Company Descriptions


888 is a multi-vertical online gambling business offering B2C Casino, Poker, Bingo and Sports together with B2B services. Casino represents its largest vertical by revenue, followed by Poker, while Sport is growing rapidly from a small base.


Abbey is a housebuilder with operations based primarily in the South East of England and the Republic of Ireland. It also has operations in the Czech Republic. While Abbey is a small housebuilder which specialises in supplying houses to the first-time-buyer market, the group's operating margins are amongst the highest in the industry. The company also has a plant hire business (M&J Engineers) in England and has some commercial property interests in Dublin.

AIB Group

AIB Group is a leading retail, commercial and corporate bank; AIB's activities are focussed primarily on the island of Ireland with an extensive distribution network through which the full spectrum of banking products and services are offered with an on-going focus on technology, innovation and digital strategy to increase efficiency and distribution. In Ireland AIB has distribution reach of c.200 AIB branches, 76 EBS outlets and partnership with An Post. In Northern Ireland the segment operates under the trading name First Trust Bank from 43 branches and outlets. The group's structure has three main components; The Domestic Core Bank, the Financial Solutions Group and AIB UK which operates as a niche retail and corporate banking operation in Great Britain.


A.G. Barr is a UK branded soft drinks Company based in Scotland with a market cap of over ££600m. Its portfolio is heavily weighted to carbonated soft drinks (74% of sales), with its leading brand IRN-BRU accounting for over 40% of Group sales. Geographically, sales are predominately generated in the UK and unsurprisingly it particularly over indexes in the Scottish market (40% of group sales vs. 15% for the market). By channel, the Group is biased to the impulse (convenience stores particularly).

Air France - KLM

Headquartered in Paris, Air France-KLM offers passenger & cargo air transportation services. In addition the company offers travel booking, catering, aircraft maintenance & pilot training services.


Aldermore is a specialist diverse asset-based lending institution, engaged in the following lending activities (the figures in brackets represent the portion of net loans in each book at end-H117): buy-to-let (47%), residential mortgages (18%), SME commercial mortgages (12%), asset finance (21%) and invoice finance (2%). The bank is predominantly funded via retail deposits.


Applegreen is the second largest convenience forecourt retailer in Ireland with a rapidly growing business in Great Britain. The Group operates c.100 forecourts in Ireland and c.50 in the UK. Applegreen's proposition is differentiated due to its strong snacking and convenience food offering.


ARYZTA is a leading player in the global speciality bakery sector. While the bulk of its businesses are located in Europe and North America, it also has a presence in Asia and South America. The company has a broad range of bakery items including patisserie products, artisan bread, bread rolls and burger buns. Its customers span both the retail (both small shops and large multiples) and food service sectors. Company brands are the focus in retail, such as Cuisine de France in Ireland & UK, Hiestand in Central Europe and La Brea and Otis Spunkmeyer in America. ARYZTA also owns 71% of the quoted agronomy company, Origin Enterprises.

Bank of Ireland

Bank of Ireland is an integrated institution providing a range of banking and other financial services throughout Ireland, the UK & internationally. It has four principal divisions; Retail Ireland, Life, Corporate & Treasury and UK Retail. BOI possesses a market share in Ireland of over 20%+ of resources and loans outstanding, with it higher on new flows. In the UK, BOI has a 2-3% market share in the UK mortgage market and operates a JV with the UK Post Office.

Barratt Developments

Barratt Developments plc is the largest UK housebuilder producing almost 17,000 units. It builds both private and affordable housing with a price range for houses outside of London of £70,000 to over £1m. A distinguishing factor for the company is its 5 star rating from the House Builders Federation which it has held for eight consecutive years.


Bellway is a UK housebuilder that currently produces circa 10,000 houses and has ambitions to grow this to 14,000-15,000. Over the last ten years it has shifted the mix to more family homes for first-time buyers and has also increased the regional bias towards the south. While it tends to run a shorter landbank than peers and depends less on strategic land it does utilise a significant proportion of brownfield sites.

Berkeley Group

Berkeley Group is a UK housebuilder that produces 3,000-4,000 houses with a bias to London and the South of England. It is made of six autonomous companies: St George, St James, Berkeley, St Edward, St William and St Joseph. Differentiators for the group include its long land bank with a focus on large complex regeneration schemes and an order book that typically runs beyond one year.

Breedon Aggregates

Breedon Aggregates only began trading in 2010 and is already the largest independent aggregates business in the UK behind four multinational companies. The key product areas are aggregates, asphalt and RMC and its operations are mainly in Scotland and the Midlands in England. The Group employ approximately 1,250 people in England, Scotland and Wales.


Britvic is the second largest soft drinks company in Ireland and Great Britain and has growing operations in France, Brazil, India and the US. The Group owns market leading brands in the dilute (Robinsons, Mi-Wadi, & Téisseire) and Kid’s juice (fruit Shoot) markets and also operates the Pepsi bottling franchise in Ireland and Great Britain.

Cairn Homes

Cairn Homes is an Irish Homebuilder founded in June 2015 by Michael Stanley, Kevin Stanley and Alan Mcintosh. Cairn Homes raised €440m in its IPO in June which will be used to finance land acquisitions in a number of urban locations. Cairn Homes will predominantly target the Dublin market and commuter counties, but will also look to build in a number of other urban locations including, Cork, Galway and Limerick. Management are targeting delivery of 1,000 units per annum when fully operational and has a current development pipeline of over 1,000 units.


C&C is a leading player in the Irish and UK cider market, where it holds the number 1 and 2 market positions respectively. The key strategic goal of C&C Group today is to copper-fasten its Magners cider brand in the British long drinks market and develop the brand further internationally. The acquisitions of Tennents and Gaymer in the UK will help to secure the long term position of C&C in the British alcohol market. Tennents, and its accompanying distribution business, has given C&C exposure to the non-cider market in Scotland and Ireland, though strategically, cider will remain the long term focus for expansion in the company.


CPL is an Irish employment services company that specialises in providing permanent, temporary and contract solutions across a broad range of industry sectors. These include healthcare, technology, financial services, accounting, sales, engineering, industrial, medical, office administration and consultancy. The group operates several separate recruitment companies in a number of different regions. It derives the majority of its business from Ireland, but has begun expanding into new geographies. The strength of its balance sheet leaves the company ideally positioned to continue its acquisition strategy, focussing in particular on industries such as healthcare.


Headquartered in Dublin and with operations in 36 countries, CRH has a presence across the construction industry supply chain through three closely related core businesses; primary materials, value-added building products and distribution. CRH has circa 76,000 employees located at 3,600 locations worldwide. The Group is organised on a products basis with six divisions; US Materials, US Products, US Distribution, Europe Materials, Europe Products and Europe Distribution. CRH's strategic vision is to be a leading international building materials group delivering superior performance and growth.


CYBG is a full service challenger bank with national capability in the distribution of mortgage product as well as distribution of SME lending product, predominantly in its core regions. The bank also generates substantial retail deposits (its principal source of funding) in its core regions. CYBG currently has 170 retail branches. Additionally, CYBG has 40 business and private banking centres.

Dalata Hotel Group

Dalata Hotel Group is the largest hotel operator in Ireland, operating over 40 hotels with over 6,100 rooms and all bar one located in Ireland. Management is dominated by Ex-Jurys Doyle personnel and the company aims to acquire 16-25 mid-market (3/4 star) Irish hotels.


Datalex is a provider and developer of e-business and merchandising solutions for the airline and travel industries. These are designed to meet its customers supply and distribution needs, enabling them to enhance their online retail offering via the Internet. The company's comprehensive range of integrated applications includes booking engines, fare search engines and ancillary revenue platforms. Customers include Air China, Aer Lingus, Affinion Loyalty Group, SITA, Copa Airlines, Delta Airlines, Frontier Airlines, Malaysian Airlines, South African Airways, STA Travel, United Airlines and WestJet. The company employs approximately 240 staff globally with 114 in Ireland and the US.


DCC is a business support services group which markets and distributes products to segments of the energy, IT & entertainment, healthcare, food & beverage and environmental markets in Ireland, the UK and Continental Europe. The energy division distributes oil products and LPG in the UK, Ireland and Europe, while the healthcare division markets hospital supplies and nutraceuticals (mainly in Ireland and the UK). The IT division markets and distributes a broad range of computer hardware, software and storage products to markets in Ireland, the UK and France. The Food & Beverage division markets wines, coffee and snack foods throughout Ireland and the UK.

Donegal Investment Group

Donegal Investment Group is the leading exporter of proprietary seed potatoes from the UK. The produce division, which encompasses its seed potato business which develops and markets potato varieties in partnership with An Teagasc, represents the core strategic focus for the company. Through its Food-Agri division, it also manufactures and distributes farm inputs and dairy products. Associate holdings include a 35% interest in the second largest mushroom producer globally, Monaghan Mushrooms.

Draper Esprit

Originating in 2006 Draper Esprit is a Venture Capital firm with a focus on digital technology and Europe. Returns since inception of the current Fund in 2010 (Fund III) have been in excess of 20%. The current portfolio includes c.30 unlisted and 1 listed early stage investment with a fair value of c£73m

DS Smith

DS Smith is a leading paper and packaging manufacturer with operations in the UK, France and across Continental Europe. The company is made up of three key divisions; UK Packaging , Continental European Packaging and Plastic Packaging. Through its recycling business in the UK, DS Smith is the leading player in the recovered paper market, collecting over 2.5m tonnes of recovered paper annually. As the No.2 player in the European containerboard market (9% market share) DS Smith has the capability to supply c.75% of the containerboard needs of its corrugated box business which is the No.2 player in Europe (15% market share).


easyJet is a no-frills airline based in London. The carrier copies the Texas-based low-cost pioneer Southwest Airlines and in Europe it is most often compared to Ryanair, but its main competitors are in fact the flags. easyJet's main focus is to fly between primary airports at fares that are often a fraction of its legacy peers. The UK accounts for about one-third of traffic, with France, Italy and Switzerland key markets for it. About one-quarter of the fleet is based at Gatwick, in London.

FBD Holdings

FBD is a General Insurer that operates in the Irish market with its breakdown by business line more or less mirroring that of the market. It currently writes c.13% of premiums in Ireland. Motor is the main account, with about 40% of revenues. Premiums to the rural community account for c.45% of total. FBD's non-insurance operations include; FBD Life & Pensions, which is an independent life assurance, pensions and investment advisor; and the group also has a 50% interest in a property joint venture which accounts for an estimated c.10-15% of group NAV.


Ferguson is a global distributor of plumbing and heating products and a leading supplier of building materials. Its key markets are in North America, UK, Nordics and Central Europe. The Group operates through a network of circa 3,000 branches and the majority of sales are generated by businesses which are number 1 or 2 in their markets. From a sectoral perspective almost 60% of sales are derived from rmi markets.

First Derivatives

First Derivatives is a consulting and software provider to the financial services industry. The company has a globally diverse client base of financial institutions, FX brokers and exchanges and has offices around the world. In consulting, it provides services across capital markets consulting, IT vendor services and data management. In Software, it has developed the Delta Suite of products which are offered on an annual licence and transactional based revenue model. The Delta Suite holds significant upside potential for the group.


Forterra is a leading producer of bricks, blocks and complementary bespoke products in the UK. The Group has a strong market position in its core products of bricks and blocks which comprise 75% of its turnover and 90% of its EBITDA. The Group is the number 2 player in the consolidated brick sector and is the sole manufacturer of premium priced Fletton bricks in the UK. The Group operates solely in the UK, with its end markets comprising c.55% Residential new build, c.40% Residential RMI and c.5% Commercial.


Glanbia has two principal activities - its traditional Irish based dairy activities and its international nutritional ingredients and cheese business. In Ireland, Glanbia owns some the best known retail brands for drinking milk, yogurts and cheese. Its international nutritional ingredients business, however, is the key driver of growth. This business is based upon Glanbia's whey operations - a derivative of its cheese manufacturing - and businesses acquired, such as Optimum Nutrition and BSN, which have given it a leading share in the growing sports nutrition sector. Glanbia is also a supplier of nutritional ingredient mixes into food manufacturing and beverage companies.

Grafton Group

Grafton Group is a leading supplier of building materials, which trades from circa 600 locations in Ireland, the UK and Belgium. Its Irish businesses are the market leaders in builders merchanting and DIY. In Britain, Grafton operates the third largest builders merchanting business and is among the top four plumbers merchanting businesses. Overall, it has circa 10% of the UK merchanting market and trades under the Buildbase, Plumbase, Jackson, Selco and Macnaughton Blair brands. Through a recent JV, Grafton has now a presence in Belgium.

Green REIT

Green REIT is an investment vehicle created to purchase and manage Irish commercial real estate assets. Green is predominantly focussed on institutional quality, well located, income producing commercial property.


Greencore is one of the largest manufacturers of convenience food products in the UK. It holds market leadership in most of the categories of own-label products in which it has a presence. Key product areas include sandwiches, quiche, Italian ready meals and chilled sauces. The company has generated consistent growth in this market since it became a major player in 2000. Greencore's strategy entails optimising its position in the UK market by further expansion into new distribution channels and product range. Expansion outside the UK has included selective investment in the US through acquisition but, more particularly, strong organic growth arising from demand from US convenience chains like 7-Eleven and foodservice chains like Starbucks.

Greene King

Greene King is one of the largest UK pub groups, owning and operating 1,900 pubs. It operates three divisions - directly managed pubs, tenated/ leased pubs and brewing. The brewing division is focused on ales with leading brands such as Greene King IPA, Speckled Hen and Abbott Ale.


GVC Holdings is a global online gambling operator providing sports betting, casino, poker and bingo through brands including Sportingbet, Casino Club and Betboo. In 2015, the group agreed to acquire, which completed in February 2016. The acquisition has increased the group's brand portfolio which popular names such as bwin, PartyPoker, PartyCasino, FoxyBingo and Gioco Digitale. The deal also sees the group obtain proprietary sports and gaming software, while significantly diversifying its revenue base.


HeidelbergCement AG, headquartered in Germany, is one of the leading producers and distributors of cement and aggregates in the world. It also offers a range of downstream construction material products including ready-mixed concrete, concrete products, and concrete elements. The Company, through its five geographical operating segments, namely Western & South Europe, North & East Europe, North America, Africa-Mediterranean Basin ,Asia Pacific and Group Services, has its presence in circa 60 countries. HeidelbergCement is listed on various stock exchanges of Germany including Frankfurt Stock Exchange and Munich Stock Exchange.

Hibernia REIT

Hibernia REIT is an investment vehicle created to purchase and manage Irish commercial real estate assets. Hibenria is predominantly focussed on institutional quality, well located, income producing commercial property. Management aim to allocate up to 30% of funds to "value-added" properties. Properties will predominantly be based in the Dublin CBD and Greater Dublin area in lot sizes of €10-50m. Management are targeting total shareholder return of 10-15% p.a. and gearing is not to exceed 50% of portfolio.

Howden Joinery

Howden Joinery Group PLC is the largest supplier of kitchens and joinery products to the trade, specifically to the local builders, in the UK. Their extensive distribution network, comprising over 550 depots, serving close to 300,000 customers across the UK. Howden's model allows local builders to access quality stock with no lead time, provides credit and offers everyday low prices. The company also has a small presence in Northern France under the name Houdan Menuiseries.


International Consolidated Airlines Group SA (IAG) provides international and domestic air transportation services to passengers and Cargo. With a global presence, IAG and its subsidiaries serve Europe, North & South America, Africa, Asia, Australia and the Middle East.


Ibstock Plc manufactures, markets, and distributes building materials. The Company manufactures clay bricks, brick components, concrete roof tiles, stone masonry substitutes, concrete fencing, pre-stressed concrete products and concrete rail products. Ibstock offers its products to the housing, repair, maintenance and infrastructure markets in the United Kingdom and United States.


IFG is a predominantly fee-based financial services company which operates throughout Ireland and the UK. It comprises two divisions; Financial Services and Corporate & Trustee Services. Financial Services includes investment, life and pension advice, actuarial and pension trustee services, mortgage broking, title insurance and trade credit insurance. Corporate & Trustee Services is a specialist provider and administrator of offshore trusts and a large global provider of timeshare trustee services. Many of its businesses generate recurring income for ongoing trustee and administrative services.

Independent News & Media

Independent News and Media owns a number of leading newspaper titles in Ireland which accounts for 100% of group revenue. In addition, it provides contract print and distribution services in Ireland. The group is increasing its focus on its online offering (currently c.10% of advertising) which will be key to offset any further declines in its print business. It also has a 18.61% stake in APN, a listed Australasian media company. APN operates publishing businesses in Australia and New Zealand, as well as radio and outdoor advertising businesses.

Irish Continental Group

Irish Continental Group is a shipping company which operates passenger car ferries, roll-on roll-off freight transport and lift-on lift-off freight services between Ireland and Continental Europe. It operates four ships, three of which ply the Irish Sea and one serving Ireland-France. The company operates a low cost model compared to many of its peers, having outsourced much of its staffing needs in 2006. With limited upcoming capital expenditure requirements, its cashflow strength is set to move the company into a net cash position.

Irish Residential REIT (IRES)

Irish Residential REIT (IRES) was founded by CAPREIT to acquire hold and manage investments, primarily focussed on the Greater Dublin area, but also a number of other major Urban locations. IRES raised its initial €200m of funding in an IPO in August and has also a €130m debt facility in place. We expect IRES will source the majority of its investments from NAMA, Financial institutions and also Private Equity.

J D Wetherspoons

J D Wetherspoons is a UK managed pub group operating over 900 pubs with a focus on value, quality and choice across its food and beverage offerings. In 2014, the business began expanding in the Irish market with a target of 30 pubs.

Kennedy Wilson Europe

Kennedy Wilson Europe Real Estate (KWE) is a property company setup by its parent company Kennedy Wilson Group (KW). KWE raised £1bn in its initial IPO and plans to invest in real estate assets and loans, initially in the UK, Ireland and Spain, but it may look at other European countries on an opportunistic basis. KWE will be externally managed by a team from KW.

Kerry Group

Kerry Group is a leading player in two distinct segments of the food industry, through its Kerry Foods business in the UK & Ireland and its Global Ingredients operation. In the food manufacturing sector, Kerry has focused on the "fridge" segment (e.g. ready meals, breakfast items, pies and cooked meats). In ingredients, the bulk of Kerry's food ingredients is in what might be called "application food ingredients", where it is the largest player in the world. Here, product offerings, which started in dairy ingredients, have been expanded through acquisition into other areas like seasonings (for snack foods), particulates (for breakfast cereals), flavours (for both foods and beverages) and bio-ingredients.


Kingspan comprises of four core manufacturing divisions - Insulated Panels, Insulation Boards, Environmental & Renewables and Access Floors. It has circa 50 manufacturing facilities in 15 countries (Australia, Belgium, Canada, Czech Republic, Denmark, France, Germany, Ireland, Hungary, the Netherlands, Poland, Turkey, UAE, UK and USA). The Group has been successful in establishing market leadership positions in its chosen product sectors. Kingspan's preferred market segments are those that have greater organic growth potential than underlying construction markets, due to regulatory changes and structural trends.

Ladbrokes Coral

Ladbrokes is the second largest retail bookmaker in the UK with 2,297 shops. The group has over 9,000 gaming machines across its UK retail estate supplied by Global Draw. It has a retail presence across Europe in Ireland, Belgium, and through a JV in Spain. Online betting and gaming we forecast will represent 13% of group EBIT in FY14. The group signed a deal in March 2013 with Playtech to provide it with software and marketing services. The services part of the deal is on a success fee basis. Migration to the Playtech platform is due to complete in H114.


Deutsche Lufthansa AG, provides passenger & cargo air transportation worldwide, offering flight and connection programs in co-operation with Star Alliance partners from North America, Scandinavia and Asia. In addition to transportation, Lufthansa also provide travel agency, catering and aircraft maintenance services


Marston's is a leading UK hospitality business with c.1,700 pubs operating under managed, tenanted & leased and franchised formats. In addition, the Company operates an ale brewing business with brands such as Pedigree and Hobgoblin.


Metro is a branch-based banking business that aims to deliver a superior customer service proposition. Its customer base is a combination of retail and SMEs and Metro offers a wide range of retail and business banking products to these “fans” – as well as the provision of cash management services to SMEs. Its branches (or “stores” as management prefers to label them) are located in select high street locations (with ensuing high footfall) and are open 7 days a week, 362 days a year.


Mincon is an Irish engineering group founded in 1977. It designs, manufactures, services and supplies drill bits and hammers serving the mining, geothermal, water, oil & gas and construction industries. Mincon has four manufacturing facilities located in Ireland, Australia, the US and Canada. Mincon also operates a network of sales offices across Europe, North America, South America and Africa. The company sells third party mining products, complementary to its own goods.

Mitchells & Butlers

Mitchells & Butlers is the UK's largest managed pub restaurant business with an estate of over 1,800 pubs, 95% of which are owned. Well known brands include Harvester, Toby Carvery, O'Neills Irish pubs and Browns restaurant. The business has a number of large shareholders including Joe Lewis (27%), John Magnier and JPMcManus (together 22%).


Mondi is an international paper and packaging group having operations in more than 30 countries with focus on Central Europe, Russia, and South Africa. It manufactures packaging paper, converted packaging products, consumer packaging and uncoated fine paper (UFP). The Company has fully integrated operations from wood harvesting to pulp manufacturing and conversion into corrugated packaging, industrial bags and coatings. The stock is a dual listed company trading on the Johannesburg stock exchange and on the London Stock Exchange.

Origin Enterprises

Origin Enterprises is one of Europe's leading players in the agronomy industry, with a leadership position in the UK and a significant share of the Polish market. The research driven nature of the company places it at the forefront of progressive farm enterprises that are seeking to expand output as a result of increasing global demand for cereals. This agronomy business will form the basis for future expansion outside current served markets.

OneSavings Bank

OSB focuses on selected sub-sectors of the lending market. In particular, its lending segments include BTL / SME commercial mortgages (comprising BTL and commercial lending, residential development finance and funding lines) and residential mortgage lending (both first charge and second charge). The bank is principally funded with retail deposits. The head office is located at Chatham in Kent, England and it has a network of six Kent Reliance-branded branches as well as three third party-operated agencies in the South East of England.

Paddy Power Betfair

Paddy Power Betfair is a global, multi-channel betting and gaming operator. The group formed as a result of a merger of Paddy Power and Betfair in 2016 and continues to operate both Paddy Power and Betfair brands separately. The operations of the combined group include three online sportsbooks (one for each of the Paddy Power, Betfair and Sportsbet brands), a betting exchange (via the Betfair brand) and a retail bookmaker estate across the UK and Ireland. The combined group operates in a number of geographies including the UK, Ireland, Italy, Australia and the US.

Permanent TSB

Permanent TSB is a leading retail bank in Ireland. It serves c.1.1m customers and has c.2,300 employees. It has 77 branches across the Republic of Ireland. It has total assets of c.€36bn. It had an 11% share of new mortgage lending in 2014 and has a target to grow to 13-17% over the next few years.


Persimmon Plc is a leading UK housebuilder producing 16,000-17,000 houses. The main focus is on family homes with c.90% of sales traditional house types and just under 50% are below prices of £200,000. Through a focus on operational efficiency and capital discipline it generates sector leading returns. It also has a track record of converting strategic landholdings to land with planning permission, a process that can create value for shareholders.


Playtech, a B2B provider, is a global leader in online gaming software. Its expertise lies in its knowledge of online gaming and it has industry leading software across casino, bingo, poker and sports. Online operators consisting of prevalent online gaming and sports betting brands (Paddy Power, William Hill, Bet365, etc.) and land based companies, leverage their own expertise and brands with Playtech's products. Playtech is involved in the gaming machine market through its ownership of Videobet. With a constant flow of new games, extensive experience and player yield enhancing management software, we believe Playtech is excellently placed to capture the growing B2B market in online gaming.

Rank Group

Rank Group is multi-channel, multi-product gambling operator headquartered in the UK with venues in the UK, Belgium and Spain. The group operates 90 bingo venues and 57 casinos under the Mecca and Grosvenor brand resepctively, as well as 9 bingo halls in Spain under the Enracha brand. In recent years the group has focused on growing its online offering, which is relatively small compared to other multi-channel operators in the UK.


Ryanair is a low-cost, low-fares airline providing point-to-point services across the European short-haul air travel market. Operating from c.50 European bases, it operates over 1,400 routes across 28 countries in Europe and expects to carry c.81.5m passengers in FY14. The carrier expects to finish FY1 operating a fleet of c.300 Boeing 737-800s (with an average age of c.3 years) and delivers services off the lowest unit costs of any airline in Europe. Key target markets for growth going forward include Scandinavia and CEE.


SIG plc is a leading European supplier of specialist products to the building and construction industry. The group's operations are evenly split between the UK and mainland Europe. It focuses on three business sectors; Insulation and Energy Management, Exteriors and Interiors. SIG is the largest specialist supplier of insulation and related products in Europe. This focus on insulation offers the company a structural growth story, which looks set to strengthen due to tightening regulations for energy efficient buildings across Europe. Furthermore, the Exteriors division offers exposure to the more stable repair and maintenance markets.

Smurfit Kappa Group

Smurfit Kappa Group is one of the leading producers of paper based packaging globally. Approximately 75% of the group EBITDA is earned in Europe, where the company operates a fully integrated business model and is the largest player in both the corrugated and containerboard markets. The remainder of the business is based in the Americas where the operations are focussed predominantly on Mexico with leading positions in Columbia, Argentina and Venezuela. Overall, c. 60% of the Group's revenue is exposed to the fast moving consumer goods market (FMCG), which offers a relatively more stable volume backdrop for the company.

Taylor Wimpey

Taylor Wimpey plc is a UK housebuilder that produces circa 15,000 houses, which includes a wide range of types from one- and two-bedroom apartments to five bedroom detached houses. This is across a broad range of prices including both private and affordable homes. It also operates a small regional housebuilding business in Spain, representing less than 5% of the group.

Total Produce

Total Produce is one of the leading operators within the European fresh produce distribution sector with facilities in Ireland, the UK, Sweden, Denmark, Spain, Italy, Holland and the Czech Republic. It provides a complete basket of fresh produce for its retail and wholesale customers on a year round basis. It is one of the leading distributors of Southern Hemisphere fresh produce in Europe, in particular from South Africa and South America.

Travis Perkins

Travis Perkins is a leading distributor of materials to the building and construction sector operating solely in the UK. Its merchanting business consists of circa 1,450 locations. This is split 644 general merchanting, 215 specialist merchanting and 591 plumbing & heating. The retail business includes the brands of Wickes, Tile Giant and Toolstation, trading from 471 branches. In terms of merchanting, Travis Perkins is the no.1 player with over 20% market share, while in DIY it is no.3 with a 6% share.

UDG Healthcare

UDG Healthcare is a leading provider of outsourced solutions to the Healthcare industry across Europe and the US. It operates three divisions, namely Ashfield Commercial & Medical Services (includes both its CSO and Healthcare Communications businesses), Aquilant Specialists Healthcare Services and Sharp Packaging Services. UDG Healthcare’s strategy is to use customer relationships to improve the cross selling of services across the drug lifecycle. The company is well placed to take advantage of the increasing trend of outsourcing in the pharmaceutical industry.

Virgin Money Holdings

VM is a UK retail bank focused predominantly on the provision of mortgages and credit cards as well as the sale of complementary financial products to a personal customer base. The bank is largely reliant on retail deposits for financing purposes. VM has a national network of 75 stores as well as seven customer lounges. Its main operations are located at Gosforth in Newcastle upon Tyne and additional offices are located in London, Edinburgh, Norwich, Chester and Milton Keynes.

William Hill

William Hill is the leading retail bookmaker in the UK market with over c.2,376 shops. The group has a wide geographical spread and benefits from having a larger proportion of its shops in the London market, an area where the average spend per shop tends to be higher. It operates over 9300 gaming machines across its retail estate all supplied by Inspired Gaming. The group operates one of the leading online businesses in the UK. It entered the Australian market in 2013 through acquisition. William Hill US is the group's regulated US sportsbetting business.

Wizz Air

Wizz Air is the largest low-cost carrier in Central and Eastern Europe. It operates from 21 bases in 10 CEE countries, with flights to 112 destinations on over 380 routes in 38 countries. Wizz Air carried in excess of 16.5 million passengers on more than 100,000 flights in the financial year ended 31 March 2015. The fleet at the end of that year consisted of 54 A320s with a 180 seat configuration. This year will see 4 A321s with 230 seats being introduced into the fleet, with a further 25 due for delivery by March 2018. Longer term, Wizz intends to grow its fleet to 100 by FY19 and 200 by FY2024, with this reflecting the fact that management believe that the business can grow by 15% per annum out to that end date.