City File: New joiner for the billion-pound club

BTR looks set to join the billion-pound club with its 1992 results - thanks in part to the new FRS3 accounting practices. However, all the rise in operating profits will come from the inclusion of Hawker Siddeley, and the reliance of many of BTR's companies on the building industry means they are suffering. Geoff Allum at NatWest Markets reckons the current price of 584p discounts any recovery and the shares are going nowhere.