Consolidated Profit and Loss Account
for the six months ended 30 September 2004
| Year ended 31 March 2004 Audited £m |
|
Note |
2004 Unaudited £m |
2003 Unaudited Restated † £m |
|
|---|---|---|---|---|---|
| 565.6 | Gross rental income | 288.0 | 270.6 | ||
| (78.9) | Less share of joint ventures | 8 | (35.9) | (44.0) | |
| 486.7 | Gross rental income - Group | 252.1 | 226.6 | ||
| 450.3 | Net rental income | 231.9 | 209.4 | ||
| 6.0 | Profit on property trading | 0.6 | 6.0 | ||
| 6.2 | Other income | 3.2 | 1.6 | ||
| (40.7) | Administrative expenses | (22.4) | (21.2) | ||
| 421.8 | Operating profit | 213.3 | 195.8 | ||
| 67.5 | Share of operating profits of joint ventures | 8 | 33.8 | 39.1 | |
| 32.9 | Disposal of fixed assets - including amounts from joint ventures (note 8) | 3 | 4.7 | 15.9 | |
| 522.2 | Profit on ordinary activities before interest | 251.8 | 250.8 | ||
| (336.2) | Net interest payable - including amounts from joint ventures (note 8) | 2 | (171.7) | (163.9) | |
| 186.0 | Profit on ordinary activities before taxation | 80.1 | 86.9 | ||
| (14.5) | Taxation | 4 | (14.0) | (11.4) | |
| 171.5 | Profit on ordinary activities after taxation | 66.1 | 75.5 | ||
| (70.8) | Ordinary dividends | 5 | (27.4) | (21.6) | |
| 100.7 | Retained profit for the period | 38.7 | 53.9 | ||
| 35.1p | Earnings per share: | Basic | 6 | 13.2p | 15.5p |
| 34.5p | Diluted | 6 | 12.7p | 15.2p | |
| 37.0p | Adjusted earnings per share:* | Basic | 6 | 13.3p | 15.8p |
| 36.3p | Diluted | 6 | 12.9p | 15.4p | |
| 14.50p | Dividend per share | 5 | 4.80p | 4.43p | |
- The results stated above relate to the continuing activities of the Group.
- * Adjusted to exclude the capital allowance effects of FRS 19
- † Restated as set out in note 1
