owning minority stakes in an additional three companies Of the 12 companies that left the table, 10 of which were backed by private equity, five were sold and three floated on the stock market Number of companies in each range of ebitda profit/loss in their latest financial year ( ) > 250m m 250m 25 50m 99m 18 0m 49m 33 <0 Not disclosed 2 4

5 Top Track 100 Research Report Total sales bn 202bn 195bn 183bn 175bn 160bn 161bn 149bn 118bn 106bn 97bn 89bn The long view of Top Track 100 Over the 14 years that the Top Track 100 has been published, the biggest private companies in the UK have made an important contribution to the nation s economy, though the constituents of the league table have changed over that time The lower total sales figure in 2015 is primarily a result of Alliance Boots leaving the league table after being bought by US chemist chain Walgreens. In 2014 the company ranked No 1 with sales of 23.4bn and 77,000 staff The Top Track 100 companies in 2002 had combined sales of 72bn; the figure that has grown 2.5 times to 178bn this year. The companies contribution to GDP has also increased. Total sales represented 6% of gross domestic product when the 2002 league table was compiled, and now make up 11% bn 72bn The total number of people employed by the Top Track 100 companies has increased by nearly 30% in the 14 years, from 704,000 in 2002 to 921,000 in 2015 Staff employed ,000 1,010,000 1,005, ,000 1,011, , , , , , , , , ,000 Operating profits climbed from 2.9bn in 2002 to 7.7bn in 2007, after which our profit measure changed to ebitda, which is up from 13.6bn in 2008 to 17.9bn this year The increases are due in part to the entry of Ineos Group in 2003, and its subsequent growth. Its sales account for a tenth (10%) of the total turnover of the Top Track 100 this year In terms of sectors, there were 30 manufacturing companies on the league table in 2002, but only 13 in Conversely, there are now almost double the number of retailers, 24 compared to 14 in 2002 This year, the wealthiest individual shareholders according to the 2015 Sunday Times Rich List were Sir David and Sir Frederick Barclay with 6.5bn. This was also the case last year

6 Top Track 100 Research Report Companies appearing every year since 2002 Thirty-eight companies appearing on this year s league table also appeared on the inaugural Top Track 100 in Of these, 25 (listed below) have featured in all 14 years, of which only one has privateequity ownership, Gala Coral (No 41). JCB (No 18) had sales of 855m when it first featured, at No 25, in In 2014 its sales were 2.5bn The biggest of these is John Lewis Partnership (No 3), which has always appeared within the top four companies on the table and was the No 1 company in Arcadia (No 15) was merged with Bhs in 2009: it is included on the list below on the basis that at least one of the two has appeared on the Top Track 100 in each of the past 14 years. Arcadia sold Bhs in March In 2004, Rigby Group (No 24) merged its two entities, Specialist Computer Holdings and Specialist Computers International, which both appeared on the table in 2002 and Rank 2015 Rank 2002 Name Activity FYE Latest sales m Ownership 3 1 John Lewis Partnership Food & general retailer Jan 15 *9,536 Employees (100%) 4 4 Swire Conglomerate Dec 14 *6,927 Swire family (67%), others (33%) 5 2 Palmer and Harvey Wholesale distributor Apr 14 4,197 Management & employees (54%), former employees (46%) 6 19 Stemcor Steel trader Dec 13 3,807 Oppenheimer family (71%), management & staff (29%) Arnold Clark Automobiles Car dealer Dec 14 *3,265 Clark family & trusts (100%) 12 8 Virgin Atlantic Airline & tour operator Dec 14 2,928 Virgin Group (51%), Delta Air Lines (49%) European Metal Recycling Metal recycler Dec 13 2,810 Sheppard family (100%) Arcadia Fashion retailer Aug 14 2,706 Lady Tina Green & family, Lloyds Banking Group JCB Construction equipment manufacturer Dec 14 *2,510 Bamford family (100%) Rigby Group IT infrastructure integrator Mar 14 1,738 Sir Peter Rigby & family (100%) 25 5 Shop Direct Internet & catalogue retailer Jun 14 1,744 Sir David Barclay & Sir Frederick Barclay (100%) Clarks Shoe retailer & wholesaler Jan 15 *1,492 Clark family (84%), employees & institutions (16%) Wilko Value retailer Feb 14 1,463 Wilkinson family (100%) Marshall Group Conglomerate Dec 14 *1,426 Sir Michael Marshall, Robert Marshall & family trusts (71%), others (29%) Gala Coral Betting & gaming operator Sep 14 1,243 Anchorage (21%), Apollo (21%), cerberus (21%), others (37%) AF Blakemore & Son Food distributor Apr 14 1,192 Blakemore family (100%) Arup Design, engineering consultancy Mar 14 1,048 Employees, through three trusts Wates Construction contractor Dec Wates family (100%) Virgin Trains Train operator Mar Virgin Group Holdings (51%), Stagecoach (49%) River Island Fashion retailer Dec Bernard Lewis & family (100%) Bloor Investments Builder & motorcycle maker Jun John Bloor (100%) OCS Group Facilities services provider Mar Goodliffe family (100%) Sir Robert McAlpine Construction contractor Oct McAlpine family (100%) Bowmer & Kirkland Construction contractor Aug 14 *732 Kirkland family & family trusts 91 9 Unipart Group Logistics consultancy & manufacturer Dec Management & staff (52%), 3i, Electra (27%), others (21%) *Supplied by the company annualised

7 Top Track 100 Research Report KEY STATISTICS Sales among the Top Track 100 range from 18bn (Ineos) to 628m (Dhamecha Foods), with an average of 1.8bn and a median of 1bn John Lewis Partnership (No 3) is the largest employer, with 92,100 people on the payroll Number of employees Number of companies in each range >50,000 25,000-50,000 10,000-25,000 5,000-10,000 2,500-5,000 1,000-2,500 <1, Profits are measured by earnings before tax, depreciation and amortisation (ebitda) and range from 1.7bn (Ineos) to a loss of 84m (Sir Robert McAlpine), averaging 185m. The median is 84m All but two of the 97 companies on the league table that disclosed ebitda are profitable (four did not disclose figures) The average ebitda margin is 10% Both sales and profits are up on the previous year, with increases of 2% and 7% respectively Average debt stands at 823m, four times ebitda The total number of staff employed by the league table companies is 921,000, up from 894,000 the year before. The average is 9,200 staff members, and the median is 4,300 The largest employer is John Lewis (No 3) with 92,100 on the payroll, and Lamex (No 71) the smallest with 235. The average sales per employee is 193,000 and the average profits is 19,500 Fifteen companies, including Swire (No 4) and Sir Robert McAlpine (No 66), trace their history back to the 19th century, while the oldest company, engineering components maker Doncasters (No 85), was established in 1778 when founder Daniel Doncaster obtained the company s first trade mark The youngest companies are Rontec / Snax24 (56) and Worldpay (No 7), which were established in their current form in 2011 and 2010 respectively

8 Top Track 100 Research Report 2015 Regional breakdown Regional breakdown of UK HQs Scotland 4 Northwest Northeast & Yorkshire 9 6 Midlands N. Ireland Wales East 1 2 The majority of companies on the league table are based in London (34) and the Southeast (24), including eight of the top ten companies on the league table. The next most common location for companies on the league table is the Midlands, with 15 based there including JCB (No 18) in Staffordshire and Bet365 (No 28) in Stoke-on-Trent. Outside London, the cities with the highest concentration of Top Track 100 HQs are Hemel Hempstead, Reading and Liverpool, which are home to three companies each. Southwest 3 Southeast 24 Sector breakdown Number of companies in each sector Wholesale 11 Construction 11 Manufacturing 13 London 34 Sector breakdown Services (41 companies) and retail (24) are the two largest sectors, making up two thirds of the league table between them. The biggest service companies are Swire (No 4) and Worldpay (No 7), while John Lewis Partnership (No 3) and Arnold Clark Automobiles (No 10) are the biggest in retail. In terms of the Top Track 100 sector breakdown, construction and retail are the sectors with the highest sales growth since last year, up 8.1% and 5.3% respectively. There is one construction firm new to the table this year, Murphy Group at No 90; and one manufacturer, R & R Ice Cream at No 87. Retail 24 Services Top Track 100 fasttrack.co.uk

9 Top Track 100 Research Report Industry breakdown Consumer goods 15 Food & drink 15 Engineering 14 Industry breakdown The consumer and food & drink industries make up almost a third of the table with 15 companies in each category. They include Specsavers, the eyecare giant at No 21, and William Grant & Sons, ranked at No 45, which makes drinks such as Glenfiddich whisky and Hendricks gin. Three other industries are heavily represented: Engineering with 14 companies, leisure with 10, and transport with nine. Only one telecoms company, Lycamobile (No 48) remains on the table after Phones4U went into administration in September Leisure 10 Transport 9 Automotive 7 Oil & gas 5 Recruitment 4 Building related 4 Business services 4 Other 13

10 Top Track 100 Research Report Ownership types Number of companies by majority ownership type Management & staff 8 Family 25 Entrepreneur and/or founder 33 Private equity 34 Main ownership Private equity is an important force within the UK s biggest companies, with 34 majority-owned by investment houses. In addition, they own a minority stake in three companies on the league table. Worldpay (No 7) was acquired from RBS by Advent International and Bain Capital in a 2.1bn deal in 2010, and Healthcare at Home (No 44) was bought by Vitruvian Partners in 2012, when the private equity firm took a majority stake for an undisclosed sum. Of the 66 companies which are not majority-held by private equity, 33 are still part-owned by a founding entrepreneur, such as Jim Ratcliffe s Ineos (No 1) and Sir Peter Rigby s Rigby Group (No 24), while 25 remain owned by the family of the founder, such as Bibby Line Group (No 26) and Wates (No 52). Five companies are majority-owned by their management, among them Mace (No 31) and Unipart Group (No 91), while three are owned by employees: John Lewis Partnership (No 3), Mott MacDonald (No 42) and Arup (No 50). Many owners of companies on the league table are among the richest individuals in Britain, according to the 2015 Sunday Times Rich List. They include Sir David and Sir Frederick Barclay, whose wealth is estimated at 6.5bn this year, up from 6bn last year. Sir Richard Branson has moved up to second place with wealth of 4.1bn. The ten wealthiest individual shareholders* Rank Shareholder Rich List rank* Net worth ( m)* Top Track 100 company Company rank 1 Sir David & Sir Frederick Barclay 13 6,500 Shop Direct 25 2 Sir Richard Branson & family 20 4,100 Virgin Atlantic, Virgin Trains, Virgin Active 12, 55, 93 3 Sir Philip Green & Lady Green 22 3,500 Arcadia 15 4 Sir James Dyson 22 3,500 Dyson 38 5 Lord Bamford & family 29 3,100 JCB 18 6 Bernie Ecclestone & family 33 2,940 Formula One 68 7 Mark Pears & family 35 2,800 Telereal Trillium 86 8 Jim Ratcliffe 40 2,500 INEOS 1 9 Sir Anwar Pervez & family 41 2,440 Bestway Group Sir John Swire CBE & family 42 2,400 Swire 4 * According to The Sunday Times Rich List, published 26 April 2015

11 Top Track 100 Research Report New entrants Twelve companies entered the league table that did not feature in Of these, only Trailfinders (No 97) has appeared before. The highest ranking new-comer is Heathrow Airport (No 16), with sales of 2.7bn in 2014, a 9% rise. Reed Specialist Recruitment (No 61) grew its sales 8% to 897m. Heathrow Airport (No 16) is the highest ranking new entrant, with sales of 2.7bn Three of the new entrants operate in the retail sector. These are Farmfoods (No 73), Benfield Motor Group (No 83), and Euro Garages (No 96), which grew sales 47% as a result of acquisitions, the biggest increase on the table. As was the case last year, no new companies joined the league table directly as a result of a stock market delisting. By contrast, there were ten new entrants in 2008 due to delistings. New entrants Rank 2015 Company Activity FYE Sales m Profit m Previous sales m Reason for entry Heathrow Airport Airport Reed Specialist Recruitment Recruitment consultancy Dec 14 2,691 1,613 2,473 Sales growth of 9% from 2013 to 2014 Jun Sales growth of 8% from 2013 to Farmfoods Frozen food retailer Dec Sales growth of 16% from 2013 to Alexander Mann Solutions Recruitment consultancy Dec 14 *728 * Sales growth of 8% from 2013 to Morson Engineering recruitment consultancy Dec 14 *706 * Sales growth of 8% from 2013 to Benfield Motor Group Car dealer R&R Ice Cream Ice cream manufacturer Murphy Group Civil engineering contractor Euro Garages Fuel forecourt operator Dec 14 *700 * Sales growth of 12% from 2012 to 2013 Dec 14 *676 * Sales growth of 16% from 2013 to 2014 Dec Sales growth of 17% from 2012 to 2013 Jul Sales growth of 47% from 2013 to 2014 due to acquisition 97 Trailfinders Travel organiser Feb Sales growth of 6% from 2013 to Domestic & General Warranty provider Dhamecha Foods Cash and carry wholesaler Mar 14 *633 * Sales growth of 10% from 2013 to 2014 Mar Sales growth of 7% from 2013 to 2014 * Supplied by the company

12 Top Track 100 Research Report Departures from last year's league table Making way for this year s new entrants, 12 companies lost their places on the Top Track 100. Three have floated on the stock market: SSP, DFS and Spire Healthcare. Another, conglomerate Hanover Acceptances, merged its largest entity Gerber Emig with Dutch juice maker, Refresco, and the combined entity was listed on the Amsterdam stock market. DFS was one of three companies to leave the table due to stock market flotations Corporate activity brought about the departure of five companies: retailer and pharmaceutical wholesaler Alliance Boots, No 1 on 2014 Top Track 100, was sold to Walgreens, in a deal totalling 9bn. Frozen food producer Iglo Group was sold to Nomad Holdings for 2.6bn ( 1.9bn), and United Biscuits was sold to Turkish biscuit maker Yildiz for 2bn. Foreign exchange operator Travelex was acquired by UAE Exchange, in a deal that finalised in January 2015, and aerospace manufacturer Firth Rixson was sold to America s Alcoa for a reported 1.7bn. Phones 4u fell into administration and The Miller Group sold off a division, leading to a drop in sales. AMC Group did not generate sales high enough to qualify. Departures Rank 2014 Company Activity FYE Sales m Reason for departure 1 Alliance Boots Retailer & pharmaceutical wholesaler Mar 14 23,367 Walgreens exercised option to buy remaining 55% stake in SSP Travel foodservice provider Sep 13 1,827 Floated on LSE in July 2014, valued at 997m Iglo Group Frozen food producer Phones 4u Mobile phone retailer United Biscuits Branded snack manufacturer Spire Healthcare Private hospital operator The Miller Group Housebuilder & construction services AMC Group Metal processor and trader Dec 13 1,278 Bought by Nomad Holdings in April 2015 Dec 13 1,158 Collapsed into administration in September 2015 Dec 13 *1,096 Sold to Turkish biscuit maker Yildiz for 2bn in November 2014 Dec 13 *764 Floated on LSE in July 2014, valued at 842m Dec 14 *611 Sales dropped due to the disposal of its construction business Dec 14 *624 Sales not high enough for inclusion in Hanover Acceptances Conglomerate Dec Merged its largest entity Gerber Emig with Dutch juice maker, Refresco; the combined entity floated in March DFS Upholstered furniture retailer 99 Travelex Foreign exchange operator Oct Floated on LSE in March 2015, valued at 543m Dec Acquired by UAE Exchange, in a deal finalised in January Firth Rixson Aerospace manufacturer Sep 13 *636 Sold to US-based mining giant Alcoa for a reported 1.7bn in June 2014 The company ranked No 100 in this year s table had sales of 628m * Supplied by the company

13 Top Track 100 Research Report FINANCIAL PERFORMANCE Biggest profits (ebitda) INEOS (No 1) is the company with the biggest profits, making ebitda of 1.7bn in 2014, followed by Heathrow Airport (No 16), which made ebitda of 1.6bn in Thames Water (No 22) is one of the ten companies with the highest ebitda profits on the league table Of the ten companies with the highest ebitda profits, six have debt in excess of 4bn. Four are not owned by private equity. They are Ineos (No 1), John Lewis (No 3), Swire (No 4), and Dyson (No 38). In total, the ten companies with the highest ebitda profits hold combined debts of 58bn. They paid 4bn of their combined 9.5bn ebitda profits in interest. 10 companies with the biggest profits Rank 2015 Company Activity 1 INEOS Chemicals manufacturer 16 Heathrow Airport Airport 4 Swire Conglomerate Thames Water Water services provider John Lewis Partnership Food & general retailer Anglian Water Group Water services provider Kelda Group Water services provider 69 Arqiva Communications services provider 70 Southern Water Water services provider 38 Dyson Appliance manufacturer FYE Profits m Sales m Dec 14 *1,679 *17,981 Dec 14 1,613 2,691 Dec 14 *1,471 *6,927 Mar 14 1,166 1,952 Jan 15 *797 *9,536 Mar ,266 Mar ,063 Jun Mar Dec ,276 * Supplied by the company

14 Top Track 100 Research Report Biggest ebitda margin The companies with the highest profit margins on the league table are the water utilities, as well as Heathrow Airport (No 16), with margins of 60%. Southern Water (No 70) has the highest margins at 70%. Thames Water (No 22) and Anglian Water (No 39) both have margins of 60% and Kelda Group (No 49), the holding company for Yorkshire Water, has margins of 57%. Each of these companies is a highly leveraged private equity investment, so a substantial portion of these profits goes to lenders in interest. Dyson (No 38), which has recently launched a robot vacuum cleaner, grew its margins from 29% to 31% Overall, 61 companies in the Top Track 100 improved their ebitda profit margins in their latest filed accounts compared with the previous year, while 36 saw a decline (three did not disclose ebitda for one or both years). Rank 2015 Rank Company Activity Southern Water Water services provider Heathrow Airport Airport Thames Water Water services provider Anglian Water Group Water services provider Kelda Group Water services provider Arqiva Communications services provider Telereal Trillium Property investor & manager Dyson Vacuum cleaner maker bet365 Online bookmaker Expro International Oilfield services provider FYE Profit margin Profits m Sales m Mar % Dec % 1,613 2,691 Mar % 1,166 1,952 Mar % 754 1,266 Mar % 609 1,063 Jun % Mar % Dec % 392 1,276 Mar % *478 *1,575 Mar % * Supplied by the company

15 Top Track 100 Research Report Sales growth by sector Combined sales for the Top Track 100 rose from 173bn to 178bn year-on-year, an uplift of 2%, after rising 6% the previous year. All sectors apart from wholesale grew sales, with construction seeing the biggest increase, up 8.1%. Retail grew 5.3%, and saw the greatest sales growth in absolute terms, up 2.1bn. A 860m absolute decline in wholesale sector sales was primarily due to a 1.6bn decline in sales at fuel supplier Greenergy (No 2). Willmott Dixon (No 40) was the fastest-growing construction company on the table, with sales up 23% Services latest sales previous sales 58,200m 58,164m +0.1% Retail 41,060m 39,015m +5.3% Manufacturing 34,741m 33,633m +3.3% Wholesale 30,519m 31,379m -2.7% Construction 13,074m 12,092m +8.1% Profit growth by sector The Top Track 100 companies grew profits to 17.9bn from 16.7bn, a 7.1% rise. This was driven by an increase of 694m in services companies profits in their latest year to a total of 10.2bn, 7.3% higher than the previous year. Construction sector profits fell 12.1% to 434m, largely due to a 101m decline for Sir Robert Mcalpine (No 66) to an ebitda loss of 84m. Services latest ebitda previous ebitda 9,568m 10,193m +7.3% Retail 3,054m 2,931m +4.2% Manufacturing 3,638m 3,240m +12.3% Wholesale 625m 531m +17.8% Construction 434m 494m -12.1%

16 Top Track 100 Research Report Biggest rises & falls in sales Nearly three quarters (71) of the Top Track 100 companies reported increased sales in their latest accounts, with Euro Garages (No 96) seeing the biggest percentage rise, up 47%, from 439m in 2013 to 646m in 2014, after acquiring 48 petrol forecourts in the Midlands and East of England. Farmfoods (No 73), which runs 320 frozen-food stores, grew sales by 16% to an annualised 796m The biggest absolute sales rise was generated by INEOS (No 1), which grew 793m in sales, from 17.2bn to 18.0bn, a 5% increase. The biggest percentage decline in sales was suffered by Stemcor (No 6), from 5.1bn to 3.8bn, a 26% drop, which it attributed partly to its ongoing restructuring. The biggest absolute decline in sales was suffered by Greenergy (No 2), from 15.7bn to 14.1bn in 2015, in part due to the fall in petrol prices. Biggest percentage sales rises Rank 96 Company Activity Euro Garages Fuel forecourt operator 31 Mace Construction project manager 40 Willmott Dixon Construction contractor 32 Westcoast Electronic products distributor 37 TJ Morris Discount retailer FYE Latest sales ( m) Sales increase Jul % Dec 14 1, % Dec 14 1, % Dec 14 1, % Jun 14 1, % Biggest percentage sales falls Rank Company Activity 6 Stemcor Steel trader Rigby Group IT infrastructure integrator Northgate Information Solutions Software & services provider River Island Fashion retailer Caparo Group Metal engineer FYE Latest sales ( m) Sales increase Dec 13 3, % Mar 14 1, % Apr % Dec % Dec 13 * %

17 Top Track 100 Research Report Biggest rises & falls in profits (ebitda) Reed Specialist Recruitment (No 61) grew its profits eight-fold in 2014 to 11.9m, up from 1.6m the previous year. This was the largest percentage increase on the table, coming after cost-cutting at the group and as it benefited from an improved economy. Thames Water (No 22) managed the greatest absolute increase in profits, up 138m to 1.2bn, an increase of 13%. Reed Specialist Recruitment (No 61) grew its profits from 1.6m to 11.9m Among the fallers, Matalan (No 47), the value retailer, reported a 8% fall in profits to 92m after it was negatively impacted by bad weather. Care UK (No 80) attributed a 14% decline in profits to 46m to increased staffing costs, administrative expenses and acquisitions. Of the 100 companies, 65 increased profits in the latest year, 32 saw a decline and the remaining three did not disclose ebitda. Only two companies made a loss at ebitda level: Stemcor (No 6), which is restructuring, made a loss of 40.3m, and Sir Robert Mcalpine (No 66) made a loss of 84m. At least 15 announced a pre-tax loss. Biggest profits increase in percentage terms Rank Company Activity Reed Specialist Recruitment Recruitment consultancy Virgin Atlantic Airline & tour operator Rontec/SNAX 24 Fuel forecourt operator Shop Direct Internet & catalogue retailer Willmott Dixon Group Construction contractor FYE Latest profit ( m) Profits increase Jun % Dec % Sep % Jun % Dec % Biggest profits falls in percentage terms Rank 66 Company Activity Sir Robert McAlpine Construction contractor 6 Stemcor Steel trader Virgin Trains Train operator Murphy Group Civil engineering contractor Formula One Motor racing administrator FYE Latest profit ( m) Profits increase Mar % Dec % Mar % Dec % Dec %

18 Top Track 100 Research Report Biggest debts Heathrow Airport (No 16) has the largest absolute debts at 14.6bn of any Top Track 100 company, a legacy of its privatisation by investors including Spain s Ferrovial in 2006, when it was formerly known as BAA. Thames Water (No 22) is second with 11.1bn in debts. When debt is expressed as a multiple of ebitda, the most indebted company on the league table is Odeon & UCI Cinemas Group (No 92), with an ebitda profit of 52m to debts of 935m. Odeon & UCI Cinemas Group (No 92) is one of the most indebted companies on the table, when measured by debt as a multiple of ebitda Sixteen of the Top Track 100 companies have debt of more than 1bn. This totals 69.4bn, over three quarters (79%) of the total debt held by the 95 companies for which figures are available. Loan figures are not available from five companies which may have significant debts. They are Specsavers (No 21), Lycamobile (No 48), Virgin Trains (No 55), Formula One (No 68), and Caparo (No 77), whose holding companies are based abroad, do not file consolidated accounts, or debts are held by other group entities. Biggest absolute debt Rank Company Activity Heathrow Airport Airport Thames Water Water services provider Anglian Water Group Water services provider Kelda Group Water services provider 69 Arqiva Communications services provider FYE Debt ( m) Ebitda m Debt multiple Dec 14 14,649 1, Mar 14 11,058 1, Mar 14 7, Mar 14 5, Jun 14 4, Biggest debt as multiple of ebitda Rank Company Activity Odeon & UCI Cinemas Group Cinema operator Palmer and Harvey Wholesale distributor Brakes Group Food distributor Anglian Water Group Water services provider Healthcare at Home Home healthcare provider FYE Debt ( m) Ebitda m Debt multiple Dec Apr Dec 14 1, Mar 14 7, Oct

19 Top Track 100 Research Report Examples of companies faring well As the following examples illustrate, Top Track 100 companies have capitalised on improved economic conditions, with a number, including TJ Morris (No 37) and Bloor Investments (No 60), showing impressive growth in their latest financial year. Euro Grarages (No 96), led by founders and brothers Zuber and Mohsin Issa, grew sales by 47% after acquiring 48 petrol forecourts 28 bet365 Online bookmaker Sales Ebitda * 1.6bn * 478m Staff 3,101 FYE Mar 15 Location Stoke-on-Trent Growth in mobile phone betting and in-play gambling helped Bet365 grow sales by 15% Stoke's largest employer, bet365 recorded revenue of more than 1.5bn to March up 15%. The rise helped its profits increase 32% to 478m. As well as having a flutter on a variety of sports, customers can also bet on the financial markets and play casino games or watch one of 60,000 live sports events shown annually. Owned by the Coates family, and with customers in more than 100 countries, bet365 is also the majority shareholder of Stoke City Football Club. 52 Wates Construction contractor Sales 994m Ebitda 17m Staff 2,106 FYE Dec 14 Location Surrey Big contract wins in the wake of the economic downturn helped Wates grow sales by 17% This construction firm is chaired by James Wates, 55, the fourth generation of the founding Wates family, and run by Andrew Davies, 51, who joined as chief executive in Having grown sales to nearly 1bn in 2014, it plans to double in size, partly helped by acquisitions; in November, Wates acquired maintenance specialist Purchase Group for an undisclosed sum. Recent projects include the 30m Aerospace Research Centre in Coventry, which Wates completed in January. 96 Euro Garages Fuel forecourt operator Sales 646m Ebitda 27m Staff 1,980 FYE Jul 14 Location Blackburn The acquisition of 48 petrol forecourts helped Euro Garages grew sales by 47% This fuel retailer grew sales by 47% last year to 646.3m after acquiring 48 petrol forecourts in the Midlands and East of England. Having added 43 Esso forecourts in the previous year, the Blackburn company now has a total of nearly 200 sites across the UK. Founded in 2001 by entrepreneurs Zuber Issa, 42, and his brother Mohsin, 43, its petrol stations feature Spar convenience stores and food outlets including Subway, Starbucks, Burger King and Greggs.

20 Top Track 100 Research Report Examples of companies showing a drop in sales Despite Britain s improving economy, over a quarter (29) of the league table companies showed a drop in sales. Wilko (No 33) attributed a 4% decline in sales to a challenging year for the retail market. Sales at Odeon & UCI Cinemas Group (No 92) fell 7% in a year of low cinema attendance due to a lack of major film releases. Sales at Greenergy (No 2) fell 10% as fuel prices dropped 2 Greenergy Fuel supplier Sales Ebitda * 14.1bn * 30m Staff 604 FYE Apr 15 Location Central London Greenergy suffered a 10% decline in sales amid falling fuel prices Greenergy supplied 15.5bn litres of petrol, diesel and biofuel last year, and claims to provide more than a quarter of all road fuel sold in Britain. Under chief executive Andrew Owens, 52, in January it acquired a biodiesel plant on Teesside for an undisclosed sum. Last year it struck a deal to supply fuel to Esso dealerships nationally. The company is also part of a joint venture building a fuel import terminal in the Thames estuary. Its 2015 sales of 14.1bn include fuel duty. 84 Shepherd Group Builder, manufacturer & engineer Sales 686m Ebitda 32m Staff 3,235 FYE Jun 14 Location York The decline of its construction business contributed to an 8% fall in sales. It has since sold part of the division to Wates Group (No 52) The Shepherd family business has provided construction and engineering know-how since the late 19th century. Its best-known products are its Portakabins. The decline of its construction business contributed to an 8% fall in sales to 686m in It has since sold part of the division, alongside its engineering services and facilities management businesses, to Wates Group (No 52), for an undisclosed sum. It also sold its home-building division in May to Galliford Try for an undisclosed sum. David Williams, 61, became chairman of the family-owned firm last July. 89 Northgate Information Solutions Software & services provider Sales 666m Ebitda 123m Staff 9,771 FYE Apr 14 Location Hertfordshire Sales declined 17%, having topped 1bn in the past two years, as its pipeline of work slowed Northgate's decision to focus on its global HR services saw it sell its public services division in December, for an undisclosed sum, just nine months after selling its managed services division for 65m. Chief executive Adel Al-Saleh, 51, is now investing in its HR services division, which operates in more than 100 countries and accounts for nearly three quarters of Northgate s revenues. The company was delisted from the stock market by the private equity house KKR for a reported 593m in 2008.

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