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3 Operating Profit
2004 £m |
2003 Restated £m |
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|---|---|---|---|
Gross rental income |
486.7 |
449.4 |
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Rents payable |
(3.7) |
(2.1) |
|
Other property outgoings |
(32.7) |
(28.7) |
|
Net rental income |
450.3 |
418.6 |
|
Profit on property trading
(see below) |
6.0 |
0.6 |
|
Other income |
6.2 |
4.2 |
|
Administrative expenses |
(40.7) |
(41.4) |
|
Operating profit |
421.8 |
382.0 |
|
Profit on property trading |
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Sale proceeds |
11.0 |
2.1 |
|
Cost of sales |
(5.0) |
(1.5) |
|
Profit on property trading |
6.0 |
0.6 |
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Turnover |
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Rental income and profits are derived from the Group’s continuing operations, which are predominantly in the United Kingdom. |
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The Group has only one significant class of business. |
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In arriving at the operating profit the following items
have been included: |
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Defined Benefit Pension: |
Current service cost |
2.1 |
1.4 |
Past service cost |
0.3 |
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Amortisation and depreciation |
(0.9) |
0.6 |
|
Auditors’ remuneration* |
0.9 |
0.8 |
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Auditors’ remuneration
for other services† |
2.4 |
2.5 |
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* Auditors’ remuneration comprised: Deloitte £0.6m (2003: £0.6m);
other auditors £0.3m (2003: £0.2m). Audit fees in relation to the
company were £0.4m (2003: £0.4m).
† Payments to Deloitte for further assurance services £0.4m (2003: £0.2m). Payment to Deloitte for taxation services £1.1m (2003: £0.8m). Payments to other auditors: IT related services £nil (2003: £0.4m) and taxation services £0.9m (2003: £1.1m).
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