Consolidated Profit and Loss Account

for the year ended 31 March 2005

		Note	2005	2004
			£m	£m
Gross rental income			619.9	565.6
Less share of joint ventures		13	(73.4)	(78.9)
Gross rental income – Group			546.5	486.7

Operating profit		2	462.3	421.8
Share of operating profits of joint ventures		13	67.7	67.5
Disposal of fixed assets – including amounts from joint ventures (note 13)		4	23.8	32.9
Profit on ordinary activities before interest			553.8	522.2

Net interest payable – including amounts from joint ventures (note 13)		5	(352.0)	(336.2)
Exceptional item		5	(180.0)
Profit on ordinary activities before taxation			21.8	186.0

Taxation credit (charge)		10	36.9	(14.5)
Profit on ordinary activities after taxation			58.7	171.5

Ordinary dividends		11	(83.9)	(70.8)
Retained (loss) profit for the year			(25.2)	100.7


Basic earnings per share	– Basic	6	11.5p	35.1p
	– Diluted	6	11.3p	34.5p

Adjusted earnings per share*	– Basic	6	39.7p	37.0p
	– Diluted	6	38.9p	36.3p

Dividend per share		11	15.7p	14.5p

The results stated above relate to the continuing activities of the Group.

^* Adjusted to exclude the capital allowance effects of FRS 19 and the post tax impact of the exceptional item disclosed in Note 5.