UK smaller companies would not benefit from the UK joining the euro, according to the 2001 Reuters Survey of UK Smaller Companies.
The survey – based on the participation of 430 quoted companies and 68 fund management groups – showed that companies, brokers and fund management groups all agree that it would not be beneficial for UK smaller companies to join the euro.
This is in stark contrast with the UK larger company survey findings which showed that the majority of larger companies think they would benefit from the UK joining the euro while the majority of smaller companies think they would get no such benefit.
Small cap markets bounced back last year with a net £270m invested in UK smaller companies for the year to March 2001.
This follows the negative repercussions of a £380m withdrawal from UK smaller company equity funds in the year to March 2000.
Correspondingly, smaller companies were found to be more positive towards their current listing and quotation arrangements. Greater transparency of financial information, more liquidity, and a better reflection of company value through share price were cited as factors for the improved mood of optimism.
The UK smaller companies also increasingly felt that they are being sufficiently researched and recognised by both fund management groups and brokers.
The survey also revealed that UBS Warburg won the best investment bank and best broker industry research awards while Fidelity Investments won the award for best fund management group.
By Jeena Nadarajan and Alistair Graham
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