| |
|
Note |
2003 |
2002 |
| |
|
|
£m |
£m |
|
| Gross rental income |
|
|
551.6 |
513.8 |
| Less share of joint ventures |
|
12 |
(102.2) |
(98.5) |
|
| Gross rental income – Group |
|
2 |
449.4 |
415.3 |
|
| Operating profit |
|
2 |
380.4 |
363.6 |
| Share of operating profits of joint ventures |
12 |
92.3 |
88.6 |
| Disposal of fixed assets – including
amounts from joint ventures (note
12) |
7 |
26.1 |
37.0 |
| |
|
|
|
| |
|
|
| Profit on ordinary activities before interest |
|
498.8 |
489.2 |
| |
|
|
|
|
| Net interest payable |
|
3 |
(326.4) |
(317.9) |
| |
|
|
| Profit on ordinary activities before taxation |
|
172.4 |
171.3 |
| |
|
|
|
|
| Taxation |
|
8 |
(33.1) |
(11.9) |
| |
|
|
| Profit on ordinary activities after taxation |
|
139.3 |
159.4 |
| |
|
|
|
|
| |
| Ordinary dividend |
|
4 |
(65.9) |
(64.3) |
|
| Retained profit for the year |
|
22 |
73.4 |
95.1 |
|
| |
| Earnings per share |
– Basic |
5 |
27.2p |
30.8p |
|
– Diluted |
5 |
26.9p |
30.2p |
|
| Adjusted earnings per share* |
– Basic |
5 |
27.4p |
32.1p |
|
– Diluted |
5 |
27.1p |
31.5p |
|
| Dividend per share |
|
4 |
13.4p |
12.4p |
|
The results stated above relate to the continuing activities of the Group.
* Adjusted to exclude the capital allowance effects
of FRS 19.
