best investor communication award

sponsored by Rothschild & Co

The 2024 shortlist: 

Babcock International Group plc

London-based Babcock is an international defence, aerospace and security group providing support and product solutions to enhance its customers’ defence capabilities and critical assets.

The Voting Panel commended Babcock for its successful Capital Markets Days held in 2024, in addition to the group’s overall clarity and consistency of messaging. Babcock were observed to have a robust sustainability strategy and reporting, including recent SBT validation, and a simple and clean investor website with clear navigation. 

ESG: Babcock has produced an ESG Reporting Index to complement its integrated Annual Report which provides a broader range of ESG disclosures. The group uses two ESG reporting frameworks: the Global Reporting Initiative (GRI) and Sustainability Accounting Standards Board (SASB).

Experian plc

Headquartered in Ireland, Experian is a global data and technology company. The group helps to redefine lending practices, uncover and prevent fraud, simplify healthcare, deliver digital marketing solutions, and gain deeper insights into the automotive market.

Experian were observed as having impactful, purpose-led corporate communications. The group makes good use of QR codes and video content in the digital Annual Report and, interestingly, uses dynamic charting to present results. The website also benefits from CEO video content outlining Experian’s future strategy.

ESG: The group has created an ESG reporting hub. Its sustainability strategy is supported by Experian’s responsible business foundations and is underpinned by robust governance.

Hikma Pharmaceuticals plc

London-based Hikma was founded over 45 years ago with the mission to make high-quality medicines accessible to those who need them. The group has an extensive portfolio of generic injectable products in addition to branded generics and in-licensed patented products.

A regular on this shortlist, the Voting Panel commented on Hikma’s clear, concise, easy to navigate reporting. The group conducted an excellent 2024 site visit, which included the opportunity to ‘Meet the Management’. Hikma’s website contains a ‘one stop shop’ document hub. The group regularly posts investor focused articles on social media.

ESG: Hikma demonstrates ESG considerations in all its decision making and is committed to operating a sustainable business. The group supports local communities through its healthcare initiatives and educational programmes.

Kenmare Resources plc

Headquartered in Dublin, Kenmare is one of the world's largest producers of mineral sands products. The group operates the Moma Titanium Minerals Mine in Mozambique and its production accounts for approximately 7% of global titanium feedstocks.

Kenmare recently conducted an investor perception study to inform the group’s strategy and IR programme. The group implemented a successful investor site visit to Mozambique, which was well received by stakeholders. Kenmare recently launched an engaging new website with animation and an interactive business model.

ESG: Kenmare set itself the target of reducing its carbon emissions by 12% during the next three years. The group launched KMAD, a not-for-profit development association in 2004, which invests US$3-5m in community initiatives in Mozambique each year.

Lloyds Banking Group plc

Lloyds Banking Group is a leading UK-based financial services group, based in London. The group provides a wide range of banking and financial services, focused primarily on retail and commercial customers.

Lloyds has an integrated, purpose-led narrative across all its communications. The group believes in  regular investor engagement and holds many events for the investor community. Lloyds has an embedded Annual Report page on its investor website and its half year results are well presented via video content from the CEO.

ESG: Lloyds have created a strategy entitled, ‘Helping Britain Prosper’, which aims to deliver sustainable growth and returns for the business. The group’s remuneration structures include ESG performance measures to drive progress towards its sustainability ambitions.

ZIGUP plc

Darlington-based ZIGUP is a leading integrated mobility solutions platform providing services across the vehicle lifecycle. Its clients range from the largest of blue-chip corporates and local authorities through to sole traders.  

ZIGUP was commended for its regular investor engagement and analyst modelling meetings. The group recently launched a new brand and conducted a double materiality assessment to inform its sustainability strategy. The investor section of the website features an AI chat assistant, which is the first of its kind for a UK plc.

ESG: ZIGUP recently launched a new IR update newsletter, featuring ESG profiles and focus areas to keep stakeholders informed. The group is actively supporting industry engagement with government over regulations around the ZEV mandate and successfully encouraging a fast-track consultation.

transaction of the year award

sponsored by Alma Strategic Communications 

The 2024 shortlist: 

Breedon Group plc

Derby-based Breedon Group is a leading vertically-integrated construction materials group. Its products are used to build essential economic and social assets in structurally attractive end-markets with broad Government support and long-term pipelines.

In March 2024, Breedon completed its acquisition of US-based BMC Enterprises, a supplier of ready-mixed concrete, aggregates and building products headquartered Missouri, for an enterprise value of £238.1m. The deal enabled Breedon to launch a scalable third platform in the fragmented and growing US construction materials market and has the potential to be transformational for the business.

ESG: Breedon undertook a materiality assessment in 2020, which identified the key sustainability issues that could be most impactful. The results led the group to focus on material pillars of Planet, People and Places, underpinned by its fundamental operating Principles.

Grafton Group plc

Grafton Group is an international business headquartered in Dublin. The company operates trusted local brands with strong market positions in the distribution, manufacturing and DIY retail sectors of the building materials industry.

In October last year, Grafton Group acquired Spanish air conditioning and heating products distributor Salvador Escoda, for the sum of €132m. The transaction is consistent with Grafton's strategy of acquiring platform businesses with strong, unique propositions that can offer growth opportunities.  Spain is the fourth largest construction market in the EU and is forecast to have one of the fastest growing economies in Western Europe. The transaction is expected to be earnings enhancing in its first full financial year. 

ESG: Grafton has committed to reach net zero greenhouse gas emissions across the value chain by 2050 and has received validation by the Science-Based Targets initiative of this target and the associated near and long-term targets.  

Harworth Group plc

Headquartered in Rotherham, Harworth Group is one of the leading land and property regeneration companies in the UK. The group owns and manages approximately 14,000 acres across around 100 sites in the North of England and the Midlands.

In June 2024, Harworth sold eight acres of land at its Skelton Grange site, a former power station in Leeds, for a total consideration of £106.6m. The transaction comprised 48 acres of land, which were sold to Microsoft for the development of a hyperscale data centre. The sale delivered an IRR to the company, in excess of 40%, in addition to returning an estimated inward investment of c.£4bn to the local economy. Harworth was the best performing Real Estate stock in the FTSE350 last year, finishing the year up 39.9%, which was in part due to this transaction. The group has subsequently been promoted to the FTSE 250.

ESG: The group has developed ‘the Harworth Way’, as a framework for integrating sustainability and social value into both its business and the developments it creates. This commitment to integrate sustainability and social value into its business is delivered through five pillars.

Pinewood Technologies Group plc

Based in Birmingham, Pinewood Technologies is a leading pure-play SaaS business providing innovative automotive retail solutions to the automotive industry. The group helps dealerships manage their operations efficiently through its cloud-based technology.

In April last year, Pinewood sold its UK motor business to US dealer giant, Lithia Motors, for £250m. The deal was part of Pinewood’s transformation strategy to become a pure-play SaaS business with an accelerated growth plan. Following the transaction, Pinewood returned £358m to shareholders, more than half the group’s current market cap, via a special dividend of 24.5p. Shares in Pinewood, have increased by 140% over the past year as a result of the transaction.

ESG: Pinewood complies with the main principles and specific provisions of the UK Corporate Governance Code and has adopted a number of policies which further advance its corporate governance standards and statutory compliance.

Volution Group plc

Crawley-based Volution is a leading supplier of ventilation products, catering to primary markets in the UK, Continental Europe, and Australasia. The group aims to enhance its customers’ experience of ventilation by reducing energy consumption and improving indoor air quality and comfort. 

Volution acquired Fantech last December for £112.9m. Fantech is a leading provider of commercial and residential ventilation in Australia and New Zealand. . The acquisition is the largest ever deal in Volution’s history, adding eight brands, 13 sites and  2,500+ customers to the group’s portfolio. The defining transaction was earnings accretive upon completion and significantly enhanced Volution’s market position in Australasia. 

ESG: ESG is integral to Volution’s business model and has been a priority in all Volution’s twenty-one acquisitions since its IPO in 2014. Volution will use its expertise in ESG to effect positive change on Fantech’s sustainability practices.

Zegona Communications plc

London-based Zegona was established in 2015 with the objective of investing in businesses in the European Telecommunications, Media and Technology sector. The group is led by former Virgin Media executives Eamonn O’Hare and Robert Samuelson. 

On 31 May 2024, Zegona completed the 100% acquisition of Vodafone Spain for €5.0bn. The transaction comprised €4.1bn in cash and €0.9bn in the form of redeemable preference shares and was hailed as the biggest reverse takeover in the European telecoms sector. As a result of the transaction, Zegona’s shares have soared by over 115%.

ESG: Zegona recognises its obligation to act responsibly, ethically and with integrity in its dealings with staff, suppliers and the environment as a whole. The business is committed to diversity and to meeting governance requirements.

growth business of the year award

sponsored by Squire Patton Boggs

The 2024 shortlist: 

Diploma plc 

London-based Diploma is an international group of businesses specialising in technical products and services across three core sectors: Life Sciences, Seals, and Controls. The group serves industries such as healthcare, industrial manufacturing and aerospace.

Diploma reported another year of impressive growth, despite the ongoing challenging environment. The group invested in six new businesses last year, which helped drive growth.  Its most notable acquisition was of Peerless Aerospace, which was well received by the market and resulted in Diploma shares rising 12%, to a record high. In addition, Diploma’s revenue diversification initiatives delivered strong, volume-led organic growth.

ESG: After acquiring a business, Diploma sets it on an accelerated path to meet ESG targets, materially outstripping the positive impact it could achieve as a standalone entity. The group educates its business leaders and functional teams about sustainability by setting stretching targets. 

Games Workshop Group plc

Nottingham-based Games Workshop is the largest and the most successful hobby miniatures company in the world. The group’s major brands are Warhammer and Warhammer 40,000. The company also holds a licence for The Lord of the Rings/the Hobbit tabletop battle game. 

Games Workshop continues to go from strength to strength with growth in its core miniatures business, in addition to IP licensing. The group recorded its strongest ever first-half, as demand for its Warhammer brand continued, resulting in pre-tax profits increasing by a third to £126.8m in the six months to end December 2024, and turnover rising by 20.9% to £299.5m. As a testament to the group’s impressive growth, Games Workshop entered the FTSE100 last year, thirty years after listing.

ESG: Games Workshop continues to support lifelong learning and training to develop the skills needed to enable its staff to be successful, including offering apprenticeship opportunities. The group remains very active in developing orderly succession plans for senior management roles.

JTC plc

Headquartered in Jersey, JTC is a global professional services business with deep expertise in fund, corporate and private client services. The group’s success is built on service excellence, long-term relationships and technology capabilities that drive efficiency and add value.

Over the past 36 years, JTC has achieved uninterrupted profitable growth, demonstrating the group’s resilience through numerous market cycles.  JTC's exceptional growth trajectory and strategic vision has underpinned its record-breaking financial performance, strategic acquisitions, and robust sustainability initiatives. The group’s achievements are supported by employee engagement initiatives, which contributed to £20.6m in new mandates in 2023—a 19.8% year-on-year increase and a new record for business wins, despite challenging market conditions. 

ESG: In 2024, JTC enhanced its commitment to sustainability with initiatives tied to its core focus areas of People, Data, and the Environment. The group celebrated ‘Ownership For All Day’, where shares amounting to c.£50m in value were distributed to all eligible current permanent employees.

Trainline plc

London-based Trainline is Europe’s leading independent rail platform, selling rail and coach tickets to millions of travellers worldwide. The group operates through three business segments: UK Consumer, International Consumer and Trainline Solutions.

As the largest online retailer of train tickets with over 50% market share, Trainline is benefiting from the market, which is increasingly moving online. In the six months to end August, the group more than doubled its operating profit to £49mn. Revenue generated by UK consumers also rose by 17% in the period to £106mn, while international sales increased by almost a fifth to £33mn. 

ESG: Trainline commits to reaching net-zero greenhouse gas emissions by 2040. The group commits to near-term target reducing scope 1 and 2 emissions by 55% by 2030 and has participated in voluntary offsetting since FY2021.

Trustpilot Group plc

Headquartered in Copenhagen, Trustpilot was created in 2007 with a simple yet powerful idea — to be the universal symbol of trust, bringing consumers and businesses together through reviews. Today, the group has more than 320m reviews and 70m monthly active users across the globe, with 140bn annual Trustbox impressions.

Trustpilot has performed well financially and kept its strategic promises. The business continues to grow impressively, and its business model has demonstrated high levels of growth. For the six months to end June 2024, the group reported its adjusted EBITDA margin increased to 10.6%, revenues increased 18% and bookings were up 20%. Trustpilot’s virality and brand adoption also continues to grow, supported by its strategy to focus on key sectors.

ESG: Trustpilot has a clear ambition to promote and protect trust and transparency. The group recently published its second Transparency Report, opening to scrutiny the workings of its business to demonstrate the scale of the safeguarding measures deployed as its platform grows.

XPS Pensions Group plc

Belfast-based XPS Group is a leading UK consulting and administration business specialising in the pensions sector and providing wider ranging support to insurance companies in the life and bulk annuities sector.

XPS Group has continued to deliver for stakeholders, with growth demonstrated across all its business lines. The group enjoyed numerous new business wins, securing mandates from the largest and most complex pension schemes in the UK. XPS Group has reported a 23% revenue CAGR since IPO, in addition to consistent EPS growth. As a result of the group’s exceptional growth, the share price increased by 45% in 2024, in addition to delivering a healthy 3.4%+ dividend yield. 

ESG: The XPS board is 4/9 female, with 1 BAME, and 50% of employees are female. Mental health matters to XPS who have a host of in-house communities, supporting all employees. The group’s true flexible working has delivered productivity gains through the pandemic and beyond.

tech business of the year award

sponsored by RMS Partners  

The 2024 shortlist: 

Alfa Financial Software Holdings plc

Alfa Financial Software are the makers of Alfa Systems, used by asset finance companies worldwide. The group is headquartered in London, with offices in Lisbon, Metro Detroit, Auckland and Sydney, with customers based all over the world.

Alfa leads the way in every aspect of systems transformation projects, including data migration, extensible platforms and innovative delivery methods. The group’s world class, leading-edge technology enables it to compete with much larger global players, such as Oracle or SAP SE. During the period, Alfa’s pipeline conversion has been impressive, with total contract value surging 56% year on year to a new high of £205m.

ESG: Alfa was awarded the ‘Investors in People’ gold accreditation in 2022 and the group has been ranked in the Top 20 for Gold-accredited organisations of its size. Alfa produces a Sustainability Progress Report which summaries its achievements in the ESG space.

Baltic Classifieds Group plc

Headquartered in Lithuania, Baltic Classifieds (BCG) is the leading online classifieds group in the Baltics. The group owns and operates fourteen leading vertical and generalist online classifieds portals in Lithuania, Estonia and Latvia. 

BCG's online classifieds portfolio comprises four business lines – auto, real estate, jobs & services and generalist. The group’s portals are visited on average 55.8m times a month, making it one of the largest online companies in the region. BCG recently successfully implemented pricing and packaging changes for its C2C segment across all business units, resulting in a significant increase in yields across all the group’s business lines.

ESG: BCG’s portals connect buyers and sellers with pre-loved goods and give a second life to products, providing a channel of green commerce to divert secondary goods from landfill, recycling or disuse to help make the world a greener place.

Oxford Nanopore Technologies plc

Oxford Nanopore makes a novel generation of DNA/RNA sequencing technology providing rich data that is fast, accessible and easy to use. The group is headquartered in Oxford and its goal is to disrupt the way that biological analyses are currently performed.

Oxford Nanopore’s new generation of nanopore-based sensing technology is used in more than 125 countries to understand the biology of humans and diseases such as cancer, plants, animals, bacteria, viruses and whole environments. Oxford Nanopore’s technology recently played a crucial role in detecting and tracing a Listeria Monocytogenes outbreak, which can be extremely dangerous for pregnant women and people with weaker immune systems. The technology also allows surgeons to detect cancer variants real time, enabling time-critical diagnosis of potentially life-threatening diseases. 

ESG: Oxford Nanopore has contributed to critical advancements to monitor environmental data (eDNA), providing valuable data for biodiversity studies and environmental assessments.

RELX plc

London-based RELX develops information-based analytics and decision tools for professional and business customers in the Risk, Scientific, Technical & Medical, Legal and Exhibitions sectors. The group serves customers in more than 180 countries and has offices in around 40 countries. 

Over the past decade, RELX has transformed from a print-based publisher into an information-based analytics group, employing more than 9,000 technologists. The group is harnessing data and AI to build sophisticated analytics and decision tools that deliver enhanced value to its customers across its multiple business lines. RELX’s ‘tech-first’ strategy has reaped rewards for the business, with the group reporting an increase in underlying revenue growth of 7% during the period.

ESG: RELX believes its focus on ESG gives the group long-term competitive advantage.  At the end of 2024, Sustainalytics rated RELX among the top 100 globally out of more than 15,000 companies. It also achieved a AAA MSCI ESG rating for the ninth consecutive year. 

Rightmove plc

Milton Keynes-based Rightmove has the UK's largest selection of properties for sale and to rent. Over 80% of all time spent on property portals is on Rightmove's platform, with 96% brand awareness among home-movers. 

Rightmove employs over 300 technology professionals and data scientists, in addition to two AI squads, to maintain its market leading position. Every month, the technology teams carry out 2,000 minutes of user testing, 2,500 on-site surveys, 5,000 consumer surveys, and 1,500 conversations with account managers and directly with its partners. Rightmove has enhanced its user experience and internal efficiencies through recent AI developments, including a new AI-powered location tool, "Ask AI", which provides information about a property's surrounding area. 

ESG: Rightmove has been a carbon neutral business since 2019 and works consistently to reduce its carbon emissions and increase the amount of waste recycled in its three office locations. During the year its Go Greener initiative was created to drive the group’s contribution to the UK target of NetZero by 2050.

Sage Group plc

Newcastle-based Sage Group provides cloud business management solutions for SMBs. The group offers software for accounting, finance, payroll, and human resources and its products help businesses automate processes, improve efficiency, and ensure compliance. 

Sage has successfully transitioned into a global SaaS business, with a focus on innovation. During the period, the group continued to introduce new AI-powered products and services that delivered enhanced productivity, resulting in double digit ARR growth in addition to strong cash generation. Sage’s full year results reported pre-tax profit increased 51% to £426m.

ESG: Sage has supported thousands of entrepreneurs in underserved communities with loan funds and grants, in addition to helping develop STEM skills in over 10,000 young people in the UK.

Trustpilot Group plc

Headquartered in Copenhagen, Trustpilot was created in 2007 to bring consumers and businesses together through reviews. Today, the group has more than 320m reviews and 70m monthly active users across the globe, with 140bn annual Trustbox impressions.

As a leading online platform for service reviews, Trustpilot deals with significant volumes of data. The group has adopted emerging generative AI techniques to provide new ways to derive valuable insights from all this data and use it in ways to ease the workload of customers. Trustpilot has continued to grow impressively, as has its virality and brand adoption, resulting in impressive growth and increased revenues. 

ESG: Trustpilot has a clear ambition to promote and protect trust and transparency. The group recently published its second Transparency Report, opening to scrutiny the workings of its business to demonstrate the scale of the safeguarding measures deployed as its platform grows.

transformation of the year award

sponsored by Odyssean Capital

The 2024 shortlist: 

Coats Group plc

London-based Coats Group is the world’s leading industrial thread and footwear components manufacturer. The group’s critical solutions are used to create a wide range of products, including ones that provide safety and protection for people, data and the environment. 

Coats enjoyed a transformative year last year, resulting in multiple strategic milestones being achieved. The group demonstrated a strong track record of growth in its key divisions and was able to gain further market share through its strategic focus on innovation and disciplined capital allocation. Coats fully de-risked its pension scheme, representing the final transformative stage of a multi-year process to remove the overhang of pension liabilities. Following these transformative actions, Coats share price increased by 27%, hitting an all-time high.

ESG: Coat’s highlights include two new industrial solar panel installations at its thread manufacturing unit in Bangladesh and its Footwear Components production unit in Indonesia.  As a result of the installations, Coat’s renewable certified electricity has increased from 29% in 2022 to 72% in 2024.

Currys plc

Currys is a leading omnichannel retailer of technology products and services , based in London. The group was founded by Henry Curry in 1884 as a bicycle-building business, before diversifying into selling toys, radios and gramophones when it listed on the stock market in 1927.

During the period under review, Currys performance continued to improve, with both profits and cashflow growing significantly. The group made significant improvements to both its online and stores channels, resulting in an increase in sales, market share, gross margins and profits. Currys also gained market share in the Nordics and increased its gross margins despite an ongoing challenging consumer environment. 

ESG: Currys is a member of the Circular Electronics Partnership (‘CEP’), which brings together experts, business leaders and global organisations to set a vision and roadmap to a circular economy for electronics by 2030. The group has achieved its aim to make its own label and licensed brand packaging reusable or recyclable.

Funding Circle Holdings plc

London-based Funding Circle is a leading lending platform for SME borrowers. Established in the UK in 2010, and now the leading lending platform to SMEs, the group has extended more than £13.6bn in credit to c103,500 businesses in the UK.

Last year Funding Circle implemented a significant strategic decision to transform the company into a profitable UK focused business. The management team completed the sale of its US business, in addition to simplifying and streamlining its UK business by reducing headcount and costs, and returning £25m to shareholders through a buyback programme. As a result, Funding Circle’s share price increased by around 260%, establishing the group as the best performing FTSE Small Cap stock in 2024.

ESG: Funding Circle has achieved a good standard of positive environmental impact and progress towards net zero. The group has partnered with Earthwatch Europe to participate in five Tiny Forest projects in support of the UK's Tiny Forest movement.

Greencore Group plc

Dublin-based Greencore is a leading manufacturer of convenience foods. The group supplies a wide range of chilled, frozen and ambient foods to some of the most successful retail and food service customers in the UK.

Greencore experienced challenging conditions following Covid-19 and the cost of living crisis exerted further pressure on the company’s operational and financial performance. Following a change in the Leadership team, the new CEO launched a multi-year transformation programme. After stabilising the business and implementing numerous self-help measures to rebuild profitability and returns, Greencore’s performance was transformed. The group’s share price more than doubled in 2024, making it one of the Main Market’s best performers.

ESG: Under the group’s “Sourcing with Integrity” pillar, it works closely with suppliers to support their decarbonisation efforts. Under its “Making with Care” pillar, Greencore focuses on reducing the environmental impact of its manufacturing, with key KPIs being reduction in Scope 1 and 2 emissions.

International Consolidated Airlines Group S.A.

Headquartered in London, International Airlines Group (IAG) is one of the world’s largest airline groups with 582 aircraft, directly connecting Europe to over 250 destinations in 91 countries and carrying more than 115m passengers per year. The group’s leading airlines include Aer Lingus, British Airways, Iberia, Vueling and LEVEL. 

IAG is undergoing a group-wide transformation programme. The group has examined all areas of its businesses in forensic detail, particularly the customer experience, and is making fundamental changes to drive results. IAG has placed a significant focus on transforming British Airways, implementing 600 individual projects to enhance the customer experience and increase operational resilience and efficiency. IAG believes these changes will significantly improve the way it works and enable the group to keep delivering for customers and shareholders.

ESG: IAG is driving progress towards reaching net zero carbon emissions by 2050. The group made progress towards increasing the number of women in senior leadership positions and is on track to meet its target of 40% of senior leadership roles to be held by women by 2025.

Kier Group plc

Salford-based Kier Group is a leading UK infrastructure services, construction and property business. The group is a strategic supplier to the UK Government with key strengths in education, healthcare, custodial, transport and defence. 

Kier completed a remarkable transformation in 2024 to regain its position as one of the country’s leading contractors. Its transformation began in 2019 when every area of the business was scrutinised and a five-year strategy was developed. Self-help was a critical ingredient of Kier’s strategy, with a ‘performance excellence’ approach to commercial and operational plans implemented, alongside new people and supply chain strategies. The results of Kier’s transformation speak for themselves with the group being restored to the FTSE250 and a share price increase of over 40% during the year.

ESG: The Kier Foundation began operating in 2012, with the purpose of offering financial support to charitable bodies throughout the UK. Since its formation, the Kier Foundation has donated more than £3m to charitable causes.

fund manager award

sponsored by Emperor

The 2024 shortlist: 

Andy Brough/Schroders

Andy has managed the well-known Schroder UK Mid 250 Fund since its launch in November 1999. His investment career started in 1987 when he joined Schroders as a UK equity fund manager. Previously he worked at Price Waterhouse where he qualified as a chartered accountant. Andy is head of the Schroders London-based pan-European small and mid-cap team.

Andy’s Annualised total return over 25.1 years +7.8% 
_{Source: Trustnet}

Henry Dixon/Man Income Fund

Henry Dixon is a Portfolio Manager on the UK Equities team at Man GLG, having joined in October 2013. Prior to joining Man GLG, Henry was a Portfolio Manager and Founder of Matterley where he ran their flagship fund. Before this, Henry worked at New Star and The Family Charities Ethical Trust. Henry has over 15 years’ experience in equity investment management.

Annualised total return over 19.4 years +10%
_{Source: Trustnet}

Ambrose Faulks and Ed Legget/Artemis

Ambrose works with Ed Legget managing Artemis’ ‘UK select’ strategy. He graduated from Oxford in 2005 with a masters in chemistry and joined the research department at Odey Asset Management. As an equity analyst, he focused first on banks, diversified financials, property and housebuilders, then on software and IT services. Ambrose moved to Artemis in 2013 and is a CFA charter holder.

Annualised total return over 9.1 years +8.5%
_{Source: Trustnet}

Ed joined Artemis in December 2015 to co-manage Artemis‘ ‘UK Select‘ strategy and also co-manages Artemis‘ ‘high income‘ strategy. He graduated in manufacturing engineering from Cambridge and began his career in asset management at Standard Life Investments (SLI) in 2002. There he managed several UK equity funds, including the SLI UK Equity Unconstrained Fund. Ed is a CFA charter holder.

Annualised total return over 17.8 years +10.5% 
_{Source: Trustnet}

James Henderson/Janus Henderson

James Henderson is Director of UK Investment Trusts and a Portfolio Manager at Janus Henderson Investors, a position he has held since 2003. He joined Henderson in 1983 as a trainee fund manager and has successfully managed a number of investment trusts since 1990. Prior to this, he was an accountant trainee at Binder Hamlyn. James graduated with an MA (Hons) in economics from Cambridge University. He has 40 years of financial industry experience.

Annualised total return over 25.1 years +8.6% 
_{Source: Trustnet}

Laurence Hulse/Onward Opportunities Limited

Laurence is the Lead Fund Manager and Founder at Onward Opportunities, which he set up in March 2023. Laurence started his career at Gresham House in 2015, around the time of its inception, and worked on a number of outperforming equity products as part of a small team during that time. At the time of his departure from Gresham House, he had co-managed or deputised on a number of equity funds; namely Gresham House Strategic plc (now called Rockwood Strategic plc), Strategic Public Equity Fund LP and Gresham House Smaller Companies Fund. During his tenure, the company grew from a handful of employees and less than £50m assets to over 200 employees and in excess of £7.0bn of assets.

Annualised total return over 8.9 years +10.8% 
_{Source: Trustnet}

Alex Wright/Fidelity International

Alex Wright has 23 years of investment experience. He joined Fidelity in 2001 as a European equity research analyst, successively covering building materials, alcoholic beverages, leisure, emerging European and African banks and UK small-cap stocks. He became portfolio manager of the Fidelity UK Smaller Companies Fund in 2008. He continues to manage this fund alongside the Fidelity Special Situations Fund and the Fidelity Special Values PLC, which he started managing in 2012.

Annualised total return over 16.9 years +12.4%
_{Source: Trustnet}

corporate governance award

sponsored by Beyond Governance

The 2024 shortlist: 

Aviva plc

London-based Aviva is a multinational insurance company with some 19m customers across its core markets of the United Kingdom, Ireland and Canada. 

Aviva is widely acknowledged for its strong corporate governance framework—a cornerstone of its operational excellence and long-term value creation. The company’s governance structure is anchored by a carefully structured Board that combines independent insight with seasoned leadership. Rigorous appointment and evaluation processes ensure the Board remains dynamic and responsive to evolving challenges, while a comprehensive risk management framework safeguards the organization’s interests. Additionally, Aviva’s steadfast commitment to Diversity and Inclusion enriches its leadership and cultivates innovative perspectives that drive effective decision-making.

Beyond these core governance principles, Aviva has taken a bold step in extending its impact. By launching an innovative initiative to drive social transformation across UK communities, Aviva has set a new standard for responsible corporate leadership. As the Founding Place Partner with Business In The Community (BITC), the company is poised to transform 50 communities over the next decade.

ESG: Aviva’s ESG highlights include developing a new focused approach to help to deliver social action in communities across the UK. The group became the Founding Place Partner with Business InThe Community (BITC) supporting its ambition to help transform 50 places in the UK over the next ten years

Babcock International Group plc

London-based Babcock is an international defence, aerospace and security group providing support and product solutions to enhance its customers’ defence capabilities and critical assets.

Strong corporate governance remains at the heart of Babcock’s corporate strategy, reinforcing its purpose to create a safe and secure world, together. Over the past year, the group’s CEO was appointed President of ADS Group, reflecting Babcock’s commitment to leadership excellence and robust governance practices. In addition, Babcock became a founding signatory of the ADS Charter, underscoring its dedication to transparency and accountability at every level of its operations. 

Babcock has also advanced its governance framework by partnering with Women in Defence UK as a Pankhurst Partner, co-designing its inaugural critical mass summit to promote diverse leadership within the defence sector. Complementing these initiatives, Babcock’s integrated Annual Report now features a comprehensive Corporate Governance Reporting Index, offering stakeholders clear insights into its board structure, risk management, and oversight mechanisms.

ESG: Babcock has produced an ESG Reporting Index to complement its integrated Annual Report which provides a broader range of ESG disclosures. The group uses two ESG reporting frameworks: the Global Reporting Initiative (GRI) and Sustainability Accounting Standards Board (SASB).

Cranswick plc

Yorkshire-based Cranswick is one of the UK’s leading fresh food producers.  The group is an industry-leading innovator and was one of the first companies to offer a true farm to fork proposition. 

Cranswick is renowned for its exemplary corporate governance framework, characterized by strong board independence and a diverse mix of executive and non-executive directors. This balanced leadership structure underpins rigorous oversight and ensures robust decision-making processes. The group’s commitment to transparency is evident in its comprehensive reporting practices, which include detailed disclosures and clear financial statements that meet the high standards of accountability.

Moreover, Cranswick’s governance excellence is reflected in its strategic initiatives—such as ambitious net-zero targets and a proactive approach to animal welfare—which demonstrate its forward-thinking leadership. These practices have consistently secured top rankings in corporate governance indices, reinforcing Cranswick’s position as a leader in the industry.

ESG: Cranswick is passionate about playing its part in delivering a sustainable global food system. The group was recently ranked No. 1in the second annual edition of The Better Food Index, a comprehensive ranking of the performance of the UK’s largest food companies, based on their social and environmental impact.

Galliford Try Holdings plc

Middlesex-based Galliford Try is a leading UK construction business employing 3,700 people across the country.

Galliford Try is guided by its code of conduct, which sets out what ‘doing the right thing’ means to the group. It provides a framework for every individual at Galliford Try, and those who work with the group, to ensure everything it does is in line with its values, is legally compliant and ethically acceptable. Following this Code of Conduct helps Galliford Try create greater social value and enables the group to deliver its vision to stakeholders.

Galliford Try exemplifies robust corporate governance by integrating ambitious sustainability targets into its core strategic framework. This strategic direction is supported by strong oversight and accountability mechanisms that ensure transparency in decision-making and performance tracking. By joining the Business Ambition for 1.5°C and the UN-backed Race to Zero campaign, Galliford Try not only demonstrates leadership in environmental stewardship but also reinforces the integrity and effectiveness of its governance practices, aligning long-term operational excellence with sustainable growth.

ESG: Galliford Try committed to achieving net zero across its own operations in 2021 (Scope 1 and 2) by 2030 and net zero across all activities (Scope 1, 2 and 3) by 2045. In doing so, Galliford Try has joined the Business Ambition for 1.5°C to limit global warming to 1.5 degrees and the UN-backed campaign Race to Zero.

Marks and Spencer Group plc

Marks and Spencer is a leading British retailer that needs little introduction. The group is based in London and provides quality food, clothing and homeware to customers, in addition to financial services via M&S Bank and electricity via M&S Energy.

M&S has built enduring trust by embedding strong corporate governance into every facet of its operations. The company’s 'Plan A' initiative is not just an environmental or social program—it’s a testament to M&S’s commitment to transparency, ethical decision-making, and robust oversight. Since launching Plan A in 2021, M&S has integrated rigorous governance processes across its value chain, ensuring that responsible sourcing, production, and management practices are maintained at every level—from boardroom strategy to daily operations in its stores. 

M&S’s disciplined approach underpins the group’s broader strategy to ‘Reshape M&S for sustainable, profitable growth,’ safeguarding essential resources while enhancing accountability and stakeholder confidence. Initiatives like the Plan A Accelerator Fund further exemplify M&S’s dedication to supporting innovative projects within a framework of clear, structured governance, reinforcing its reputation as a leader in responsible corporate management.

ESG: M&S has made progress in its ESG programme, including launching the Plan A Accelerator Fund – trialling the first M&S Food project to grow autonomously farmed parsnips, with data showing a 46% reduction in carbon emissions compared to traditional methods.

Pets at Home Group plc

Cheshire-based Pets at Home is a leading pet care business, providing the best products, services and advice to guide owners through their pet care journey. The group has been a regular nominee across various categories at the plc awards.

Pets at Home has established itself as a leader in corporate governance by setting a 'gold standard' for community contribution and operational oversight. Recently, the group refreshed its strategic framework, placing a sharper emphasis on enhancing transparency and accountability—particularly in managing carbon reduction initiatives across its pet food supply chain and own brand products. The Pets Foundation charity, launched under this governance framework, raised over £9.2m last year for pet charities, making it the largest pet charity grant giver in the UK. 

In line with its ‘Better World Pledge’, the company has institutionalised community engagement, logging over 16,000 volunteer hours from more than 2,400 colleagues. This initiative—built on the pillars of "Pets," "People," and "Planet"—is rigorously overseen by the Board and a dedicated governance committee led by Garret Turley, ensuring high accountability and integrity.

ESG: Pets at Home’s materiality assessment ensures it prioritises and focus on issues that are important for environmental or social reasons. The group’s strategic focus on sustainable pet food, advocating pet welfare, and creating rewarding and sustainable careers in pet care for everyone, are good for the planet, pets and people but also integral to the business’ financial sustainability.

Tesco plc

Multinational retailer Tesco is head quartered in Hertfordshire. The group was founded by Jack Cohen in 1919 when he began selling surplus groceries from a market stall in the East End of London. Today the group has over 330,000 colleagues.

The Tesco Board is committed to upholding high governance standards. The group’s comprehensive strategy focused on minimising the company’s environmental footprint, setting ambitious targets to achieve carbon neutrality by 2035 and reaching net zero by 2050, aligned with 1.5°C. These efforts are supported by strong governance oversight to ensure transparency and effective execution of key initiatives.

In line with its forward-thinking views on governance Tesco have launched an initiative to create a Digital Governance Platform that delivers critical outputs by synthesising and analysing data to generate key management information. The benefits of this platform including enhanced transparency and accountability, enabling more informed, evidence-based decision-making. It represents a significant advancement in digital governance and sets a practical benchmark for others.

ESG: Tesco took extra steps to support British agriculture last year, with further investment in developing its Future Farmers programme. Overall, the group invested an extra £75m into key agricultural suppliers in 2024, including £39m for British beef and lamb farmers.

breakthrough of the year award

sponsored by RBC Capital Markets

The 2024 shortlist: 

Avon Technologies plc

Wiltshire-based Avon Technologies is a world leader in protective equipment, with a reputation for innovative design, high-performance quality and specialist materials expertise. The group’s two brands, Avon Protection and Team Wendy, supply Avon’s respiratory and head protection portfolio to military, law enforcement and fire personnel customers across the globe from manufacturing sites in the UK and North America.

During the period, Avon Technologies reported a record order book of $225m, which included a £38m order from the Ministry of Defence for respirators and filters, helmet orders from the US military, a respirator contract with the Australian Defence Force, and rebreather orders from the navies of New Zealand and Germany. The group’s new STAR strategy also helped Avon deliver further sustainable and profitable growth, resulting in a significantly stronger financial performance and improved operating Avon’s latest results report revenue grew 13% to $275m and orders rose 41% to $364.4m.

ESG: Avon has launched its first STAR Academy module, which aims to build capability internally in Continuous Improvement, Leadership capability and support career progression. The content is unique and has been created by the group’s own subject matter experts, including sections written by the CEO. 

Games Workshop Group plc

Nottingham-based Games Workshop is the largest and the most successful hobby miniatures company in the world. Its major brands are Warhammer and Warhammer 40,000 and the group also holds a licence for The Lord of the Rings/the Hobbit tabletop battle game.

Games Workshop has continued to go from strength to strength, resulting in the group joining the FTSE 100 in December last year. A large part of the group’s success has been attributed to its significant library of IP that has only just begun to be commercialised. Games Workshop took its first step in this area at the end of December 2024 by granting exclusive rights to Amazon in relation to film and television series set within the Warhammer 40,000 universe, together with an option for Amazon to license equivalent rights in the Warhammer Fantasy universe following the release of any initial Warhammer 40,000 production. The deal included merchandising rights for any film or television show produced by Amazon, resulting in a significant boost to the group’s profitability.

ESG: Games Workshop continues to support lifelong learning and training to develop the skills needed to enable its staff to be successful, including offering apprenticeship opportunities. The group remains very active in developing orderly succession plans for senior management roles.

IP Group plc

London-based IP Group is an early-stage science investor, that develops and supports some of the world’s most exciting businesses in deeptech, life sciences and cleantech (led by Kiko Ventures). Through Parkwalk, the UK’s largest growth EIS fund manager, the group also backs world-changing innovation emerging in leading universities and research institutions.

In September last year, IP Group closed its largest exit to date with the sale of its holding in Featurespace to Visa. The Group was the first institutional investor in Featurespace in 2012 and, over the course of seven financing rounds, invested a total of £22.9m into the business. IP Group received around £134m total cash for its holding in Featurespace, which followed the sale of Garrison earlier in the year, further validating IP Group’s model and its expertise in identifying and supporting science and technology businesses to successful exits.

ESG: Last year, IP Group reviewed the size and diversity of its Board, including a detailed review of an updated skills matrix of current Board members. In addition, the group undertook a detailed review of succession planning for all key Executive and leadership positions.

Just Group plc

Just Group is a financial services group based in Surrey. The group is trusted by its 650,000 customers to look after £24bn of their pension savings and help them release more than £6.7bn from their properties.

In November 2024, Just Group completed its largest defined benefit de-risking transaction to date; a £1.8bn full buy-in with the Trustee of the G4S Pension Scheme, covering the benefits of c22,500 pensioner and deferred members.  The Trustee selected Just Group following a competitive and rigorous selection process, validating the group’s ability to support larger schemes in their de-risking journeys. The transaction is expected to exceed a doubling of the group’s operating profit.

ESG: As part of its work to build a diverse workforce and inclusive working environment, Just Group are members of organisations that guide and support its efforts to meet those commitments. The group set a target of reaching 16% Black, Asian and Minority Ethnic representation at senior levels by the end of 2026.

Oxford Biomedica plc

OXB is one of the original pioneers in gene and cell therapy. The Oxford-based group collaborates with some of the world’s most innovative pharmaceutical and biotechnology companies in order to make cell and gene therapy a universally accessible clinical option.

Over the past few years OXB has been transforming into a global pure-play cell and gene therapy CDMO, which represents a breakthrough for the group in terms of its business model. OXB experienced consistently strong demand for its CDMO services across all key viral vector types, with its portfolio of client programmes transitioning towards later stage work, culminating in the acquisition of ABL Europe, consolidating OXB’s position as a global, pure-play CDMO. OXB’s breakthrough has resulted in double-digit revenue growth and strong commercial momentum across its key regions in the UK, US and France.

ESG: OXB made significant strides in advancing its ESG priorities, aligning them with the group’s strategic reset as a pure-play CDMO. A comprehensive review of its ESG pillars and objectives has ensured that all sustainability initiatives are integrated into its ESG framework, providing greater transparency and clarity in its reporting.

PureTech Health plc

Headquartered in Boston, PureTech Health is a clinical-stage biotherapeutics company dedicated to giving life to new classes of medicine to change the lives of patients with devastating diseases. The group has created a broad and deep pipeline that is being advanced both internally and through its Founded Entities.

In September 2024, PureTech achieved a breakthrough with KarXT, which received US FDA approval for treating schizophrenia. The group revealed its drug candidate was the first new drug mechanism approved in over 50 years for the treatment of schizophrenia in adults, making it a significant milestone for the group across its therapeutic pipeline. Approval of KarXT triggered payments totalling $29m for PureTech Health under agreements with Royalty Pharma and Karuna Therapeutics, in addition to approximately 2% royalties on net annual sales over $2bn.

ESG: PureTech Health is in the top seven companies within the FTSE350 healthcare sector for women in leadership. It is one of only eight FTSE250 companies to have exceeded the 2024 target of more than two minority ethnic directors.

CEO of the year award

sponsored by Citi Commercial Bank

The 2024 shortlist: 

Adam Couch/Cranswick plc

Adam joined Cranswick in 1991 and was originally on the operational side of the Fresh Pork business, before being appointed to the Board in 2003 as Managing Director of Fresh Pork. His knowledge of the food industry over 29 years led to Adam being appointed as COO in 2011, before advancing to the role of CEO in 2012. 

Under Adam’s leadership, Cranswick has continued to expand and become a major player in the food processing industry. 2024 was a landmark year for the group, with Cranswick achieving 12% revenue growth in addition to expanding margins by 80 basis points - the ‘holy grail’ of operational excellence. Adam’s strategic vision and operational expertise have driven Cranswick to build on a track record of 34 years’ unbroken dividend growth.

Ronnie George/Volution Group plc

Ronnie joined Volution in 2008 as Managing Director of Vent-Axia Division (now the Ventilation Group) and became CEO in 2012 upon leading the management buy-out backed by TowerBrook Capital Partners LP. Ronnie has extensive industry experience having spent 20 years in the wire and cable industry.

Ronnie has transformed Volution from a UK-centric provider of air quality solutions into a globally diversified organisation. He led the successful listing of Volution on the Main Market in 2014 and subsequently delivered a strong and consistent financial performance, increasing revenue by over two and a half times, and growing the company both organically and through a total of 26 acquisitions since becoming CEO. Ronnie spearheaded the group’s largest acquisition to date with the purchase of Fantech in September last year, which was immediately earnings accretive.

John Morgan/Morgan Sindall Group plc

John co-founded Morgan Lovell in 1977, which merged with William Sindall in 1994 to form Morgan Sindall Group. John is responsible for leading the group’s strategic operations, values and culture. He has established Morgan Sindall Group as a leading UK construction and regeneration group with revenue of over £4.5bn. 

After more than a decade as executive chairman of Morgan Sindall, John resumed the role of CEO in 2012 in a bid to tackle challenging times for the industry. Since being back at the helm of the business John has managed Morgan Sindall’s strategic and operational performance, resulting in a transformation of the business. The group’s half year results report a record performance, with revenue, adjusted profit before tax and interim dividend all delivering strong double-digit growth.

Nigel Newton/Bloomsbury Publishing plc

Nigel is CEO of Bloomsbury Publishing, a leading independent publishing house, which he founded 38 years ago. Nigel has built a portfolio of bestselling authors, from discovering and publishing J K Rowling all those years ago to currently publishing New York Times best seller author Sarah J. Maas. Nigel was instrumental in making the business public in 1994, helping the group to reach the FTSE 250 last year, and currently holds the title of the longest-serving CEO on the FTSE 250.

During his tenure Nigel has continued to innovate and evolve the business. He implemented a strategy to expand Bloomsbury both digitally and internationally, resulting in over 80% of revenue being generated outside the UK. Alongside this, Nigel successfully balanced the consumer market with the more steady academic business, which was helped by the transformative acquisition of Rowman & Littlefield last year. As a result of Nigel’s strategy, Bloomsbury achieved a 40% uplift in its share price in 2024.

Kevin Rountree/Games Workshop Group plc

Kevin joined Games Workshop in 1998 as assistant group accountant. He held various management roles within Games Workshop, including head of sales for the Other Activities division (including Black Library, Licensing and Sabertooth Games). Kevin was appointed CFO in October 2008 and CEO in 2015. 

Kevin has grown Games Workshop from a quirky company selling niche products, into a FTSE 100 giant. He is a very understated CEO who has a track record of exceeding expectations. Kevin has successfully expanded the business into new markets, as demonstrated by the deal he struck with Amazon to purchase the rights to Warhammer in order to launch a series of films and TV shows. As a result, Games Workshop’s latest results report licencing revenue increased by 150% year-on-year to £30m, a substantial boost to the group’s profitability which significantly exceeds analyst estimates.

Michael Speakman/Keller Group plc

Michael first joined the Keller Group in 2018 as CFO, becoming CEO in 2019. London-based Keller is the world’s largest geotechnical specialist contractor. Michael has over 41 years of experience across a range of industries, holding senior operational, divisional and corporate roles.

After being appointed CFO, Michael went on to drive significant improvements in both financial and management controls within the group, whilst strengthening its financial management.  Under his leadership as CEO, Michael developed and drove the implementation of a new group strategy, resulting in a doubling of operating profit, a significantly reduced balance sheet approaching net cash, in addition to a twofold increase in share price. Michael has further built on his credibility with the City by exceeding market expectations with Keller’s financial results and reversing the group’s historical legacy.

Johnny Thomson/Diploma plc

Johnny is CEO of Diploma, a role he assumed in 2019. London-based Diploma operates in three sectors of Controls (including specialised wiring), Seals (including seals and gaskets) and Life Sciences (including consumables and instrumentation). Prior to Diploma, Johnny served as Group Finance Director of Compass Group, one of the world’s leading foodservice and support services companies. Johnny has extensive experience of working in a decentralised business in addition to a proven track record of supplementing organic growth with bolt-on acquisitions.

Since taking the helm at Diploma, Johnny has created and implemented a new strategy, which came to fruition in 2024. Johnny has led the group to achieve strong organic growth, through product expansion and geographical penetration. The group’s growth has been accelerated through seven high-quality, strategic acquisitions, spearheaded by Johnny, which have contributed to 10% revenue growth. Diploma’s strong track record resulted in a share price increase of 40% last year, carrying the group into the FTSE 100.

new company of the year award

sponsored by Edison Group

The 2024 shortlist: 

Applied Nutrition plc

Applied Nutrition is a leading sports nutrition, health and wellness brand based in Merseyside. The group formulates and creates nutrition products targeted at a wide range of consumers and sold in over 80 countries worldwide. 

Since inception, Applied Nutrition has demonstrated exceptional growth, innovation, and impact, quickly establishing itself as a leading name in the industry. The group’s launch strategy was executed with precision and its rapid rise has been supported by a culture of innovation and collaboration. Applied Nutrition successfully raised £157.5m in October 2024 through an oversubscribed placing, giving the group a market capitalisation on admission of approximately £350m.

Canal+ S.A.

Canal Plus has grown from a French TV channel into global media brand and entertainment group. The group, which produced the hit Paddington films, offers its subscribers access to Netflix, Paramount+, Apple TV+ and Max through one single platform and its content is viewed by 26.8m subscribers worldwide. 

Canal + floated on the Main Market in December 2024, with a market value of around £2.5bn. The listing was part of French businessman Vincent Bollore’s plan to break up the Paris-based conglomerate, Vivendi. The IPO was a welcome boost to the City after a year of weak activity and, despite the group’s shares getting off to a disappointing start, it is widely believed the listing represents a welcome vote of confidence in the UK’s capital markets.

Pollen Street Group Limited 

London-based Pollen Street is a listed alternative asset manager dedicated to the financial and business services sectors. The group has complementary activities in managing third-party assets (as an asset manager) and on-balance sheet investments (as an investment company), delivering growth through dedicated private equity and credit strategies.

In January this year, the group announced a transfer of listing category, with Pollen Street plc’s categorisation as a premium listed closed-ended investment fund being replaced by Pollen Street Group Limited’s categorisation as a premium listed commercial company. The revised listing and corporate structure better reflects the day-to-day operations of the group and facilitates a broad range of investment opportunities.

Raspberry Pi Holdings plc

Cambridge-based Raspberry Pi is a leader in low-cost, high-performance computing used by engineers and enthusiasts across the world. The group created The Raspberry Pi foundation to widen access to computing through the availability of low-cost computers.

Raspberry Pi listed on the LSE Main Market in June last year. The group raised £166m in a significantly oversubscribed IPO, giving the business a market cap of £541.6m, a total that has since increased to over £800m since the start of trading. Demand for the stock has been significant and the group’s shares increased by more than a third on the first day of trading. The group’s first post IPO results report revenue increased 61% to $144m, with gross profits increasing 47% to $34.2m.

company of the year award

sponsored by Berenberg

The 2024 shortlist: 

3i Group plc

London-based 3i is an investment company specialising in Private Equity and Infrastructure. The group invests in mid-market companies and is headquartered in Europe and North America. 3i Group has total assets under management of £34.7bn, as of end March 2024.

3i has enjoyed a remarkable growth journey, delivering another strong set of results in 2024. The group’s performance was driven by excellent results from portfolio company Action, (the fastest-growing non-food discounter in Europe) in addition to overall resilience from the wider portfolio, which continued to operate well despite the ongoing challenging macro-economic environment. The group successfully issued a six-year €500m bond during the year, further strengthening its liquidity profile. For the year to end March 2024 3i reported its net asset value increased to 2,085p per share (31 March 2023: 1,745p per share).

ESG: 3i made good progress across its ESG agenda during the year, particularly on its climate change approach and strategy. The group is reporting for the first time in alignment with the Task Force for Climate related Financial Disclosures (“TCFD”) recommendations, in compliance with FCA requirements, including aggregate portfolio emissions.

Bloomsbury Publishing plc

London-based Bloomsbury Publishing is a leading independent publishing house, established in 1986, with authors who have won the Nobel, Pulitzer and Booker Prizes. The group is the originating publisher and custodian of the Harry Potter series and has offices in London, New York, New Delhi, Oxford and Sydney. 

Bloomsbury reported an excellent year in 2024 as the group continued to diversify the business.  The group saw growth across its digital formats such as ebook, audio and Bloomsbury Digital Resources, in addition to generating international revenues of over 80%. Bloomsbury announced a new strategy in May, the Bloomsbury 2030 vision, which led to the group delivering the highest first half revenue and profit in its history, with revenue up 30% and profit up 57%. Bloomsbury significantly strengthened its academic portfolio during the period with the significant acquisition of Rowman & Littlefield. 

ESG: Last year Bloomsbury achieved a CDP score of B, demonstrating its coordinated action on climate issues. In addition, the group received the IPG Sustainability Award and the LBF International Excellence Award’s Sustainability Initiative Award. Bloomsbury has been recognised as one of Europe’s Climate Leaders by the FT and Statista.

Games Workshop Group plc

Nottingham-based Games Workshop is the largest and the most successful hobby miniatures company in the world. The group’s major brands are Warhammer and Warhammer 40,000. The company also holds a licence for The Lord of the Rings/the Hobbit tabletop battle game. 

Games Workshop had a stellar year in 2024, as validated by the group being shortlisted for four awards at this year’s plc awards. The group recorded its strongest ever first-half, as demand for its Warhammer brand continued, resulting in pre-tax profits increasing by a third to £126.8m in the six months to end December 2024, and turnover rising by 20.9% to £299.5m. As a testament to the group’s impressive performance, Games Workshop entered the FTSE100 last year, thirty years after listing.

ESG: Games Workshop continues to support lifelong learning and training to develop the skills needed to enable its staff to be successful, including offering apprenticeship opportunities. The group remains very active in developing orderly succession plans for senior management roles.

Greggs plc

Greggs was founded eighty years ago by John Gregg who delivered, by pushbike, fresh eggs and yeast to the families of Newcastle. The group remains headquartered in Newcastle today and has grown to over 2,500 franchises situated across the UK. Over the years Greggs has evolved into a modern food-on-the-go retailer and a much-loved and trusted brand.

During the period under review, Greggs' total sales passed a record £2bn, despite the lower high street footfall. The business has performed a well-documented turnaround in recent years and is now embarking on an ambitious five-year plan to double sales by 2026. For the year to end December 2024 Greggs reported total sales up 11.3% to £2,014m , and fourth quarter total sales up 7.7%. The group also reported a record 226 new shops opened in the year in line with its target.

ESG: The Greggs Foundation Breakfast Club programme has reached the significant milestone of 1,000 Breakfast Clubs, providing free and nutritious breakfasts to over 75,000 schoolchildren across the UK every day. This exceeds the Greggs Pledge commitment of feeding 70,000 children by the end of 2025.

RELX plc

London-based RELX develops information-based analytics and decision tools for professional and business customers in the Risk, Scientific, Technical & Medical, Legal and Exhibitions sectors. The group serves customers in more than 180 countries and has offices in around 40 countries. 

Over the past decade, RELX has transformed from a print-based publisher into an information-based analytics group. The group’s ‘tech-first’ strategy has reaped rewards for the business, with the group reporting an increase in underlying revenue growth of 7% during the period. Shareholders have also been rewarded with strong earnings momentum and a Total Share Holder return increase of 21% year to date. During the CEO’s tenure, RELX has created more than £50bn in value for investors and is now the fifth largest company in the UK, ahead of GSK and BP. The group’s stellar performance has led to RELX being described by the financial media as ‘the jewel in the FTSE 100’s crown’ and a ‘posterchild for digital transformation’. 

ESG: RELX believes its focus on ESG gives the group long-term competitive advantage.  At the end of 2024, Sustainalytics rated RELX among the top 100 globally out of more than 15,000 companies. It also achieved a AAA MSCI ESG rating for the ninth consecutive year.

Rolls-Royce Holdings plc

London-based Rolls Royce develops and delivers complex power and propulsion solutions for safety-critical applications in the air, at sea and on land. The group’s products and service meet the growing need for power generation across multiple industries and enable governments to equip their armed forces with the power to protect.

The transformation of Rolls-Royce (last year’s Company of the Year at plc awards) continued through 2024, with the group establishing itself as a high-performing, competitive, resilient and growing business. Despite being impacted by a challenging supply chain environment, the group has delivered a solid performance, enabling a positive outlook for 2025. In September last year, the group announced the development of the first new mtu engine platform in more than twenty years, which was a significant milestone for the business. Rolls-Royce reports that current trading is in line with its expectations to deliver underlying operating profit between £2.1bn and £2.3bn

ESG: Rolls-Royce is working with strategic partners and suppliers to implement circular business practices to reduce the amount of raw materials we need and the resulting socio-environmental impacts. The group enlists support from those across its value chain to join in the Race to Zero campaign for a sustainable zero carbon recovery.