Calculate the ratios for Rowe and Davies and compare their performance with Bale and Cowley. Required For each ratio:

(a) Is the ratio lower or higher than that for Bale and Cowley?

(b) From Bale and Cowley’s perspective, is this a good sign, a bad sign or can you not tell?

(c) What reasons can you think of to explain why the difference has occurred?

d) Is this explanation supported by any other ratios you have calculated?

(e) Should Bale and Cowley do anything as a result of these differences?

(f) Is there any other information which would help you analyze the performance?