Football stars have been known to weep when their teams are relegated to lower divisions. The mood among companies ejected last week from the FTSE 100 index, the premier league of UK firms, was altogether less lachrymose. Indeed, it verged on the upbeat.

Amanda Conroy, of music group EMI Group, which had been a member of the FTSE 100 since its inception in 1984 and was sent to join the FTSE 250 with British Airways and International Power, says: "With the plan that we have for improving our business, we're confident that we'll return in due course."