These tables highlight the companies which offer the most cash flow per share in relation to their share prices. All things being equal, a low PCF is a very positive investment factor.

The second column has been used for cash flow per share expressed in pence and the fourth for average cash flow per share over the last five years. The third column shows the level of capital expenditure per share, in pence, for the latest financial period and the fifth the average capital expenditure per share over the last five years. The last two columns show the 5-year trend of cash flow and the net gearing taken from the last annual report.

The ideal company will have a low PCF, corroborated by a high average cash flow per share and a positive trend in cash flow. Net gearing will be moderate or nil, the prospective PER will be modest and the share price will be low in relation to tangible book value. Companies combining these characteristics are generating wellabove- average cash every year and are of investment interest for that reason alone.