 |
| Year ended |
|
|
|
|
|
|
| 31 March 2003 |
|
|
|
Note |
2003 |
2002 |
| Audited |
|
|
|
|
Unaudited |
Unaudited |
| £m |
|
|
|
|
£m |
£m |
|
| 551.6 |
|
Gross rental income |
|
|
270.6 |
266.2 |
| (102.2) |
|
Less share of joint ventures |
|
8 |
(44.0) |
(53.3) |
|
| 449.4 |
|
Gross rental income – Group |
|
|
226.6 |
212.9 |
|
| 418.2 |
|
Net rental income |
|
|
209.4 |
200.1 |
| 0.6 |
|
Profit on property trading |
|
|
6.0 |
|
| 4.2 |
|
Other income |
|
|
1.6 |
2.0 |
| (42.6) |
|
Administrative expenses |
|
|
(21.2) |
(20.6) |
|
 |
|
| |
| 380.4 |
|
Operating profit |
|
|
195.8 |
181.5 |
| 92.3 |
|
Share of operating profits of joint ventures |
8 |
39.1 |
45.5 |
| 26.1 |
|
Disposal of fixed assets – including amounts from joint ventures (note 8) |
2 |
15.9 |
3.1 |
|
|
|
| 498.8 |
|
Profit on ordinary activities before interest |
|
250.8 |
230.1 |
| |
| (326.4) |
|
Net interest payable |
|
3 |
(163.7) |
(164.8) |
|
|
|
| 172.4 |
|
Profit on ordinary activities before taxation |
|
87.1 |
65.3 |
| |
| (33.1) |
|
Taxation |
|
4 |
(11.5) |
(12.8) |
|
|
|
| 139.3 |
|
Profit on ordinary activities after taxation |
|
75.6 |
52.5 |
| |
| (65.9) |
|
Ordinary dividends |
|
5 |
(21.6) |
(21.3) |
|
| 73.4 |
|
Retained profit for the period |
|
|
54.0 |
31.2 |
|
| 27.2p |
|
Earnings per share: |
Basic |
6 |
15.5p |
10.1p |
| 26.9p |
|
|
Diluted |
6 |
15.2p |
10.3p |
|
| 27.4p |
|
Adjusted earnings per share:* |
Basic |
6 |
15.8p |
10.3p |
| 27.1p |
|
|
Diluted |
6 |
15.5p |
10.5p |
|
| 13.40p |
|
Dividend per share |
|
5 |
4.43p |
4.10p |
|
| |
The results stated above relate to the continuing activities of the Group.
*Adjusted to exclude the capital allowance effects of FRS 19.
|
