Examining the Relationship between ESG Score and Financial Performance of FTSE 100 Companies

This research examines the development and importance of the ESG Score in relation to the well-known ROE and ROI ratios. It aims to demonstrate a relationship between profitability and ESG score and to propose that this score should be considered alongside standard financial indicators when assessing investment possibilities. The study explores ESG measures and financial performance, and employs a machine learning technique to forecast financial indicators such as ROE and ROA on a variety of ESG and economic metrics. The research also aims to investigate the impact of ESG score on the performance of the firms comprising the FTSE 100 and determine whether or not there is a positive correlation or none at all with the market value of the shares.

PROJECT Finance and
Accounting

TABLE OF CONTENTS
CHAPTER 1: INTRODUCTION....................................................................................................3
CHAPTER 2: LITERATURE REVIEW.........................................................................................9
CHAPTER 3 : RESEARCH METHODOLOGY..........................................................................23
Research Type...........................................................................................................................23
Research Approach....................................................................................................................23
Research Philosophy..................................................................................................................24
Data Collection..........................................................................................................................25
Data analysis..............................................................................................................................25
Reliability and Validity..............................................................................................................26
Research Limitations.................................................................................................................26
Ethical Consideration.................................................................................................................27
CHAPTER 4: FINDINGS AND RESULTS.................................................................................27
CHAPTER 5: DISCUSSION AND CONCLUSION....................................................................31
Discussion..................................................................................................................................31
Conclusion.................................................................................................................................33
REFERENCES..............................................................................................................................35
APPENDIX....................................................................................................................................38

CHAPTER 1: INTRODUCTION
1.1 Background of the Study
In accordance with a practise that has lasted the test of time, analysts often use a preset
set of criteria when measuring the effectiveness and efficiency of businesses. For making a well-
informed investment choice it is important for investors to know efficiency of business and it is
the reason, data analysts present a set of criteria. “Return on Equity (ROE) and Return on
Investment (ROI)” are the two most essential profitability ratios (ROI) (Sinha Ray and Goel,
2022). The rate of return is the one that businesses offer to its shareholders on the money that
have invested by shareholders and it is one of the best method to measure the performance of a
corporation. ROI, on the other hand, measures the profitability of a firm relative to the amount of
money spent or invested by company. 8, therefore pointing the investment in the appropriate
direction (De Lucia et al., 2020).

So, it is important to know as whether it is important to stray from the norm at this
particular time or not. “Environment, Social, and Governance Score, sometimes known as the
ESG Score” and it is a method that may be used by investors to measure company’s intention
actions as ways of treatment with employees, stakeholders, ways of making board decisions and
solving problems. ESG has had tremendous expansion from its inception, which was more of a
regulatory and legal need than a “social responsibility” (Alhawaj et al., 2022). Concurrently,
firms have eagerly embraced “corporate social responsibility” (CSR). However, the circumstance
has altered recently. One of the key reasons why the ESG score is so often praised is the fact that
firms are investing vast sum of money in “corporate social responsibility (CSR)” initiatives
(Domanović, 2022).
People are increasingly interested in investment returns that do not just focus on a
company's bottom line. In addition to publishing their financial information, companies that
operate transparently and make positive contributions to society for them, environment are
crucial to the success of this transformation (De Lucia et al., 2020). “Wide-ranging,
comprehensive, and trustworthy” reports assist to rectify this aspect of the situation by boosting
the market's knowledge circulation and the quality of communication between institutions and
stakeholders. According to the findings of the 2018 “Eurosif European Socially Responsible
Investment” (SRI) survey, the integration of “environmental, social, and governance” factors into
the investment decisions made by 263 asset managers and asset owners in “Europe with a total
AUM of 20 trillion Euros in 2017 increased by 27% annually between 2015 and 2017” (Alhawaj
et al., 2022).
According to Eurosif, the expansion of ESG investment decision techniques is happening
twice as quickly as the expansion of the other six types of investment choices. For “attracting

and retaining customers, decreasing operational costs, and enhancing the company's image in the
marketplace”, it is becoming increasingly common for companies to include sustainability into
their business strategies (De Lucia et al., 2020). The core features of the notion of “sustainable
development, such as social responsibility, economic viability, and environmental preservation”,
are woven into the organization’s day-to-day activities because of a corporate sustainability plan.
As a result, the “organization’s social, economic, and environmental sectors” are interconnected
to form a “closed-loop supply value chain” (Buallay, 2018).
Numerous businesses are learning that implementing this complete approach provides
them with a significant competitive edge on the global market. Therefore, firms that priorities
sustainability often have higher chance of attaining success and being in business longer than
their conventional competitors (Sinha Ray and Goel, 2022). According to the conclusion of the
research, a company's commitment to ESG, decreases risk and uncertainty whilst enhancing its
reputation amongst investors. Potential investors may lose faith in businesses that engage in
irresponsible behavior with respect to the environment, their staff, or their consumers (De Lucia
et al., 2020). However, Alhawaj et al. cite the “tobacco, gambling, alcohol, and adult
entertainment” industries to suggest that this may not always be the case. According to them, this
is because these enterprises largely appeal to adults (Alhawaj et al., 2022).
Therefore, these industries are not considered by the SRI measures. In this regard, the
primary distinction between SRI indicators and ESG indicators is that SRI indicators exclude
some firms, but ESG indicators include all companies that meet the definition of a
comprehensive portfolio (Baran et al., 2022). Thus, SRI indicators concentrate on
“environmental, social, and governance concerns” or ECG score. The ESG approach will be the
focal point of this investigation. In addition, we study the health of British businesses in light of

the most recent efforts, made by the “European Union in 2015” with the main aim of integrating
its capital market with the UK's agreements. This is done in an effort to achieve the sustainable
development objectives (Yu et al., 2018).
In order to explore ESG measures, we are examining an idea of integrating machine
learning and inferential models. In this paper, we contribute to the ongoing discussion by
employing a machine learning technique to forecast financial indicators such as “Return on
Equity (ROE) and Return on Assets (ROA) on a variety of environmental, social, and
governance (ESG) and economic metrics”, and by employing a logistic regression model to infer
the relationships between “ESG factors and the ROE and ROA performances of European firms”
(De Lucia et al., 2020). Thus, we are able to demonstrate a favorable link between “ESG
parameters and financial performance”.
This research aims to examine the development and importance of the ESG Score in
relation to the well-known “ROE and ROI ratios”. It aims to demonstrate a relationship between
profitability and ESG score and to propose that this score should be considered alongside
“standard financial indicators” when “assessing investment possibilities”. This is done in order to
establish a relationship between profitability and ESG score. Even whilst previous research has
given some light on the subject, there has been no persuasive argument for using it as a decision-
making indicator, which is why this analysis is necessary. Previous studies have given some
insight on the subject.
This study is organised in a way that “environmental, social, and governance” (ESG)
practises and financial performance are reviewed in the second section. The third section
explains the methodology of research utilised in the case study. The fourth section describes the

results in depth and draws connections between the findings and international literature to
emphasise the primary policy implications. The fifth section contains a summary and conclusion.
1.2 Aims and Objectives of the Research
1.2.1 Aims of the Research
This research aims to examine the development and importance of the “ESG Score” in
relation to the well-known “ROE and ROI ratios”. This article's objective is to illustrate why
“environmental, social, and governance (ESG)” ratings should be evaluated alongside
profitability when evaluating investment opportunities.
1.2.2 Objectives of the Research
This investigation is motivated by the necessity to include ESG evaluations into
“financial planning and budgeting methods”. This number, along with return on equity and
return on investment, is crucial to evaluate, since these are the two indicators that potential
buyers and investors value the most. Formally, the objective is to investigate the impact of ESG
score on the performance of the firms comprising the FTSE 100 and determine whether or not
there is a positive correlation or none at all with the market value of the shares. A comprehensive
analysis would also be useful for identifying the impact of the different ESG components on the
organization, namely “E-Environment, S-Social, and G-Governance”. This will result in an
explanation of the relationship or an extent to which it influences company's performance, and
how it is transformed into market value data for the organization.
1.3 Research Questions
“This research will be focused to answer the following questions:”

 “How has the ESG score impacted the performance of the companies?”
 “Is there any relation between the ESG score and profit of the company?”
 “Does Higher ESG score mean that it is safe to invest in a particular stock of the firm?”
 “Can ESG Score be established as a variant in determining the relevance of the
investment plan?”
 “Is it really a time to consider ESG score also as a factor along with ROE and ROI for the
purpose of investment decision?”

CHAPTER 2: LITERATURE REVIEW
2.1 Previous Literature
This problem has been the subject of a substantial amount of research and study, and the
concept of an “ESG Score” dates back to the 1930s at the earliest. Since then, several attempts
have been made to build a link between a company's capabilities and its commitment to CSR. It
is being expected that this would result in a correlation between the company's ESG Score and
its Profitability. These attempts are premised on the notion that creating this link or correlation
would assist businesses in becoming more beenficial (Alhawaj et al., 2022). Throughout a
significant amount of American history, corporations have been required by law to donate a
percentage of their annual profits to different charitable organizations. In spite of this, in recent
years an increasing number of businesses have taken an active interest in CSR because they have
realized that they have a responsibility towards community because within this they operate and
grow. Alhawaj et al saw this responsibility and commitment of companies for community, as a
tool to achieve that goal.
As “corporations are still captained by individuals who still believe deeply in the values
that their organizations are the primary carriers of” and because “the power of any single
corporation, however great in its own economic sphere is indeed limited when it comes to taking
effective action on any of our major social fronts,” he has thoughtfully argued that CSR is
severely constrained. He argues that CSR is severely constrained by the fact that firms are “led
by people who continue to enthusiastically believe in the principles that their companies are the
primary transmitters of (Alhawaj et al., 2022).” As a consequence, the explanation supplied by
the study demonstrates that there are ramifications for society as a result of the policies and
actions of corporations (Chouaibi et al., 2021).

The concept of sustainability is creating substantial changes in the “administration of
economies, as well as how ecological systems and ever-changing surroundings are engaged”. As
established in the 1987 Brundtland Report, sustainable development must include the
interdependence of society, the economy, and the environment (Chouaibi et al., 2021). Recently,
some employees of finance sector have integrated this perspective under a company's supply
chain domain perspective. Along with other risks (e.g., economic and financial), they contend
that the sustainability risk is an integral element of a company's business. This was completed as
a result of Baraibar-Diez and D. Odriozala's recent addition of this perspective to a company's
supply chain domain perspective (Baraibar-Diez and D. Odriozola, 2019).
Therefore, the firm should consider implementing a corporate sustainability plan that not
only fulfils its current commitments, but also safeguards the environment and ensures future
generations' access to the earth's natural resources (Velte, 2019). The Global Reporting
Initiatives utilize the effects of a business's economic actions on the economic well-being of its
stakeholders and the economic system as a whole to assess whether or not a company is
economically sustainable. The “output of the economy, the movement of money, the outlook for
the market, and the potential monetary gains” are frequent metrics (Yoo and Managi, 2022).
It is possible to analyze the carbon footprint, left by the company's goods in order to
assess its environmental stewardship and dedication. In addition to the previously described
strengths, a lifecycle assessment is used to highlight the company's contribution to monitoring
the evolution of natural resource use and associated benefits through time (i.e., recycling
activities) (Gerard, 2019). When establishing the social sustainability of a firm, it is crucial to
examine the manner in which its “internal (human) resources and external (human) interactions
interact”. Protecting the “rights of workers, assuring their safety on the workplace, and providing

them with fair treatment” in general are all basic social sustainability concerns (Aybars et al.,
2019).
Since the publication of the Global Compact Report in 2004, ESG indicators have
garnered worldwide attention and been broadly acknowledged as a means of putting the
aforementioned principles into practice. As per the report's conclusions, twenty of the most
powerful and well-known financial institutions in the world feel that ESG ratings are an integral
part of a company's management and strategy. Experts then began researching the relationships
between ESG indicators and bottom-line performance (Bannier et al., 2019).
In the context of supply chains, the “Environmental, Social, and Governance” (ESG)
ratings highlight the aforementioned three elements of sustainability. When these scores are
provided by organizations throughout the globe, they may be used to evaluate future investments
and relationships (Billio et al., 2021). This may occur when the ratings are published. In addition,
the ESG ratings may be utilized as recommendations amongst the company's rivals and assessed
cyclically to give the market with further indicators of the organization’s sustainable progress.
According to the recent research conducted by Niesten and colleagues, the importance of open
lines of communication and collaborative effort between a company and its number of
stakeholders cannot be overstated (Baraibar-Diez and D. Odriozola, 2019).
Some authors argued that ESG performance is the best when teams cooperate on a
project, as opposed to when control is centralized or outsourced, and this is true even when the
project is managed. Within the context of gender issues, Yoo and Managi’s study explores a
topic of particular importance: “the impact of female board members on sustainability reporting
and shareholder profits” (Yoo and Managi, 2022). Based on replies from a group of firms
featured in the “Financial Times Stock Exchange 350 index between 2007 and 2012”, this study

was conducted. Within the scope of this study, ways were investigated as how the “Bloomberg
Social Disclosure Score” effects a company's profitability and degree of risk. The major results
demonstrate that the inclusion of women on corporate boards significantly impacts the risk and
performance of a firm, as well as the likelihood of social investment (Baraibar-Diez and D.
Odriozola, 2019).
The most noteworthy findings indicate that rating agencies have strengthened their ESG
standards in response to global sustainability advancements. The authors propose that rating
agencies may enhance their ESG score selection and calculation in the near future, which would
fully represent a sustainable company assessment process. In spite of this, the authors assert that
rating agencies may soon enhance their ESG score selection (Aybars et al., 2019). No direct or
exact association between sustainability reporting and financial success has been found in the
current corpus of research. The results are equivocal and sometimes seem to be in direct conflict
(Bannier et al., 2019).
We have now divided the literature study into various categories, each of which
demonstrates either a favorable, “negative, insignificant, or mixed link” between sustainability
reporting and corporate financial performance. This will make the nature of the relationship
between sustainability reporting and firm financial performance more transparent and simpler to
comprehend.
2.1.1 Positive Relationship
As a consequence of many synergies and advantages, the great majority of studies
indicate a favorable and statistically significant correlation between sustainability disclosures and
financial success. According to Brounen, (2021) an increase in demand for the company's

products and a rise in the price of its stock as two of the most significant benefits of
sustainability reporting (Brounen et al., 2021).
2.1.2 Negative Relationship
According to Bannier (2019) complete transparency may present risks and costs in a
number of areas, including but not limited to “research and development, product and process
innovation, risk management strategies, environmental friendliness, training and development,
and other relevant areas” (Bannier et al., 2019). If “competitors, regulators, or pressure groups”
were to use such information against the firm's interests, the business may lose its competitive
advantage and see a drop in financial performance. Initial implementation of the sustainability
measures will require a large rise in expenditures, which will have a negative impact on short-
term financial performance (Reiser and Tucker, 2019).
2.1.3 No Significant Relationship
There is a school of thought amongst academics that asserts there is no correlation
between a company's financial success and its reporting on its environmental responsibility
activities. Some other scholars argued that sustainability disclosures may not have a substantial
influence on the short-term profitability of firms, rather have long-term impact may be positive
owing to the reputational advantages associated with making such disclosures (Bannier et al.,
2019). It has been suggested that the financial impact of “sustainability performance indicators
(such as environmental, social, etc.) may be restricted due to the fact that repercussions of
various measures may cancel each other out, so nullifying their impact” (Lee et al., 2020).
2.1.4 Mixed Relationship - (Arguments Suggesting use of Disaggregated Approach)

It is challenging to establish a direct and meaningful relationship between sustainability
reporting and financial performance due to the fact that sustainability disclosures consist of
several components which may have conflicting impacts. This establishes a clear and meaningful
relationship between the two difficulties. In order to arrive at more accurate findings, it is
therefore preferable to investigate the effect of each aspect of sustainability on financial
performance separately (Giese et al., 2021).
2.2 Legitimacy Theory
Lindblom thinks that an organization’s legitimacy may be achieved when its underlying
values correspond with those of the larger community in which it functions. According to this
viewpoint, in order to secure the long-term success of a business, it is necessary to adhere to the
norms and expectations of society. According to proponents of the legitimacy hypothesis,
reporting on a company's sustainability activities reduces the likelihood of regulatory action and
boycotts by stakeholders, resulting in an increase in the company's authorization to operate
(Reiser and Tucker, 2019).
2.3 Stakeholder Theory
Stakeholders are people or organizations that have an interest in or are affected by a
company's actions and policies. According to Freeman, the stakeholder theory posits that firms
owe duties to a broad range of stakeholders in addition to shareholders. This includes
“commitments to creditors, customers, suppliers, employees, the government, the community,
the environment, and future generations, amongst others” (Giese et al., 2021). King recognized
the need to produce comprehensive sustainability reports in order to build the relationship

between businesses and the communities in which they operate. If the firm's stakeholders'
interests are disregarded, a negative public perception of the corporation may have a chilling
effect on its bottom line (Gianfrate et al., 2021).
2.4 Agency Theory
The relationship between a principal and an agent, such as that between owners and
managers, is the conceptual linchpin of agency theory. Recent corporate governance crises, such
as the one involving Satyam, have helped to emphasize the importance of this notion. It is
common knowledge that “shareholders, other stakeholders, and business management” (insiders)
all experience information asymmetry and conflicts of interest in their interactions with the
organization (outsiders) (Sinha Ray and Goel, 2022). When company provide insufficient
“public transparency”, investors perceive a greater amount of risk on their behalf. If a business
fails to disclose in a proper way, the market will undervalue its shares, and investors would
expect higher returns from such companies. There is a reduction in investor mistrust, an increase
in competitiveness, and a fall in the cost of finance as a result of sustainability reporting
(Buallay, 2018).
2.5 Influence of Firm size on the ESG Score and Firm’s Performance
In support of this idea is the fact that the size of the enterprise at issue is a crucial factor
to consider. Businesses that put a major focus on sustaining moral and ethical standards often
experience better financial success, regardless of their size or level of sales. The dynamic
benefits of using this connotation were explored in depth (Alhawaj et al., 2022). When all three
aspects of “environmental, social, and governance (ESG)” performance are optimized, the stock

market value of a corporation increases. The environmental proxy has a small and statistically
insignificant negative influence on the result of the research, but the other two components have
favorable effects (Yu et al., 2018).
2.6 ESG Score Enabling the Access to Finance
In any case, the major worry at hand is money. Without it, no business can expect to
effectively compete. The United Kingdom is not immune to the effects of the global financial
crisis due to the fact that functional companies need access to capital and economies around the
globe are still suffering from the repercussions of the pandemic. Because their assets are not very
liquid, businesses have difficulty securing loans, raising capital via stock and equity offerings,
and obtaining funds from banks (Alhawaj et al., 2022). Obtaining financing is also tough for
businesses. Due to the strong competition in the business world, many organizations are reducing
their “corporate social responsibility (CSR)” operations and claiming they lack the financial
means to pay for their “fair part” of the related costs. The financial constraints imposed on the
organization have an impact on its capacity to make major investments, which in turn influences
its capital structure and strategic choices (Baran et al., 2022).
This event may have an immediate effect on the price of the company's shares. On the
other hand, facts accumulated over the last few decades reveal a quite different picture.
Numerous academics and senior executives have spent a significant amount of time and energy
on CSR initiatives and have worked to incorporate these practises into the organizational culture
and day-to-day operations of their enterprises (Baran et al., 2022). According to the research,
companies with exceptional CSR performance have less financial limitations. A higher ESG
Score shows both more positive involvement from stakeholders and decreased contracting costs.

Second, organisations that recognise the importance of transparency in this field and make both
their ESG scores and corporate social responsibility initiatives public stand out from the
competition (Gerard, 2019).
This indicates the company's commitment to the long-term success of the firm and
inspires confidence in the company's investors and other stakeholders. Publication of a CSR
report and an ESG score may increase a company's transparency and reduce the likelihood of
fraud and other deceptions against consumers (Baraibar-Diez and D. Odriozola, 2019). This
means that the government is no longer monitoring the company, making it much easier to make
contact with possible investors. As a direct result, it is pretty evident that a higher ESG Score
facilitates entry into the capital market. We may confidently assert that there is no such thing as a
free supper, taking into consideration the fact that certain writers disagree with this notion. In
general, however, it was obvious that the thorough implementation of models in firms over the
period of seven to eight years had a significant beneficial impact (Gerard, 2019).
2.7 ESG Score Enhancing the Market Value of the Stock and Shareholders Preferences
Given their prominence as the company's most important “investors,” shareholder
satisfaction” should be the top focus. In order to achieve greater levels of development and
market capitalisation, businesses are engaged in a constant state of competition in contemporary
society. All of the dangers in this circumstance are deceptively easy and difficult to see.
However, genuine gamblers have a full understanding of the odds and strategies in play
(Baraibar-Diez and D. Odriozola, 2019). Companies that really care about making a difference
have a comprehensive awareness of their own “possibilities, strengths, weaknesses, and dangers,
and they strive to improve” each area when possible. These businesses have an excellent

understanding of their own “possibilities, strengths, limitations, and threats” (Bannier et al.,
2019).
In the past two decades, the business press, the academic community, and the proponents
of academic finance have all demonstrated a growing interest in the topic of corporate social
responsibility. It is now evident that the ESG score is a novel phenomenon requiring in-depth
examination. In addition, it is glaringly obvious that a significant amount of study must be
conducted in order to submerge it and give it its true significance in the world (Yoo and Managi,
2022). Despite this, it has become a major topic of conversation, and many individuals are
moving in that direction. From the standpoint of the company, CSR efforts are considered to
improve stock values, which will benefit the shareholders. Despite the long-standing controversy
about the cost-benefit analysis of CSR, the current corpus of data strongly supports the value-
driven aim of ESG Score (Chouaibi et al., 2021).
Despite the fact that the vast majority of academic work on themes such as the ESG
Score and CSR activities is still in its infancy, it is obvious that a large number of researchers
have made important contributions. This research is predicated on the notion that increasing
levels of social and environmental performance may result in a number of advantages for
businesses. Improvements in “product market share, operational efficiency, and employee
productivity” are amongst the various components (Baraibar-Diez and D. Odriozola, 2019).
Consequently, responsible firms try to link their “corporate social responsibility (CSR)”
initiatives with their entire business strategy. When a corporation invests in learning how to
correctly implement “ESG Score and CSR initiatives”, there is no turning back (Billio et al.,
2021).

There is no alternative. This will be a grey region that remains unexplored and, as a
consequence, may prove to be profitable in a number of ways, given that the global economy is
progressing toward sustainability. Consequently, this will occur (Brounen et al., 2021). Despite
the fact that “CSR and “ ESG Score” are but ideas, their implementation in practise has shown
that shareholders may experience financial advantages if businesses invest in activities that strike
two birds with one stone. The first objective is to satisfy the statutory duty, and the second
objective is to profit from the investment made to meet that commitment by increasing the
market value of the shares. If firms invest their resources in profitable endeavors, shareholders
might realize capital gains (Lee et al., 2020).
2.8 ESG Score as a Scarce Resource
According to a common assumption, "environmental, social, and governance (ESG)" data
for fundamental analysis is scarce and untrustworthy. Now that the investigation has resolved
this issue, we may exhale a sigh of relief; the actions taken by investor organizations such as
“SASB and Ceres are commendable” (Billio et al., 2021). Over the last decade, CDP has
received contributions from data sources such as Bloomberg and MSCI, which has led a
significant increase in the availability of vital ESG data on companies. Therefore, this article
includes sufficient information about the organizations and their financial situations to
effectively address the issue. Because of this, the prospect of constructing an ESG score as a vital
ratio to track before making a life-altering financial commitment has increased (Giese et al.,
2021).

2.9 Corporate Social and Financial Performance in UK Industry
Businesses in the United Kingdom place an emphasis on ethical conduct, which is
indicative of the nation's standing. Businesses that priorities both their financial and social
responsibilities have a synergy effect, which is reflected in the movement of their share prices.
The relevance of the ESG Score was not only reflected in the numbers but also in actual practises
(Bannier et al., 2019). Therefore, the positive performance of the firms and the impact of the
ESG Score on potential investors' relative assessment of the market both lead to the same
conclusion. As said before, the research given in this article revealed a link between various
forms of financial resources and the ESG Score (Lee et al., 2020).
In conclusion, sectors of the economy that are successful in terms of their socio-
environmental effects and their degree of governance not only seem good on paper, but also reap
the benefits of investors' innate favoritism. Since this score was made public, the number of
fraudulent auditing practices has decreased significantly. During the last few years, there has
been an increase in the number of scholarly works produced in this field (Sinha Ray and Goel,
2022). A comprehensive literature review reveals that a number of empirical studies support the
notion that “environmental, social, and governance” aspects have a favorable influence on the
“financial performance of organizations” (Domanović, 2022).
However, a some research suggests that there is a modest positive, zero, or negative
connection between ESG disclosure and one or more financial aspects. Disclosure of
environmental, social, and governance factors has a major influence on several key performance
indicators, including but not limited to “return on assets (ROA), return on equity (ROE),
earnings per share (EPS), market-to-book ratio, firm size, and market value. Consequently, it is
evident that the current research used accounting-based measures (such as ROA and ROE,

amongst others) in addition to market-based measurements (such as market-to-book ratio and
Tobin's Q, amongst others)” (Domanović, 2022).
At this time, it is vital to acknowledge the paucity of research on the effect of
“environmental, social, and governance (ESG)” factors on financial performance in the context
of British publicly traded corporations (De Lucia et al., 2020). This is an important factor to
remember. According to what has been mentioned, the increasing sensitivity of the topic from
the United Kingdom's standpoint is shown in the fact that each of these research depends heavily
on data from the 2010s. “Although Jha and Rangarajan (2020) and Jyoti and Khanna (2021) find
that environmental, social, and governance (ESG) disclosures have no positive impact on the
financial performance of UK companies, the vast majority of research suggest that such an effect
does exist” (Alhawaj et al., 2022).
2.10 Gaps in the Literature
In their conversation, the assembled academics, researchers, and advocates of finance
considered the importance of ESG scores and CSR efforts. Furthermore, they backed up their
theory and studies with a wide range of data; however, no one questioned the fundamental old
norms and practises of incorporating the ESG Score as an indicator for investment choice. As a
consequence, there is a void in the prior studies, and the objective of my research is to give
adequate space for the acceptance of ESG Score as an essential attribute, as opposed to only as a
strategic instrument or an opportunity to minimise credit risk (Alhawaj et al., 2022). This study
intends to add to current sources and publications from a novel perspective, as opposed to just
celebrating the introduction of ESG Score without recognising it as a crucial factor to look out
for in the future whilst investing one's own hard-earned money. This subject has not been

properly investigated since there is still a great deal of ambiguity around it. A new problem has
evolved in the world of finance that requires attention, and this may lead to the status quo being
reversed since it has the ability to change how we now see financial concerns. Moreover, firms
and organisations that put a premium on both people and the environment have already begun
working on this element. Spending time and resources to enhance your "corporate social
responsibility (CSR) and environmental, social, and governance (ESG) score" is an investment
that will pay off in ways you may never have expected (Buallay, 2018).
2.11 Theoretical Framework
The legitimacy theory, which is based on the legitimacy of organisations the agency
theory, which describes how organisations deal with governance in the face of conflicts of
interest and the signalling theory, which is based on the knowledge gaps between the
organisation and its stakeholders. These are the three most prominent explanations for the surge
in ESG disclosures. Disclosure of "environmental, social, and governance (ESG)" information is
done to show to the business's numerous stakeholders that the firm is dedicated to respecting
"environmental, social, and governance (ESG)" standards for the production of long-term value.
When stakeholders are made aware of a corporation's attempts to improve its
“environmental, social, and governance” practices, the business gains credibility and strengthens
its connections with the community. Sharing the scope of a company's efforts in the areas of
“environmental, social, and governance (ESG)” demonstrates the company's “social orientation”
and inspires stakeholder trust. “Environmental, social, and governance (ESG)” disclosure is
positively correlated with a business's share price over the long run; as a consequence, the
company is rewarded with a higher share price for its efforts.

CHAPTER 3 : RESEARCH METHODOLOGY
Research Type
Research is conducted with the help of different types of methodology which is used for
the conduction of research. Two different types of research types are which can be used for this
sort of study are Qualitative research methodology and Quantitative research methodology.
Qualitative research methodology is the one that involves the collection and analysation of the
different non numerical data that is able to help in understanding the concepts, opinions or
experiences. It has been considered to be effective for the in-depth insights into the problems for
the generation of new ideas for the research. Quantitative research methodology which relies on
the measurement of the variables which utilize the numeric system for the analysation of the
measurements for the utilization of the statistical models and reporting relationships and
association amongst the studied variables. For this research that is about how the research is
going to aim to develop the importance of the ESG score and its relations with the ROE and ROI
ratios (Abutabenjeh and Jaradat, 2018). The theoretical concepts of the ESG score is going to be
understood with the help of this study for being able to analyse. With the help of Quantitative
study that is going to help with the analysation of the relation that exists between the ROE and
ROI.
It is said to be the analysation of the numeric data is going to be used for addressing the
Quantitative investigation. The benefit for the selection for this data is said to be relatively
having. In this research the data is going to be gathered from the secondary sources that is going
to be interpreted and statistically analysed for the study. Quantitative research is able to generate
the factual data that is able to generalize the large population that provides the rich, detailed and
valid process for the research to be able interpret and analyse.
Research Approach
Research approach is a plan or even a procedure that consists of the steps of the broad
assumptions to detailed method of data collection, analysis and interpretation. On the basis of
this interpretation the nature of the research problem is going to be appressed. There are general
two different types of research approach that are used for a study. Inductive approach is the
approach of research in which the research is collecting data that is related to the topic of
interest. From the collected data the study is understood and evaluated for analysation of the data

into the study. Deductive approach is the one that is considered to be typically related to the
association of the scientific investigation of the researcher studies that is done for existing for the
theories (Ryder and et.al., 2020). For the evaluation of the quantitative approach to this research
the investigation is going to help analyse the ESG score and its relations with the ROE and ROI
ratios a deductive approach of the research can be utilized. Deductive research approach is going
to be able to benefit the research through the different sets data which are going to be statistically
analysed and understood for the development of own theory. This approach is going to help in
gathering the data with the focus on the study and them look for the patterns in the data through
analysis. This process in the end is going to help the research to develop a theory which is going
to help the research understand about the relation that is present between the ESG score and the
financial performance of the LTSE organization in UK.
Research Philosophy
Research philosophy is considered as a vast topic and is said to be discussed on the topic of
great details. It is considered to be the key association of the assumption, knowledge and nature
of the study. It is said to be the specific way of developing the knowledge on the study on the
research for the needs of the addressing the ESG score and its relations with the ROE and ROI.
There are different types of research philosophies that can be considered for conductive this
research. Positivism is a highly structured philosophy that is essential for the large samples that
are essential for the measurement for the quantitative research. Interpretivism is based on the
states that a research performs on a specific role for the observation of the social world. In this
research the interpretivism is going to be the chosen philosophy because it helps the research in
the analysing the researcher interests which is going to be understanding the patterns of the
collected data for the creative aspects of the science behind the study (Varghese, Ramesh and
Veeraiyan, 2019). This philosophy is going to be able to benefit the inform of research studies
and those that are new to the research and can provide the research philosophy the contextual
base for the common philosophical paradigms.
It can also be found that the foundation of this study is going to take a deep look into
guiding the decision for the values for reflecting the research plan. Interpretivism approach of
study is going to help in evaluating the Quantitative data for pertaining the ESG score and how it
is related to the ROE and ROI ratios. This philosophy is going to help understanding the
meaning of the different statistical results of these data and information on the study. Through

the interpretation of this philosophy the study is going to be able to develop theory of
understanding and results.
Data Collection
Data collection is the process that is considered to be the factor that is able to help gather
resources that are required for the collection of the information. It is the systematic process of the
gathering observation or measurement of the information that is said to be analysed for allowing
to gain first-hand knowledge and original insights into the research problems which can help in
focusing on the research. There are two different types of research data which are primary and
secondary. Primary data is the first hand data that has been gathered by the researcher himself for
the collection of the information required for the study (Phillips and Ritala, 2019). The primary
data include the surveys, observation.
Secondary data is the research data that has been provided for the gathering of the data that
can be access by the research. These data are generally collected by others as primary data but is
second hand for the use in the research. In order to address the objective of this research the data
that is gathered is from the secondary data is going to be used. It is also considered to be the
source of data that is said to be able to generate the success in the study that is related to the ESG
score as it is require data that is needed to be interpreted for analysing the data. The secondary
data that will be collected for this study is going to be interpreted in the form of analysing the
operations which are going to help analyse the information through better understanding. It can
be said that the secondary data would allow the study to collect information regarding the ESG
score and also the financial ratios which are meant to be studied for the analysation of the theory.
Data analysis
Data analysis is the part of research method in which the data is analysed as the process
that is required by the researcher for the reduction of the data of the story. It is also considered to
be the process that helps in the reduction for the large chunks of data into different smaller
fragments that is needed for making sense of the situations. In this research the secondary data
that is going to be gathered is going to be used for solving the issue that is regarding the ESG
score and how it is related to the ROI and ROE. For the Quantitative research data analysis its
requires more of an information regarding the words, descriptions, images, objects and also
sometime the symbols that is used for the complicated process (Wohlin and Runeson, 2021). It
can be said that this research is going to focus on finding the patterns in the form of textual

information that is based on the method which are most relied and widely used as the global
technique for the research. The analysis of the data in a research can be done with various
techniques. In this research the thematic analysis technique is going to be used for the
analysation of the data and its interpretation. Being able to gather data and information is going
to be very useful for the study on ESG score and how its related to ROI and ROE. The
analysation of the data is going to be done through the use of SPSS which is a software that is
going to help developing statistical information that are required for the achievement of
information and its understanding regarding ESG score and financial ratios.
Reliability and Validity
Reliability and validity are concepts that are used for the evaluation of the quality of the
research that indicates the method, technique or test that is able to measure study. This is also
considered to be the factor that is able to indicate the method and technique or test that is
essential for the measurement of the research. Reliability is about being consistent of the
measurement and validity is about the accuracy of the measurement. It is also said to be the
important for the consider the reliability and validity for the creation of the research design,
planning for the methods and writing for the results with especially quantitative research
(Budianto, 2020). In order to maintain the reliability and the validity aspect of the research the
only the articles, books and journal that are after the period of 2018 has been taken into
considered to be the factor that is able to generate the analysation that is required for ensuring the
responses required for the development of the themes. Along with this considering the research
topic of ESG score and how the ROI and ROE is related to each other the selected articles are
going to show how the research is valid. It is considered to take into account the copyright
protected sources secondary data that is collected for the presentation of the reliability aspects of
the study. In order to be reliable with the study the secondary sources of data that is gathered for
the study has been collected for sources with copyright. It is going to help in understanding the
viability of the study that is going to help in understanding the key areas of focus.
Research Limitations
There are certain limitations which are regarding the time, money and unavailability of
sources. These are the major research limitation for this study as it has taken a lot of time for
gathering the information that is required. It is also said to be the requirement of the time, money
which can be very efficient for this results that has not be selected. As there was this shortage of

time the limited source of secondary data was used for data analysis on SPSS. With more time
and more a detailed study through the help of primary research could have been conducted with
preparation of questionnaire. Due to the lack of proper resources better software’s such as E-
views could have been used for better analysation of the data.
This focus on the study has been considered to be the factor that results in the shortcoming
of the work that impacts the results of the study. The formulation of the aims and objectives was
an issues that the research faced as the topic was a very wide concept that required in debt study.
Hence narrowing that down to a level of focus of the study is a certain limitation.
Implementation of the data collection method was also an issue that was considered to be the
extensive experience of the primary data collection that is considered to be a limitation for this
research. The lack of previous study on this topic is a very big issue that this research faces as it
is not able to identify the scope of the work that has been done in the given area. Hence, the
literature review finding are used as the foundation for the research to be able to build on the
research objectives (Ragab and Arisha, 2018). Due to the lack of discussion that includes the
point of limitation of the research is considered to be regardless of the choice of the research area
that influences the years of experiences that influences the performance of the academic paper
for such a large size.
Ethical Consideration
The ethical consideration in the research is said to be including the principles that guide the
research designs and practise. These principles also include the voluntary participation of the
confidentiality of the sources that have been selected for the research. In order to be able to
comply with the ethical aspects of the study the consent forms are going to be filled by the
respondents to be able to selected survey purpose that is shown as the willing participation of the
respondents that are present in the survey. Ethics in this research is very important because it is
able to impact the participation of the scientific study that is regarding the human rights and
dignity of the collaboration between science and society. These principles make the study a
become voluntarily informed and safe for the research subjects. This research idea has been
considered to be very valuable to the society and specially the organization that consider their
ESG score as the KPI for their performance.

CHAPTER 4: FINDINGS AND RESULTS
HYPOTHESIS
H0 ESG score does not have any relations to the profitability of the company
H1 The profitability of the companies is affected by the change in ESG score.
For the analysation of the variable of profitability both the financial ratios are going to be
analysed separately.
Return on Equity
Return on equity is considered to be the measurement of the company’s net income
divided by its shareholder’s equity. ROE is a gauge of a corporation profitability and how
efficiency it has been towards the generation of the profits. The higher the ROE the better the
company’s chances of converting its equity financing into profits.
REGRESSION
Descriptive Statistics
Mean Std. Deviation N
ROE 21.51 58.200 399
ESGscore 69.08 16.119 399
The following table is able to analyze the mean and the standard deviation of both the
variables that signifies the measurement of the how the dispersed data is in with the relation of
its mean. ESG has lower Standard deviation in comparison to that of the ROE which shows that
the data of ESG is clustered around the mean where as there are high changes in the data and the
mean of ROE.
Correlations
ROE ESG score
Pearson Correlation ROE 1.000 -.131
ESG score -.131 1.000
Sig. (1-tailed) ROE . .004
ESG score .004 .
N ROE 399 399
ESG score 399 399

The Correlation of these two data shows that there is a low and negative relation in the
both the data set. It shows that the data of increases in the ESG score means that there is a slight
decrease in the organizational data. Correlation is a statistical measurement that is able to
describe the size and the direction of the relationship between two or more variable. This is also
considered to be the variable that is able change the variable that is said to be help the changes
that would be able to help the variable.
ANOVAa
Model Sum of
Squares
df Mean Square F Sig.
1
Regression 23107.456 1 23107.456 6.923 .009b
Residual 1325018.263 397 3337.577
Total 1348125.719 398
a. Dependent Variable: ROE
b. Predictors: (Constant), ESGscore
Coefficientsa
Model Unstandardized Coefficients Standardized
Coefficients
t Sig.
B Std. Error Beta
1 (Constant) 54.163 12.743 4.250 .000
ESG score -.473 .180 -.131 -2.631 .009
a. Dependent Variable: ROE
From the help of the above table it has been evaluated that there is an alternate hypothesis
proofed for return on equity and ESG score. The reason for this is that the regression test of these
two variables has a significant value of 0.009 which is lower than that of the standard significant
value of 0.05. This proves that the ESG score is able to impact the profitability of the LTSE
organization that have been taken under consideration for their data over the last few years. The
analyzation of this data also explains that the ESG score has relations with the return on equity of
the companies. ESG score explains the measurement of how the performance of the
environmental, social and governance of companies. Hence, it proves that the companies with
better Return on equity has better ESG score as well.

Return on Assets
Return on Assets (ROA) indicates the ways in which company is doing better with the
increase in its profits and also with the investment of dollar that it spends. It can be said that the
fall in the ROA suggests that the company is having issues in the over investment of the assets
that is failing to produce the revenues growth. It can be found that the company may be having
issues if the ROA is lower. In this analyzation the ROA is going to be used as a variable in
Regression with ESG score of LTSE companies in UK.
Regression
Descriptive Statistics
Mean Std. Deviation N
ROA 8.6625 20.09373 400
ESG score 69.04 16.124 400
The following descriptive statistics table indicate that there is mean of 8.6625 in Return
on assets and 69.04 in ESG score. In comparison to that of the ROE the standard deviation of
ROA is lower. This shows less deviation of data in the cluster from the mean of ROA. However,
the Standard deviation of ESG score is still lower than that of ROA at 16.124. It shows the
difference in the mean that is considered to be the factor that impacts the performance of the
organization.
Correlations
ROA ESG score
Pearson Correlation ROA 1.000 -.174
ESG score -.174 1.000
Sig. (1-tailed) ROA . .000
ESG score .000 .
N ROA 400 400
ESG score 400 400
Correlation is the relation that exists between the phenomena that is present in-between
the mathematical or the statistical variable of ROA and ESG score. The data of the ESG score
and the ROA is considered to have a low negative relation that is shows that change in the ESG
score will have an inverse change on the ROA. This explain that lower ESG score explains that
the ROA is going to higher which is positive for an organization.

ANOVAa
Model Sum of
Squares
df Mean Square F Sig.
1
Regression 4894.985 1 4894.985 12.472 .000b
Residual 156204.453 398 392.473
Total 161099.437 399
a. Dependent Variable: ROA
b. Predictors: (Constant), ESG score
Coefficientsa
Model Unstandardized Coefficients Standardized
Coefficients
t Sig.
B Std. Error Beta
1 (Constant) 23.659 4.360 5.426 .000
ESG score -.217 .062 -.174 -3.532 .000
a. Dependent Variable: ROA
From the above table it has been evaluated that there ESG score and ROA have relations
between them due to having an alternative hypothesis proved. The P value of regression test on
these two variables is at 0.000 which is lower than that of the standard P value of 0.05. Hence, it
indicates that the hypothesis has been proven to be alternate. This explains that the ESG score is
related to changes in the financial performance that takes place in an organization. These
financial performances can be explained through the help of ROA. The statistical relation
between the variables explains the importance the ESG score holds towards the financial
performance of the company.
CHAPTER 5: DISCUSSION AND CONCLUSION
Discussion
ESG is known as Environmental, Social and Governance factors which affects the
performance of the company. Along with this, investors are increasing and they are identifying
these non-financial factors as part of their analysis in order to identify the material risk and

growth opportunities. ESG metrics is very commonly used for financial reporting in order to
analyse about the sustainability performance of the company and its contribution towards these
factors (Behl and et.al., 2022). It is one of the best framework which is used by stakeholders so
that it can understand about the way organization can manage risks and opportunities related to
social, environmental and governance criteria. The aim of ESG is to focus on health and safety
issues to reduce pollution and corporate issues also it has changes investment and capital
allocation decision. Although environment criteria are known as risk which can directly and
indirectly impact on the performance of the company such as climate change and flooding.
Along with this, social pillar refers to company relation with stakeholders like firm
performance can be measured against human capital management metrics like fair wage and
employee engagement metrics. Governance on the other hand is known as way organization is
managed like ways leadership incentives are linked with stakeholder’s exceptions. It is one of the
important framework that has become in the investment community and it is growing numbers of
ESG rating and reporting framework has enhanced the transparent of ESG information. Along
with this, ESG is known as alternative approach to manage risk and with the increase in demand
for social change after COVID company has invested more in sustainable work so that it can
attract customer and improve the overall growth of organization (Pham and et.al., 2022). It has
been seen that when organization invest in bad externalities then there is decreases in customer
rate as well as investors. On other hand, when investing in renewable energy focused there is
positive impact on the community firm is operating into. From the literature review section, it
has been analysed that there is relation of ESG score and organization enhancement. ESG score
is based on environmental, social and governance factors and it assess issues like energy,
business ethics and employee satisfaction. Environmental opportunities include clean technology
and renewable energy while some social opportunities are better access to communication and
finance. It is well known fact that Score of ESG should range between 0-100 and score less than
50 is considered as poor while 70 is known as excellent.
Lisin and et.al., (2022) has stated that if the rating is excellent then it defines company is
following best practices and have less external and internal problems. Return on equity is define
as measure of the profitability of company. A good score is defining as organization which meet
the best practices and it has lower impact on planet and people. When score is poor it indicates
that organization is not at all trying to invest towards development of society and people. It has

been analysed from quantitative study that there is relation in return on equity and ESG score as
alternative hypothesis has been proved. Nowadays many company has strengthened the
argument and there is correlation between ESG ranking and equity risk adjusted returns as there
is correlation between better management and financial performance. All the three components
have different impact on ROE as corporate governance impact in medium and long term stock
returns. The social factor has positive impact of return on equity as most of the investor invest in
organization which work for the development of society (Drempetic, Klein and Zwergel, 2020).
Moreover, return on assets is known as financial ratio which indicates how profitable
organization is in relation with total asset. It basically means how company can make use of its
assets in order to generate profit. A higher ROA means organization is more productive at
managing their balance sheet as well as lower return on assets defines that there is need of
improvement. Along with this, through table of regression it can be sated that there is link
between return on assets and ESG score as alternative hypothesis has been proved.
It has been defining by Behl and et.al., (2022) when organization contribute in environment
and solve related issues it helps in attracting customers and investors in effective manner and that
results in increasing equity return of company. There is correlation between ESG scores and
market value as there are positive and significant impact on the company performance.
Although big firms tend to results better performance as they have better ways to invest in
sustainability and improves their scores. In addition to this, ESG criteria is related with corporate
strategies, operating models and incentive plans. There has been various driven factor included
like consumer sentiment and competitive pressures which aims for attracting employer. Hence
from the discussion it can be concluded that ESG is important for the organization as it is related
with net financial cost and with risk management as well as compliance. It is related with
investment and have direct cost implication for company as well as the impact on value creation
is less. Moreover, various organization has developed ESG scoring methodologies which is used
to provide details regarding scores of companies. If the score is good it indicates best
performance level of the organization.
Conclusion
From the above research ESG is acronym of environmental, social and governance as well
as it is known a non-finance factor that is used to measure company sustainability. Along with
this, environmental factor helps in knowing how organization treat people inside and outside the

company. It has been summarized from literature review that ESG investing is form of
sustainable investing which consider environmental, social and governance factors in investment
and its overall impact can be both positive and negative on company performance. In addition to
this, one of the benefit of ESG is higher return which means sustainable funds and similar to
traditional funds and in order to increase the overall growth firm has to invest in sustainable way.
However, sustainable funds can lower the risk as traditional investing has higher potential for
loss as it has larger downside deviation. Moreover, ESG is system that measure three different
aspect of company social responsible investing is measures using an ESG based grading system.
In the literature review section there has been details regarding types of ESG investment such as
ESG stokes which is mainly used to avoid high percentage of portfolio. Most of the organization
trying to solve sustainable issues like carbon emission. The another type is known a ESG mutual
fund.
In addition to this, study as analysed that ESG sores have positive impact on firm
performance as market base is related with before and after the crises. Excellent ESG score
indicates the best practice which need to be followed in all area of organization and there are
only little external and internal problems related to it. A good ESG score represent that
organization is meeting the best practices and there is negative impact on people and planet. An
average score represent companies are not working towards the activity properly and there is no
work for meeting the ESG benchmarks. However, a poor ESG score indicates that no practices
have been followed and organization is investing negatively on environment and employees are
also being treated poorly. It can be stated that investor prefer companies with better ESG score
as they have less liabilities and it is easier for them to collect capital and hire top talent. Although
these companies have good brand image in the market area and it has good relation with
stakeholders. Thus, all these factors impact on the profitability and bottom line of firm. ESG
score allow investor to have detail regarding the company action on how to it treat their worker
and the way it is trying to solve any environmental issues. So it can be concluded that ESG
score is good for the company because it allows investor to align their organization with value
and try to protect them with future risks related with issue likes pollution. On the other hand, if
organization have low ESG score than there will be worst environmental, social and governance
impact as well as bad score will be linked to rise in poverty levels where the company operates

also poor mental health of employees. Lastly, from quantitative analysis it has been concluded
that there is relation between equity and ESG score.

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APPENDIX
Company name Ye
ar
Sector RETURN ON
ASSETS
RETURN ON
EQUITY
ESG
Score
3I GROUP PLC 201
8
Financials
21 23 73
3I GROUP PLC 201
9
Financials
15 17 64
3I GROUP PLC 202
0
Financials
3 3 74
3I GROUP PLC 202
1
Financials
20 22 81
ABRDN PLC 201
8
Financials
1 10 80
ABRDN PLC 201
9
Financials
2 4 83
ABRDN PLC 202
0
Financials
8 12 85
ABRDN PLC 202
1
Financials
9 14 86
ADMIRAL GROUP PLC 201
8
Financials
9 56 59
ADMIRAL GROUP PLC 201
9
Financials
9 52 56
ADMIRAL GROUP PLC 202
0
Financials
10 52 58
ADMIRAL GROUP PLC 202
1
Financials
17 80 59
AIRTEL AFRICA PLC 201
8
Telecommunicatio
ns 2 20 45
AIRTEL AFRICA PLC 201
9
Telecommunicatio
ns 9 51 44
AIRTEL AFRICA PLC 202
0
Telecommunicatio
ns 6 12 46
AIRTEL AFRICA PLC 202
1
Telecommunicatio
ns 6 10 46
ANGLO AMERICAN
PLC
201
8
Basic Materials
7 15 82
ANGLO AMERICAN
PLC
201
9
Basic Materials
8 15 80
ANGLO AMERICAN
PLC
202
0
Basic Materials

4 9 83
ANGLO AMERICAN
PLC
202
1
Basic Materials
14 32 83
ANTOFAGASTA PLC 201
8
Basic Materials
4 7 65
ANTOFAGASTA PLC 201
9
Basic Materials
4 7 70
ANTOFAGASTA PLC 202
0
Basic Materials
4 7 71
ANTOFAGASTA PLC 202
1
Basic Materials
8 16 71
ASHTEAD GROUP PLC 201
8
Industrials
16 43 32
ASHTEAD GROUP PLC 201
9
Industrials
12 30 46
ASHTEAD GROUP PLC 202
0
Industrials
10 26 45
ASHTEAD GROUP PLC 202
1
Industrials
9 22 52
ASSOCIATED BRITISH 201
8
Consumer Staples
8 11 76
ASSOCIATED BRITISH 201
9
Consumer Staples
7 9 76
ASSOCIATED BRITISH 202
0
Consumer Staples
4 5 78
ASSOCIATED BRITISH 202
1
Consumer Staples
3 5 77
ASTRAZENECA PLC 201
8
Health Care
5 16 94
ASTRAZENECA PLC 201
9
Health Care
3 11 94
ASTRAZENECA PLC 202
0
Health Care
6 23 95
ASTRAZENECA PLC 202
1
Health Care
1 0 95
AUTO TRADER GROUP 201
8
Technology
46 510 42
AUTO TRADER GROUP 201
9
Technology
48 612 48
AUTO TRADER GROUP 202
0
Technology
45 204 54
AUTO TRADER GROUP 202
1
Technology
25 43 62
AVAST PLC 201
8
Technology
12 35 27
AVAST PLC 201
9
Technology
11 25 34
AVAST PLC 202
0
Technology
8 15 60
AVAST PLC 202 Technology

1 13 24 60
AVEVA GROUP PLC 201
8
Technology
4 5 30
AVEVA GROUP PLC 201
9
Technology
1 2 25
AVEVA GROUP PLC 202
0
Technology
3 4 32
AVEVA GROUP PLC 202
1
Technology
1 1 35
AVIVA PLC 201
8
Financials
0 9 77
AVIVA PLC 201
9
Financials
1 15 74
AVIVA PLC 202
0
Financials
1 15 73
AVIVA PLC 202
1
Financials
1 10 73
B&M EUROPEAN 201
8
Consumer
Discretionary 11 22 45
B&M EUROPEAN 201
9
Consumer
Discretionary 10 21 49
B&M EUROPEAN 202
0
Consumer
Discretionary 6 10 41
B&M EUROPEAN 202
1
Consumer
Discretionary 14 54 36
BAE SYSTEMS 201
8
Industrials
5 20 70
BAE SYSTEMS 201
9
Industrials
7 27 76
BAE SYSTEMS 202
0
Industrials
6 26 74
BAE SYSTEMS 202
1
Industrials
7 29 74
BARCLAYS PLC 201
8
Financials
1 3 88
BARCLAYS PLC 201
9
Financials
0 5 87
BARCLAYS PLC 202
0
Financials
0 3 82
BARCLAYS PLC 202
1
Financials
1 11 82
BARRATT
DEVELOPME
201
8
Consumer
Discretionary 10 15 63
BARRATT
DEVELOPME
201
9
Consumer
Discretionary 11 16 65
BARRATT
DEVELOPME
202
0
Consumer
Discretionary 6 8 67
BARRATT
DEVELOPME
202
1
Consumer
Discretionary 9 13 79
BERKELEY GROUP 201 Consumer

8 Discretionary 17 32 58
BERKELEY GROUP 201
9
Consumer
Discretionary 13 23 60
BERKELEY GROUP 202
0
Consumer
Discretionary 8 14 62
BERKELEY GROUP 202
1
Consumer
Discretionary 8 13 63
BP PLC 201
8
Energy
4 9 90
BP PLC 201
9
Energy
2 4 88
BP PLC 202
0
Energy
-7 -25 86
BP PLC 202
1
Energy
3 10 86
BRITISH AMERICAN
TOB
201
8
Consumer Staples
5 10 90
BRITISH AMERICAN
TOB
201
9
Consumer Staples
5 9 91
BRITISH AMERICAN
TOB
202
0
Consumer Staples
5 10 92
BRITISH AMERICAN
TOB
202
1
Consumer Staples
6 11 92
BRITISH LAND
COMPANY
201
8
Real Estate
5 5 67
BRITISH LAND
COMPANY
201
9
Real Estate
-1 -3 68
BRITISH LAND
COMPANY
202
0
Real Estate
-8 -13 73
BRITISH LAND
COMPANY
202
1
Real Estate
-9 -16 73
BT GROUP PLC 201
8
Telecommunicatio
ns 6 22 73
BT GROUP PLC 201
9
Telecommunicatio
ns 6 22 75
BT GROUP PLC 202
0
Telecommunicatio
ns 5 14 76
BT GROUP PLC 202
1
Telecommunicatio
ns 4 11 76
BUNZL PLC 201
8
Industrials
7 21 37
BUNZL PLC 201
9
Industrials
7 20 42
BUNZL PLC 202
0
Industrials
8 23 48
BUNZL PLC 202
1
Industrials
7 21 48
BURBERRY GROUP 201
8
Consumer
Discretionary 13 19 59
BURBERRY GROUP 201 Consumer

9 Discretionary 16 24 59
BURBERRY GROUP 202
0
Consumer
Discretionary 5 9 70
BURBERRY GROUP 202
1
Consumer
Discretionary 12 27 77
COCA COLA HBC AG 201
8
Consumer Staples
7 15 88
COCA COLA HBC AG 201
9
Consumer Staples
7 17 89
COCA COLA HBC AG 202
0
Consumer Staples
6 16 91
COCA COLA HBC AG 202
1
Consumer Staples
7 19 91
COMPASS GROUP PLC 201
8
Consumer
Discretionary 10 48 73
COMPASS GROUP PLC 201
9
Consumer
Discretionary 9 37 77
COMPASS GROUP PLC 202
0
Consumer
Discretionary 2 3 77
COMPASS GROUP PLC 202
1
Consumer
Discretionary 3 7 77
CRH PLC 201
8
Industrials
8 17 83
CRH PLC 201
9
Industrials
6 12 81
CRH PLC 202
0
Industrials
3 6 88
CRH PLC 202
1
Industrials
6 13 88
CRODA
INTERNATIONAL
201
8
Basic Materials
14 26 79
CRODA
INTERNATIONAL
201
9
Basic Materials
13 24 83
CRODA
INTERNATIONAL
202
0
Basic Materials
9 16 81
CRODA
INTERNATIONAL
202
1
Basic Materials
11 19 81
DCC PLC 201
8
Industrials
5 16 51
DCC PLC 201
9
Industrials
5 13 50
DCC PLC 202
0
Industrials
4 10 50
DCC PLC 202
1
Industrials
4 11 59
DECHRA
PHARMACEUTICALS
201
8
Health Care
5 9 32
DECHRA
PHARMACEUTICALS
201
9
Health Care
4 6 44
DECHRA 202 Health Care

PHARMACEUTICALS 0 4 6 56
DECHRA
PHARMACEUTICALS
202
1
Health Care
5 9 63
DIAGEO PLC 201
8
Consumer Staples
11 30 92
DIAGEO PLC 201
9
Consumer Staples
12 35 89
DIAGEO PLC 202
0
Consumer Staples
5 19 89
DIAGEO PLC 202
1
Consumer Staples
9 39 89
DS SMITH PLC 201
8
Industrials
6 15 70
DS SMITH PLC 201
9
Industrials
4 11 71
DS SMITH PLC 202
0
Industrials
7 16 80
DS SMITH PLC 202
1
Industrials
3 6 80
ELECTROCOMPONENT
S
201
8
Industrials
15 34 61
ELECTROCOMPONENT
S
201
9
Industrials
13 28 61
ELECTROCOMPONENT
S
202
0
Industrials
11 24 66
ELECTROCOMPONENT
S
202
1
Industrials
8 16 69
ENDEAVOUR MINING 201
8
Basic Materials
-8 -16 62
ENDEAVOUR MINING 201
9
Basic Materials
-7 -21 68
ENDEAVOUR MINING 202
0
Basic Materials
4 5 88
ENDEAVOUR MINING 202
1
Basic Materials
5 7 88
ENTAIN PLC 201
8
Consumer
Discretionary 0 -3 62
ENTAIN PLC 201
9
Consumer
Discretionary -1 -5 69
ENTAIN PLC 202
0
Consumer
Discretionary 2 2 82
ENTAIN PLC 202
1
Consumer
Discretionary 4 8 82
EXPERIAN PLC 201
8
Industrials
11 31 53
EXPERIAN PLC 201
9
Industrials
10 29 56
EXPERIAN PLC 202
0
Industrials
9 28 69
EXPERIAN PLC 202 Industrials

1 9 30 78
FERGUSON PLC 201
8
Industrials
11 29 71
FERGUSON PLC 201
9
Industrials
11 26 76
FERGUSON PLC 202
0
Industrials
9 22 78
FERGUSON PLC 202
1
Industrials
12 33 69
FLUTTER ENTERTAIN 201
8
Consumer
Discretionary 4 5 39
FLUTTER ENTERTAIN 201
9
Consumer
Discretionary 3 4 35
FLUTTER ENTERTAIN 202
0
Consumer
Discretionary 1 1 53
FLUTTER ENTERTAIN 202
1
Consumer
Discretionary -2 -4 53
FRESNILLO PLC 201
8
Basic Materials
8 11 58
FRESNILLO PLC 201
9
Basic Materials
5 7 56
FRESNILLO PLC 202
0
Basic Materials
9 12 61
FRESNILLO PLC 202
1
Basic Materials
8 12 61
GLAXOSMITHKLINE 201
8
Health Care
8 169 89
GLAXOSMITHKLINE 201
9
Health Care
8 59 91
GLAXOSMITHKLINE 202
0
Health Care
9 44 93
GLAXOSMITHKLINE 202
1
Health Care
7 30 93
GLENCORE PLC 201
8
Basic Materials
3 7 89
GLENCORE PLC 201
9
Basic Materials
1 -1 91
GLENCORE PLC 202
0
Basic Materials
1 -5 89
GLENCORE PLC 202
1
Basic Materials
5 13 89
HALMA PLC 201
8
Industrials
12 19 54
HALMA PLC 201
9
Industrials
12 19 56
HALMA PLC 202
0
Industrials
11 17 61
HALMA PLC 202
1
Industrials
11 18 62
HARGREAVES 201 Financials

LANSDOWN 8 31 66 51
HARGREAVES
LANSDOWN
201
9
Financials
28 57 54
HARGREAVES
LANSDOWN
202
0
Financials
28 62 42
HARGREAVES
LANSDOWN
202
1
Financials
22 52 42
HIKMA
PHARMACEUTICAL
201
8
Health Care
10 17 60
HIKMA
PHARMACEUTICAL
201
9
Health Care
15 26 68
HIKMA
PHARMACEUTICAL
202
0
Health Care
13 21 71
HIKMA
PHARMACEUTICAL
202
1
Health Care
11 18 71
HOWDEN JOINERY 201
8
Consumer
Discretionary 23 37 45
HOWDEN JOINERY 201
9
Consumer
Discretionary 23 35 53
HOWDEN JOINERY 202
0
Consumer
Discretionary 12 22 54
HOWDEN JOINERY 202
1
Consumer
Discretionary 17 37 54
HSBC HOLDINGS PLC 201
8
Financials
1 8 84
HSBC HOLDINGS PLC 201
9
Financials
1 4 86
HSBC HOLDINGS PLC 202
0
Financials
1 2 81
HSBC HOLDINGS PLC 202
1
Financials
0 7 79
IMPERIAL BRANDS 201
8
Consumer Staples
6 24 73
IMPERIAL BRANDS 201
9
Consumer Staples
4 19 75
IMPERIAL BRANDS 202
0
Consumer Staples
6 30 77
IMPERIAL BRANDS 202
1
Consumer Staples
11 55 77
INFORMA PLC 201
8
Consumer
Discretionary 4 5 51
INFORMA PLC 201
9
Consumer
Discretionary 3 4 62
INFORMA PLC 202
0
Consumer
Discretionary -9 -19 65
INFORMA PLC 202
1
Consumer
Discretionary 1 1 65
INTERCONTINENTAL 201
8
Hospitality
12 10 70
INTERCONTINENTAL 201 Hospitality

9 12 10 75
INTERCONTINENTAL 202
0
Hospitality
-3 12 82
INTERCONTINENTAL 202
1
Hospitality
8 9 82
INTERMEDIATE
CAPITAL
201
8
Financials
7 20 34
INTERMEDIATE
CAPITAL
201
9
Financials
4 13 34
INTERMEDIATE
CAPITAL
202
0
Financials
2 8 43
INTERMEDIATE
CAPITAL
202
1
Financials
7 31 62
INTERTEK GROUP 201
8
Industrials
13 36 72
INTERTEK GROUP 201
9
Industrials
13 34 80
INTERTEK GROUP 202
0
Industrials
10 26 80
INTERTEK GROUP 202
1
Industrials
11 28 80
INTL.CONS.AIRL.GP. 201
8
Consumer
Discretionary 11 44 72
INTL.CONS.AIRL.GP. 201
9
Consumer
Discretionary 7 26 68
INTL.CONS.AIRL.GP. 202
0
Consumer
Discretionary -20 -173 68
INTL.CONS.AIRL.GP. 202
1
Consumer
Discretionary -7 -253 68
ITV PLC 201
8
Consumer
Discretionary 15 62 65
ITV PLC 201
9
Consumer
Discretionary 15 57 69
ITV PLC 202
0
Consumer
Discretionary 8 29 78
ITV PLC 202
1
Consumer
Discretionary 10 29 78
J SAINSBURY PLC 201
8
Consumer Staples
2 4 59
J SAINSBURY PLC 201
9
Consumer Staples
1 3 57
J SAINSBURY PLC 202
0
Consumer Staples
1 2 57
J SAINSBURY PLC 202
1
Consumer Staples
0 -4 77
JD SPORTS FASHION 201
8
Consumer
Discretionary 17 35 36
JD SPORTS FASHION 201
9
Consumer
Discretionary 14 29 33
JD SPORTS FASHION 202 Consumer

0 Discretionary 9 22 40
JD SPORTS FASHION 202
1
Consumer
Discretionary 6 18 49
KINGFISHER PLC 201
8
Consumer
Discretionary 5 7 80
KINGFISHER PLC 201
9
Consumer
Discretionary 2 3 74
KINGFISHER PLC 202
0
Consumer
Discretionary 0 0 77
KINGFISHER PLC 202
1
Consumer
Discretionary 6 10 72
LAND SECURITIES 201
8
Real Estate
1 -2 79
LAND SECURITIES 201
9
Real Estate
-0 -1 81
LAND SECURITIES 202
0
Real Estate
-5 -9 85
LAND SECURITIES 202
1
Real Estate
-10 -17 77
LEGAL & GENERAL 201
8
Financials
0 23 70
LEGAL & GENERAL 201
9
Financials
0 20 78
LEGAL & GENERAL 202
0
Financials
0 17 81
LEGAL & GENERAL 202
1
Financials
0 21 81
LLOYDS BANKING
GROUP
201
8
Financials
12 8 74
LLOYDS BANKING
GROUP
201
9
Financials
11 5 80
LLOYDS BANKING
GROUP
202
0
Financials
12 2 84
LLOYDS BANKING
GROUP
202
1
Financials
10 10 84
LONDON STOCK EXCH 201
8
Financials
7 15 68
LONDON STOCK EXCH 201
9
Financials
6 12 69
LONDON STOCK EXCH 202
0
Financials
6 12 76
LONDON STOCK EXCH 202
1
Financials
6 12 76
M&G PLC 201
8
Financials
0 9 64
M&G PLC 201
9
Financials
1 16 64
M&G PLC 202
0
Financials
1 21 79
M&G PLC 202 Financials

1 0 2 79
MEGGITT PLC 201
8
Industrials
4 7 60
MEGGITT PLC 201
9
Industrials
5 9 74
MEGGITT PLC 202
0
Industrials
-7 -14 76
MEGGITT PLC 202
1
Industrials
2 1 76
MELROSE 201
8
Industrials
-3 -9 52
MELROSE 201
9
Industrials
0 -1 53
MELROSE 202
0
Industrials
-2 -7 58
MELROSE 202
1
Industrials
1 1 58
MONDI PLC 201
8
Industrials
12 23 91
MONDI PLC 201
9
Industrials
11 22 89
MONDI PLC 202
0
Industrials
8 15 89
MONDI PLC 202
1
Industrials
9 18 89
NATIONAL GRID PLC 201
8
Utilities
7 18 66
NATIONAL GRID PLC 201
9
Utilities
4 8 63
NATIONAL GRID PLC 202
0
Utilities
3 7 63
NATIONAL GRID PLC 202
1
Utilities
3 8 63
NATWEST GROUP PLC 201
8
Financials
1 3 80
NATWEST GROUP PLC 201
9
Financials
1 7 77
NATWEST GROUP PLC 202
0
Financials
0 -2 78
NATWEST GROUP PLC 202
1
Financials
0 7 78
NEXT PLC 201
8
Consumer
Discretionary 25 119 73
NEXT PLC 201
9
Consumer
Discretionary 23 114 71
NEXT PLC 202
0
Consumer
Discretionary 19 151 75
NEXT PLC 202
1
Consumer
Discretionary 10 52 71
OCADO GROUP PLC 201 Consumer Staples

8 -3 -11 45
OCADO GROUP PLC 201
9
Consumer Staples
-10 -27 46
OCADO GROUP PLC 202
0
Consumer Staples
-2 -9 50
OCADO GROUP PLC 202
1
Consumer Staples
-4 -13 56
PEARSON PLC 201
8
Consumer
Discretionary 8 14 83
PEARSON PLC 201
9
Consumer
Discretionary 4 6 80
PEARSON PLC 202
0
Consumer
Discretionary 5 7 84
PEARSON PLC 202
1
Consumer
Discretionary 3 4 84
PERSHING SQUARE 201
8
Real Estate
-2 -2 29
PERSHING SQUARE 201
9
Real Estate
34 45 42
PERSHING SQUARE 202
0
Real Estate
36 49 39
PERSHING SQUARE 202
1
Real Estate
44 55 39
PERSIMMON PLC 201
8
Consumer
Discretionary 19 28 57
PERSIMMON PLC 201
9
Consumer
Discretionary 19 26 68
PERSIMMON PLC 202
0
Consumer
Discretionary 14 19 67
PERSIMMON PLC 202
1
Consumer
Discretionary 17 22 67
PHOENIX GROUP HDG. 201
8
Financials
0 9 50
PHOENIX GROUP HDG. 201
9
Financials
0 1 61
PHOENIX GROUP HDG. 202
0
Financials
0 13 65
PHOENIX GROUP HDG. 202
1
Financials
-0 -14 65
PRUDENTIAL PLC 201
8
Financials
1 18 63
PRUDENTIAL PLC 201
9
Financials
0 4 64
PRUDENTIAL PLC 202
0
Financials
1 12 66
PRUDENTIAL PLC 202
1
Financials
-1 -11 66
RECKITT BENCKISER 201
8
Consumer Staples
7 15 83
RECKITT BENCKISER 201 Consumer Staples

9 -10 -31 85
RECKITT BENCKISER 202
0
Consumer Staples
4 13 88
RECKITT BENCKISER 202
1
Consumer Staples
1 -0 88
RELX PLC 201
8
Consumer
Discretionary 12 62 85
RELX PLC 201
9
Consumer
Discretionary 13 67 86
RELX PLC 202
0
Consumer
Discretionary 10 57 88
RELX PLC 202
1
Consumer
Discretionary 11 55 87
RENTOKIL INITIAL
PLC
201
8
Industrials
-2 -11 68
RENTOKIL INITIAL
PLC
201
9
Industrials
10 31 70
RENTOKIL INITIAL
PLC
202
0
Industrials
5 17 68
RENTOKIL INITIAL
PLC
202
1
Industrials
6 22 51
RIGHTMOVE PLC 201
8
Real Estate
253 1,078 51
RIGHTMOVE PLC 201
9
Real Estate
222 642 52
RIGHTMOVE PLC 202
0
Real Estate
87 133 68
RIGHTMOVE PLC 202
1
Real Estate
140 189 68
RIO TINTO PLC 201
8
Basic Materials
15 30 83
RIO TINTO PLC 201
9
Basic Materials
10 19 78
RIO TINTO PLC 202
0
Basic Materials
12 23 80
RIO TINTO PLC 202
1
Basic Materials
22 42 80
ROLLS ROYCE 201
8
Industrials
-8 -10 72
ROLLS ROYCE 201
9
Industrials
-4 -12 81
ROLLS ROYCE 202
0
Industrials
-10 -20 78
ROLLS ROYCE 202
1
Industrials
1 2 78
ROYAL MAIL PLC 201
8
Industrials
4 5 83
ROYAL MAIL PLC 201
9
Industrials
3 4 83
ROYAL MAIL PLC 202 Industrials

0 2 3 76
ROYAL MAIL PLC 202
1
Industrials
6 12 83
SAGE GROUP PLC 201
8
Technology
10 24 51
SAGE GROUP PLC 201
9
Technology
9 19 55
SAGE GROUP PLC 202
0
Technology
10 20 46
SAGE GROUP PLC 202
1
Technology
9 21 51
SCHRODERS PLC 201
8
Financials
2 14 56
SCHRODERS PLC 201
9
Financials
3 13 68
SCHRODERS PLC 202
0
Financials
2 12 76
SCHRODERS PLC 202
1
Financials
3 15 76
SCOTTISH MORTGAGE 201
8
Financials
20 22 17
SCOTTISH MORTGAGE 201
9
Financials
12 13 17
SCOTTISH MORTGAGE 202
0
Financials
12 12 21
SCOTTISH MORTGAGE 202
1
Financials
67 73 18
SEGRO PLC 201
8
Real Estate
13 17 73
SEGRO PLC 201
9
Real Estate
10 12 77
SEGRO PLC 202
0
Real Estate
13 16 78
SEGRO PLC 202
1
Real Estate
27 35 78
SEVERN TRENT PLC 201
8
Utilities
5 26 51
SEVERN TRENT PLC 201
9
Utilities
5 29 56
SEVERN TRENT PLC 202
0
Utilities
2 13 66
SEVERN TRENT PLC 202
1
Utilities
3 18 72
SHELL 201
8
Energy
6 12 88
SHELL 201
9
Energy
5 8 88
SHELL 202
0
Energy
-5 -13 88
SHELL 202 Energy

1 6 12 88
SMITH & NEPHEW PLC 201
8
Health Care
9 14 82
SMITH & NEPHEW PLC 201
9
Health Care
8 12 81
SMITH & NEPHEW PLC 202
0
Health Care
5 9 79
SMITH & NEPHEW PLC 202
1
Health Care
5 10 79
SMITHS INDUSTRIES 201
8
Industrials
7 13 49
SMITHS INDUSTRIES 201
9
Industrials
5 10 52
SMITHS INDUSTRIES 202
0
Industrials
6 11 62
SMITHS INDUSTRIES 202
1
Industrials
6 12 62
SMURFIT KAPPA
GROUP
201
8
Industrials
-5 -25 76
SMURFIT KAPPA
GROUP
201
9
Industrials
6 17 82
SMURFIT KAPPA
GROUP
202
0
Industrials
6 16 79
SMURFIT KAPPA
GROUP
202
1
Industrials
7 17 79
SPIRAX SARCO ENGIN. 201
8
Industrials
16 32 46
SPIRAX SARCO ENGIN. 201
9
Industrials
11 21 48
SPIRAX SARCO ENGIN. 202
0
Industrials
10 21 58
SPIRAX SARCO ENGIN. 202
1
Industrials
14 25 58
SSE PLC 201
8
Utilities
5 20 61
SSE PLC 201
9
Utilities
7 32 60
SSE PLC 202
0
Utilities
1 -1 75
SSE PLC 202
1
Utilities
12 51 83
ST JAMES'S 201
8
Financials
0 17 55
ST JAMES'S 201
9
Financials
0 15 58
ST JAMES'S 202
0
Financials
0 25 65
ST JAMES'S 202
1
Financials
0 26 65
STANDARD 201 Financials

CHARTERED 8 0 1 87
STANDARD
CHARTERED
201
9
Financials
1 4 87
STANDARD
CHARTERED
202
0
Financials
0 1 90
STANDARD
CHARTERED
202
1
Financials
0 4 90
TAYLOR WIMPEY PLC 201
8
Consumer
Discretionary 13 21 71
TAYLOR WIMPEY PLC 201
9
Consumer
Discretionary 13 21 79
TAYLOR WIMPEY PLC 202
0
Consumer
Discretionary 4 6 80
TAYLOR WIMPEY PLC 202
1
Consumer
Discretionary 9 13 80
TESCO PLC 201
8
Consumer Staples
3 14 75
TESCO PLC 201
9
Consumer Staples
3 10 82
TESCO PLC 202
0
Consumer Staples
3 7 75
TESCO PLC 202
1
Consumer Staples
14 48 84
UNILEVER PLC 201
8
Consumer Staples
16 74 93
UNILEVER PLC 201
9
Consumer Staples
10 46 92
UNILEVER PLC 202
0
Consumer Staples
10 40 90
UNILEVER PLC 202
1
Consumer Staples
9 37 92
UNITED UTILITIES PLC 201
8
Utilities
5 12 72
UNITED UTILITIES PLC 201
9
Utilities
4 12 72
UNITED UTILITIES PLC 202
0
Utilities
1 4 71
UNITED UTILITIES PLC 202
1
Utilities
4 15 74
VODAFONE GROUP
PLC
201
8
Telecommunicatio
ns 3 4 81
VODAFONE GROUP
PLC
201
9
Telecommunicatio
ns -5 -13 81
VODAFONE GROUP
PLC
202
0
Telecommunicatio
ns 1 -1 83
VODAFONE GROUP
PLC
202
1
Telecommunicatio
ns 2 3 89
WHITBREAD PLC 201
8
Consumer
Discretionary 10 16 82
WHITBREAD PLC 201 Consumer

9 Discretionary 59 83 79
WHITBREAD PLC 202
0
Consumer
Discretionary 4 5 80
WHITBREAD PLC 202
1
Consumer
Discretionary -9 -24 78
WPP PLC 201
8
Consumer
Discretionary 4 11 71
WPP PLC 201
9
Consumer
Discretionary 3 7 75
WPP PLC 202
0
Consumer
Discretionary -7 -46 76
WPP PLC 202
1
Consumer
Discretionary 3 15 74