Gruppo Editoriale L'Espresso, the Italian newspaper publishing group, took first place in the annual FTSE European shareholder value awards.

It was a double scoop for Gruppo Editoriale L'Espresso, which not only topped the table over one year but also over five years. The firm was formed by the merger of Editoriale La Republica and Editoriale L'Espresso in 1998, and was valued at €6.8bn (£4.3) in May 2000.