FTSE 250: Realising ambitions for growth · of set top boxes, and Aveva, engineering technology providers for the plant and marine industries. The FTSE 250 also includes a large number

FTSE 250: Realising ambitions for growth

www.pwc.co.uk/ftse250ambitions

Assessing the prospects, challenges and choices ahead for the FTSE 250.

ForewordWelcome to FTSE 250: Realising ambitions for growth, a special report into the prospects, challenges and choices ahead for this crucial segment of our economy.

FTSE 250 companies generate more than £200 billion of revenue a year and employ over a million and a half people. With more than 40% of the participants in our study looking to achieve double digit revenue growth over the coming 12 months, their contribution to job creation and economic recovery is more important than ever.

The FTSE 250 is clearly a very diverse group, although as our research highlights, these companies share a high level of agility, adaptability and entrepreneurial drive. These qualities will be critical in realising what are ambitious growth targets. Businesses cannot achieve the sustainable growth they aspire to by simply doing what they already do a little better. As we explore in this report, they will have to find new markets, new products and new ways of differentiating themselves from their competitors. Whilst they have robust balance sheets, they will also need to secure investment for long-term growth and manage what are likely to be far more complex and diverse businesses.

In turn, the Government and London Stock Exchange will need to continue to play their part by creating an environment that supports growth.

The most successful companies are seeking out new markets, rather than following the pack. They also operate with relatively small head-office staff and management teams, which allows them to make decisions quickly and move swiftly to capitalise on opportunities.

I would like to thank all of the survey participants for kindly giving their valuable time and insights. I hope that you find the research useful and interesting. If you would like to discuss any of the issues raised here please do not hesitate to contact either me or one of the other authors listed on the back page of this report.

David Snell Partner, PwC

FTSE 250: Realising ambitions for growth 1

Contents

Foreword

FTSE 250: Backbone of the economy 3

Striking ambitions, tough decisions 4

Expanding into new markets 6

Securing investment 10

Managing a more complex business 12

Stimulating growth, retaining the benefits 14

Conclusion: Realising ambitions for growth 16

2 FTSE 250: Realising ambitions for growth

About this reportThis report was prepared by PwC’s1 mid-cap team in March 2011. It draws on a survey of 103 executives from a cross section of FTSE 250 company sizes, sectors and regional locations, which was carried out in January and February 2011. The study also draws on in-depth interviews with a number of FTSE 250 CEOs & CFOs, PwC market experts and analysts.

1 In this document, ‘PwC’ refers to PricewaterhouseCoopers LLP (a limited liability partnership in the United Kingdom).


FTSE 250: Backbone of the economyCompanies in the FTSE 250 (101st to 350th largest companies listed on the main market of the London Stock Exchange) make up around 15% of the total UK market capitalisation;2 though the FTSE 250’s vital importance to the British economy is often overlooked. FTSE 250 companies employed more than 1.5 million people and contributed well over £4 billion in corporation tax in 2009.3 Total returns of the FTSE 250 have significantly outperformed the FTSE 100 and FTSE All-Share Indexes over the past ten years (see Figure 1).

FTSE 250 companies range from established household names like Tate & Lyle, Thomas Cook and WH Smith through to leading edge technology firms such as Pace, the world’s largest developer of set top boxes, and Aveva, engineering technology providers for the plant and marine industries. The FTSE 250 also includes a large number of investment funds, as well as the London Stock Exchange Group itself. Nearly 70% of the participants in our research believe that the FTSE 250 is more representative of the UK economy than the FTSE 100.

Figure 1. Comparing FTSE 250 performance to FTSE 100 and FTSE All Share

40

60

80

100

120

140

180

160

200

220

240

260

Note: 100 is the starting point for the subsequent differential.

2006 2007 2008

Rebased value index

2002 2004 20052000 2001 2003 2009 2010

FTSE 100 – Total return Ind FTSE 250 – Total return Ind FTSE all-shares – Total return Ind

Source: Thomson Datastream

The FTSE 250’s value as an engine of growth is highlighted by the fact that the average revenue growth target over the next 12 months for the participants in our survey is 12%. Almost a quarter of participants are aiming for more than a 15% increase in turnover over the next year.

2 www.londonstockexchange.com, 02.03.11.3 FAME 2011.


Striking ambitions, tough decisionsFTSE 250 companies are emerging from the recession with renewed ambition. The companies in our research anticipate an average 12% increase in turnover over the coming year; double the growth rate of 2010 and approaching the levels seen before the financial crisis (see Figure 2).

These revenue targets are all the more encouraging when set against the relatively modest outlook for growth in the UK economy overall (our latest analysis estimates growth of 1.4% in 2011 and 2.2% in 20124). The strong ambitions of FTSE 250 companies can also be seen by the fact that 46% of participants in our survey aspire to be in the FTSE 100 within five years.

Internationally active businesses (over 50% of sales coming from outside the UK) have set the highest growth targets and have the greatest ambition to move up to the FTSE 100, regardless of current position in the FTSE 250. Our research indicates an especially strong push for growth among energy and chemicals firms. The growth plans for primarily domestically focused firms, including many within the media, construction and engineering sectors, appear to have been tempered by the difficult outlook in the UK economy.

Figure 2. Growth aims represent return to pre-recession levels.

2006

%

19.7

15.8

8.1

8.3

6.2

12.3

2007

2008

2009

2010

2011 (Predicted)

Source: Thomson Datastream, collated by PwC’s business research team. 2011 prediction based on responses to PwC FTSE 250 survey.

4 PwC Economic Outlook, March 2011.


Potential advantagesAre these growth plans realistic? Most of the companies we spoke to certainly believe they have room to grow, both at home and internationally (see Figure 3). Participants see their international prospects as especially promising, forecasting that international business will account for 55% of their sales in five years’ time, compared to 47% today. As we explore in this study, there are signs that FTSE 250 companies are developing a new and agile model of international expansion.

over multiple time zones and getting to grips with cultural and regulatory differences. Risk management will demand more attention. Participants also face the challenges of identifying acquisition opportunities that complement their business, integrating them into their organisational structures and encouraging their new partners to buy into their strategy and brand. With FTSE 250 companies tending to receive far less analyst coverage than FTSE 100 groups, the other main challenge will be developing the investor relations capabilities and a compelling growth story to win market attention, sustain investment and translate their vision and potential into shareholder value.

‘For the companies that are looking to move from the FTSE 250 to the FTSE 100, the transition could be likened to the promotion push from football’s Championship to the Premiership. The rewards are greater, but so are the risks. The decisions taken now will not only be crucial in getting the business up to the next division, but also keeping it there in the long-term,’ said Kevin Desmond, a senior director at PwC.

Figure 3. How will FTSE 250 companies achieve growth?

Increased share in existing market

%

77

65

56

54

33

6

New product or service development

Mergers and acquistions

New geographic markets

New joint ventures or strategic alliances

Other

Source: FTSE 250: Realising ambitions for growth, PwC, March 2011. Respondents asked to select top 3 strategies.

‘We’re a very cash rich business and have no debt on the balance sheet, so we don’t need any capital.’Ian Gorham, CEO of asset management company, Hargreaves Lansdown5

5 Since taking part in our FTSE 250 survey, Hargreaves Lansdown has moved up to the FTSE 100.6 Hemscott.

Balance sheets are strong, with 70% of companies we talked to seeing internally generated cash flows as the main source of funding for growth. However, whether this cash will be sufficient to finance such ambitious plans is open to question. Access to the pool of capital available from the London market provides valuable further funding potential. As they seek out new sources of funding, more than 20% plan a dual listing overseas within the next five years.

Ultimately, these are hungry companies that are prepared to take bold steps where necessary. The interviews highlighted strong, but measured risk appetites. ‘We have a lot of experience of building plants in China, so we’re willing to take the risk of making more investment there even if it’s a long way away,’ said a FTSE 250 CFO.

Formidable challengesHowever, the challenges to realising these ambitions remain formidable. Only 24 new companies have entered the FTSE 100 from the FTSE 250 in the past five years,6 a fraction of the 46% that told us they aim to do so over the next five years.

As FTSE 250 companies seek to sustain growth and develop their international presence, they will face the challenge of managing operations


Expanding into new marketsThe participants in our research are looking overseas for much of their growth. China, India and Brazil are all ahead of the UK as the focal points for expansion (see Figure 4).

Ahead of the packBrazil was not on the radar of most UK firms until quite recently as emerging market investment was primarily directed towards Asia. They are now recognising Brazil’s enormous potential – our own research anticipates that the GDP of Brazil will overtake the UK by 2023.7 Other countries, notably China, have been quicker to capitalise on the opportunities opening up in

Brazil and other parts of Latin America. One of the keys to future success will be seeking out the growth markets coming up over the horizon – the next Brazils – which have not yet made it onto the mainstream investment agenda and whose long-term potential is therefore still largely untapped. Our analysis suggests that Vietnam and Nigeria could supplant Australia and Argentina in the ranks of the G20 by 2050, for instance.

7 The World in 2050: The accelerating shift of global economic power: challenges and opportunities, published by PwC in January 2011.

Figure 4. Where will the FTSE 250 focus growth over the next 5 years?

3

ChinaIndia

BrazilUnited States

UKGermany

RussiaSpainJapan

AustraliaFrance

Italy%

ScandinaviaCanada

4542

3634

30232119171715151311

Percentage selecting destination

0-14% 15-29% 30%+

Source: FTSE 250: Realising ambitions for growth, PwC, March 2011.


Breaking down barriersDespite the acceleration in the globalisation of UK companies over the past ten years, our survey finds that access to talent and cultural differences are still major obstacles to growth (see Figure 5).

Figure 5. Talent and skills are biggest challenge to operating globally.

Availability of talent and skills

%

55

51

47

30

22

19

17

17

6

Cultural differences

Inconsistent regulatory requirements

Trade barriers and protectionism

Logistics and distribution

Workforce expectations

Accessing finance

Lack of proximity to customers and suppliers

Other


Planning how to secure the talent needed to meet growth aspirations can often be forgotten in the rush to take advantage of rapidly expanding emerging markets. Cultural issues can compound these problems by making it harder to attract, engage and retain local talent. Developing a culturally compliant and exciting brand that inspires local people to join and build careers within the incoming group could be as important as the marketing of products and services in the new location. It is also important to ensure that management sent to head up international operations have experience of working with people with different cultures and can adapt their way of running the business to reflect local perspectives.

Clearly, cultural engagement cuts both ways. ‘While the knowledge and experience of locally hired teams are clearly critical, it’s equally important that they buy-in to the strategy and ways of working within the group as a whole,’ said Julian Jenkins, a partner at PwC. ‘A number of global groups have now built cultural awareness into their training programmes and see multinational experience as a key element of career development and succession planning. They also encourage people hired locally to take secondments within the UK and other operating territories.’

Pacing growthA further consideration is how to pace growth. Given the relatively limited management time and resources available, concentrating on one or two locations at a time is likely to be more effective than trying to grow in multiple markets simultaneously. This incremental approach allows companies to bring in management who’ve had experience of setting up new international ventures, who can then pass on the baton to local teams and move on to the next international assignment once the operation is established.

‘Adaptability is critical. Where companies can often come unstuck is in trying to replicate a business model developed in the UK or another territory. Indeed, it pays to use international expansion as an opportunity to challenge the group’s overall business model and judge how it could be modified and enhanced,’ said Chris Reeve, a partner at PwC.


Build or buy?Our research reveals that the more internationally active the company, the more likely it is to envisage M&A over the next five years. The notable exceptions are in India and Brazil, where participants are principally looking to grow organically, rather than making acquisitions. While these countries are near the top of the list of markets earmarked by participants for business expansion over the next five years, they feature less prominently in the target list for M&A (see Figure 6). This may reflect continuing barriers to acquisition. Organic expansion would also allow them to maintain greater strategic flexibility and control, as well as reducing investment risk in what may be an unfamiliar market.

Figure 6. Focus of M&A activity.

3

China

India

Brazil

United StatesUK

Germany

Russia

Spain

JapanAustralia

France

Italy

%

Scandinavia

Canada

6560

2823191412111197555

Percentage selecting destination

0-14% 15-29% 30%+



While M&A can offer a fast way to develop and strengthen a company’s presence in a particular territory, it also pays to consider the other side of the value equation, which is what the acquired company can gain from joining the group. For example, there could be opportunities for the acquired company to distribute its products through its new parent’s international network. ‘For the really innovative stuff, we’ve often found that the best way is to buy a really small company that has developed a new product, but doesn’t have the sales force to market and distribute it. This allows us to acquire the technology early and feed it through our sales team,’ said Richard Longdon, CEO of engineering software company, Aveva Plc.

Considerations for management• What markets have potential that is still largely untapped?

• How can you move quickly to capitalise on opportunities, while still pacing growth?

• Do you develop a market presence through organic growth in a particular territory or expand through the faster, but potentially riskier route of acquisition?

• What does the acquisition target offer you and what can you offer the target?


Securing investmentA key challenge for many FTSE 250 companies is how to attract the market attention they need to secure further investment and sustain growth. Share liquidity is limited, especially for the firms at the lower end of the list. This in turn makes it harder to generate interest from analysts. Thirty per cent of participants are dissatisfied with the quality of the analyst coverage they receive.

‘There’s some very high calibre research…and some that’s extremely poor,’ said Guy Peters, Managing Director of brokers Seymour Pierce. ‘The smaller you are, the more prone you are to lack of visibility and to potentially poor quality research or no independent research. But to be honest, it was ever thus,’ he continued. David Price, CEO of defence contractor, Chemring PLC, believes that the challenge of attracting sufficient investment is heightened by the fact that FTSE 250 companies can often fall between two stools. ‘If you’re small, you’re very clearly targeted by small-cap funds. The large-cap funds focus on the FTSE 100 and are loath to come down to the FTSE 250 to invest,’ he said.

Could FTSE 250 companies be in danger of under-selling themselves? Although there may be less liquidity in a FTSE 250 company than a FTSE 100 counterpart, that does not mean there is not a good story to tell. Being able to convey a strong growth story and maintain a high dividend yield will be crucial in attracting investment (see Figure 7), especially as the cash at the company’s disposal may not be enough to fuel growth over

the long-term. ‘If companies don’t communicate, how are potential investors going to understand or be excited about making an investment in the business?’ said Wayne Gerry, an analyst at Investec.

‘The fundamental point is to communicate. Communicate the message, the strategy, your performance and the business dynamics. The market hates surprises.’ Guy Peters, Managing Director of Seymour Pierce

Figure 7. Three-quarters of respondents think investors want a strong growth story.

A strong growth story

%

75

62

41

36

24

23

15

5

High dividend yield

More transparent reporting

Better corporate governance

More access to senior management

Greater access to management information

More diversity on boards

Other



‘There’ll be FTSE 100 companies that have bigger investor relations departments than we have total staff in the UK.’ CFO, FTSE 250 company

Overseas listingParticipants believe that more than 40% of their shareholders will come from outside the UK by 2016, compared to a third at present, which highlights the increasing internationalisation of investment. To help tap into fresh sources of capital, 22% of participants are keen to take up a dual listing over the next five years.

The most popular choices for a secondary listing are Hong Kong and New York, with Shanghai, NYSE Euronext and NASDAQ also attracting strong interest. Many believe that an additional listing could improve liquidity and analyst coverage. Others are seeking to match their listings with their expanding international footprint. ‘We would consider listings in either Hong Kong or Singapore because of the increased percentage of our business based in the region,’ said the CFO of a FTSE 250 financial services company.

‘The fact that Shanghai was rated as highly as NYSE Euronext and NASDAQ as a likely destination for overseas listing is especially interesting, as it is not yet open to international businesses. This underlines the strong attractions of China as a place both to invest and seek investment,’ said David Snell, a partner at PwC. There could be important benefits from aligning sales, funding and management within a particular country or region. An overseas listing

can not only increase access to capital, but also send out a powerful message to the markets. ‘A local listing provides a clear demonstration of the company’s strategic intent and growth ambitions,’ said Kevin Desmond of PwC.

Making timeAs management spends more time seeking out investment and engaging with analysts, some participants were concerned that this would leave them with too little time to devote to running the business. ‘I think spending too much time promoting the business at the expense of running the company is a trap management can all too easily fall into. Management should focus on running the business and the results will come out of that,’ said Ian Gorham, CEO of Hargreaves Lansdown.

Clearly, there is a balance to be struck between managing the business and communicating with the markets. However, investor relations is an essential part of building confidence in the business and demonstrating the capability of the management team. ‘As companies expand and become more globalised, their investor relations capabilities will have to keep pace. Institutional investor demands will increase. Companies will also need to address differing shareholder expectations as they list in other countries,’ said Julian Jenkins of PwC. ‘They will be expected to spend more time meeting with overseas analysts

and investors. It will also be important to fly in management from overseas territories to meet analysts in London so they can explain developments on the ground in person and demonstrate the importance of the operation to the strategy of the group, as well as the underlying depth and strength of management,’ he continued.

Considerations for management• Will your retained earnings be enough to

fuel growth over the long-term or will you need to seek further investment?

• Have you developed a clear and compelling growth story to convey to the markets?

• How do you balance greater calls on your time from analysts with the demands of managing a growing business?

• How much potential is there to attract further investment through an overseas listing and does this justify the extra costs and demands on management time?


Managing a more complex businessIn five years’ time, participants anticipate that 46% of their workforce will be based overseas, compared to 38% today. Companies with the highest growth rates are globalising fastest. This clearly creates the challenges of how to manage what are likely to be more complex and fragmented businesses.

This is likely to demand a step change in governance and risk management. As companies reach into new markets, it will be especially important to have the right controls, processes and oversight in place to ensure that what appear to be great growth numbers are not masking some potentially nasty surprises.

Nonetheless, there needs to be a balance between more systematic control and sustaining the entrepreneurism and agility that are among the key advantages of the participants in our study. There is certainly no need to create a large and unwieldy centralised bureaucracy, which can slow down decision making and make it harder to respond to new opportunities.

One of the most telling features of many companies in our survey is their ability to operate through highly devolved, non-centralised structures, often with very small headquarters and management teams. Many have also developed a nimble and fast moving venture capital type model, in which the strategic direction is set centrally, but execution is left to management on the ground.

An important element of the balance between control and agility is a clear strategic roadmap that sets the objectives for the group, while still giving local management the autonomy to adapt this blueprint to particular market conditions. This in turn requires a good supply of management information to and from the global centre and local operations.

Choosing where to base the businessTax, labour costs and proximity to growth markets are all key considerations in where to base the business and its functions. For now at least, the UK remains almost all participants’ preferred headquarters location. However, around 40% are planning to increase production and manufacturing and sales and marketing in India, China and Brazil. Nearly a quarter are looking to increase IT and administration support in these countries. The internationalisation of FTSE 250 companies is also moving up the value chain, with nearly 25% planning to expand research and development in India, China and Brazil.


Spreading operations across different time zones and widening the pool of available talent can clearly help to boost growth. Many companies are looking to develop functional hubs, providing a base from which to expand regionally and giving them the critical mass within the back office needed to enhance process efficiency and sustain effective control.

Looking ahead, the UK cannot take its place as the preferred domicile for granted. ‘We’re in Cambridge, and it’s a good place for selling to countries like China as it has good brand recognition,’ said Richard Longdon, CEO of engineering software company, Aveva Plc. However, citing tax as his main concern, Mr Longdon believes that ‘if we were setting up the company now we certainly wouldn’t be headquartered in the UK’.

‘We tend to think of ourselves as having a private equity model. We run individual companies of about 400 people, make them as efficient as possible, and we provide the strategic framework.’David Price, CEO of defence contractor, Chemring PLC

Considerations for management• How is growth and new market expansion affecting

your risk profile and how can this be managed?

• How do you maintain more effective control, without stifling enterprise within your business?

• What are the most favourable locations for your key business functions and what is the best way to link your international operations?


Stimulating growth, retaining the benefitsJob losses in the public sector are accelerating. The Government wants the private sector to provide employment opportunities to make up for these losses. As a key engine of growth, the contribution of the FTSE 250 will be especially critical.

The real danger is that what many participants believe is an uncertain regulatory and tax environment will encourage them to move their main centre of operations abroad and allow the benefits of their growth in terms of employment and tax contribution to bypass the UK. Two-thirds of survey participants believe that UK regulation will increase over the next five years and nearly 90% are concerned that this will be a threat to business growth. Participants believe that the three most important priorities for the Government should be reducing the top rate of income tax, lowering the corporate tax rate and increasing stability in the tax system.

These are agile companies and many could move quite quickly to what they believe is a more favourable location. Keeping them onshore will therefore require the right tax and regulatory environment. ‘The three priorities that the FTSE 250 have said the Government needs to action to make the UK an attractive base are all tax related. It’s therefore in the Government’s hands to promote the delivery of this growth and help to cover public sector job losses,’ said Chris Reeve of PwC.

For many of the FTSE 250 firms, the main focus of activity will continue to be the UK. This includes the primarily domestically focused retail, construction and engineering companies taking part in our survey. For them, strong support and direction from Government will be especially critical. However, the survey highlighted concerns about the ‘policy direction’ of the Government. ‘I think the Government needs to look forward and articulate its vision of what it’s trying to achieve, as this will instil confidence,’ said David Mulligan, Finance Director of construction and regeneration group, Morgan Sindall Group plc. ‘As long as the Government is clear about its plans and sticks with them, we can cut our cloth accordingly. A greater challenge for business is policy decisions being deferred as this creates uncertainty.’


Xavier Rolet, CEO of the London Stock Exchange GroupThe UK economy is changing. As the PwC study confirms, we are now an economy where growth, jobs and stability are dependent on the success of smaller and mid-cap companies, including the members of the FTSE 250. And the importance of these companies is going to become ever more apparent over the next few years. The UK needs to become an exporting country again – it is the only way the country will address its public debt, and the only way to rebalance the economy. The UK has massive advantages that are being underleveraged. Across the country and in all sectors it is a nation populated with world class entrepreneurs that need capital to fuel their innovation and ambitions. At the London Stock Exchange, we are working hard to improve the market infrastructure and opportunities for funding. We are also working closely with Westminster and Brussels to promote a stable and competitive environment for growth for all companies.


Conclusion: Realising ambitions for growthFTSE 250 companies are primed for growth, spearheading innovation and taking their operations into new territories.

However, this rapid transformation creates unfamiliar challenges. The decisions made now will be crucial to success, laying firm foundations for growth and helping to secure investment in the long-term. The Government and London Stock Exchange also have an important part to play in continuing to provide an environment that recognises, fosters and supports the contribution of FTSE 250 companies to our economy.

Based on this study and our wide-ranging work with FTSE 250 companies, we believe that the enterprises that will be most successful in building up their businesses and meeting the additional demands placed on their organisations will share the following characteristics:

• Ability to set out a clear road map for growth

• A global perspective that enables them to identify untapped opportunities and adapt to different local cultures

• Communicating a compelling growth story to analysts and investors to help secure long-term funding

• Aligning sales, management and funding to demonstrate strategic intent and attract international investment

• Training to operate globally and building international experience into succession planning

Realising ambitions for growth

Sustainedgrowth

• Certainty of tax and regulatory environment• Choice of location for key operations• Access to key talent and skills

• Identifying future sources of funding• Future choices for market listing• Telling a clear story to investors to

secure funding and maintain confidence

• Clear roadmap for future growth• Pacing growth to match organisational

resources and readiness• Capacity to undergo major shifts in focus

and behaviour

• Innovation: new products/services and new markets

• Flexible business model and workforce adaptability

• Decision making and empowered management

• Identifying and securing footprint in the right markets• Selecting and managing options for market entry• Building business model and infrastructure to

operate globally• Managing increased complexity

Ambition

Agi

lity

Global markets

Fund

ing

En

vironment


• Choosing acquisition targets with complementary capabilities and management that engages with the brand and objectives of the group

• Using acquisition and international expansion as an opportunity to challenge and enhance the business model

• Establishing system and support functions which are easily scaleable to cope with sustainable growth


Other publications of interest

Global CEO Survey

Growth reimaginedProspects in emerging markets drive CEO confidence

www.pwc.com/ceosurvey

14th Annual Global CEO Survey

Main report

AIM report

Securing AIM’s future

www.pwc.co.uk

How can the Alternative Investment Market bounce back as a driver of entrepreneurial growth?

UK snapshot of Global CEO Survey

UK plc emerges for growth

www.pwc.co.uk/ceosurvey

14th Annual Global CEO Survey

UK snapshot

The World in 2050

www.pwc.co.uk/economics

The World in 2050 The accelerating shift of global economic power: challenges and opportunities

January 2011

UK Economic Outlook

UK Economic OutlookMarch 2011

Special features:•Should the MPC increase interest rates to keep inflationundercontrol?•How might UK consumer spending patterns change overthenext20years?

www.pwc.co.uk

Integrated reporting

Building Public Trust: Research into narrative reporting and what it says about companies

pwc.co.uk

Insight or fatigue? FTSE 350 reporting

PwC firms provide industry-focused assurance, tax and advisory services to enhance value for their clients. More than 161,000 people in 154 countries in firms across the PwC network share their thinking, experience and solutions to develop fresh perspectives and practical advice. See www.pwc.com for more information.

This publication has been prepared for general guidance on matters of interest only, and does not constitute professional advice. You should not act upon the information contained in this publication without obtaining specific professional advice. No representation or warranty (express or implied) is given as to the accuracy or completeness of the information contained in this publication, and, to the extent permitted by law, PricewaterhouseCoopers LLP, its members, employees and agents do not accept or assume any liability, responsibility or duty of care for any consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this publication or for any decision based on it.

© 2011 PricewaterhouseCoopers LLP. All rights reserved. In this document, “PwC” refers to PricewaterhouseCoopers LLP (a limited liability partnership in the United Kingdom), which is a member firm of PricewaterhouseCoopers International Limited, each member firm of which is a separate legal entity.

Brand & Design 20612 (03/11)

www.pwc.co.uk/ftse250ambitions

Contacts

LondonChristopher Reeve020 780 47568 [email protected]

South EastStephanie Hyde 0118 938 3412 [email protected]

MidlandsAndrew Dale01509 60 4020 [email protected]

West & WalesDavid Charles0117 928 1284 [email protected]

NorthPaul Nixon 0113 288 2270 [email protected]

Northern IrelandPaul Rooney028 9041 5412 [email protected]

ScotlandCaroline Roxburgh0131 260 4265 [email protected]

David Snell020 721 38247 [email protected]

Julian Jenkins020 780 46399 [email protected]:

Kevin Desmond020 780 42792 [email protected]

Documents

FTSE 250: Realising ambitions for growth · of set top boxes, and Aveva, engineering technology providers for the plant and marine industries. The FTSE 250 also includes a large number