Highlights

Underlying profit before tax graph
Adjusted net asset value per share graph
Interim dividend per share graph

Underlying profit before tax up 42% to £102 million for the
six month period

Adjusted net asset value* per share increased 11.3% to 1256 pence

Interim dividend up 8.3% to 5.2 pence per share

Net rental income+ increased by 30% to £351 million for the
six month period

Underlying earnings per share* up 32% to 15.4 pence
(up 48% on restated# basis); unadjusted diluted earnings per share 118.3 pence, up 65%

Properties owned and managed up 32% to £18.3 billion

Total return for the six months 12.3%


  • † Note 2
  • * adjusted, diluted - Notes 8, 19
  • + includes share of Funds and Joint Ventures - Table A
  • # Note 8
  • ‡ 2001, 2002 and 2003 are as reported under UK GAAP
    and have not been restated under IFRS