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COMMENT
2004 has been a pretty good year for investors. The UK market has returned about 10%, and roughly a third of companies in the FTSE All-Share index have produced share price gains in excess of 20%. However, 2004 was not quite as good as 2003. Last year, a total of 58 companies saw their share prices double. In 2004, only 6 achieved the same feat. Here's how the scorecard looks for 2004:
Share price
gain/lossNo. of
companies
>+50%
64
+20% to +50%
201
0% to +20%
285
-20% to 0%
160
-50% to -20%
52
<-50%
20
And here are top ten performers:
10. Tullow Oil (LSE: TLW) +75%
The first of four oil companies in the top ten (oil companies also made three appearances in 2002's list). Like most small independent producers, Tullow has benefited from a steep rise in production volumes combined with higher oil prices. Tullow's turnover was less than £10m in 1999 but it is expected to hit £230m this year.
9. London Bridge +79%
The first of three takeover stories. Software group London Bridge fell to a 95p per share offer from Fair Isaac (NYSE: FIC), which valued it at £166m. However, the shares were once valued in excess of £15 back in 2000.
8. Bell Group +84%
The security systems group was gobbled up by Securitas in May of this year for £97m.
7. Alvis +86%
The armoured vehicle firm (ethical investors should look away now) was bought by BAe Systems (LSE: BA.) for £355m, after it topped a bid from General Dynamics (NYSE: GD).
6. Paladin Resources (LSE: PLR) +106%
Paladin's oil comes from such exotic places as Indonesia, Tunisia, Romania, Norway & Denmark. Like Tullow, its sales have ballooned in recent years, rising from £9m in 1998 to the £280m forecast for this year.
5. Burren Energy (LSE: BUR) +117%
The youngest company in the list, oil producer Burren only floated last December. Its chosen territories are Turkmenistan and Democratic Republic of Congo. Sales were £10m in 2000, but £86m is forecast for this year.
4. Topps Tiles (LSE: TPT) +123%
I thought this share looked cheap just over three years ago. Unfortunately, I didn't but any and the share price is now almost seven times higher. Ooops! Topps has ridden the DIY boom of recent years and now has over 200 stores. This year's performance was capped by a 130% increase in its annual dividend, announced just few weeks ago.
3. Cairn Energy (LSE: CNE) +174%
The only FTSE 100 company in the list and the best performing oil company. Cairn's shares leapt 49% in one day in January after the first of a succession of finds in a field bought from Shell (LSE: SHEL). The shares have ended the year under a cloud though, falling from £15 to £11, after a potential tax claim by the Indian government.
2. Charter (LSE: CHTR) +175%
Pipping Cairn to second spot is the welding equipment maker Charter. It has recovered from concerns over accounting irregularities and excessive debt levels and has seen its shares rise eightfold since January 2003.
1. Ashtead (LSE: AHT) +395%
The clear winner for 2004 is plant hire firm Ashtead. It almost went bust in March 2003, when it breached its banking covenants. Its shares fell from 28.5p to 2.5p in just three days. However, a debt refinancing and a pick up in US demand, where 70% of its sales originate, has seen its shares recover to the lofty heights of 77p. Nevertheless, it still has £500m of debts.
Outside of the FTSE All-Share, other shares have seen even bigger gains. The overall winner from the main market is QXL (LSE: QXL), where bid hopes have led to a gain of 507%. However, AIM constituent ASOS (LSE: ASC) can beat even that. Its shares have soared 1,384% this year!
More on 2004: