News Releases issued to the Stock Exchange
04 May 2000

Interim results for the six months to 29 February 2000

Highlights Group Balance Sheet
Key Performance Indicators Group Cash Flow Statement
Key Initiatives Review Report (Auditors)
Review Notes 1 - 7, Notes 8 - 15
Financial Information Further Information
Group Profit & Loss Account City Presentation

Group Profit & Loss Account
6 months to 29 February 2000
Year to     6 Months to 29 February 2000 6 Months
31 August     Before     to 28 February
1999     exceptional Exceptional   1999
Total     items items Total Total
£m   Note £m £m £m £m
             
2,408 Continuing operations   1,284 - 1,284 1,238
1,695 Discontinued operations   18 - 18 912
             
4,103 Group turnover and share of turnover of joint venture 3 1,302 - 1,302 2,150
(624) Less: share of turnover of joint venture - discontinued operation   - - - (332)
             
3,479 Turnover   1,302 - 1,302 1,828
             
(3,073) Operating costs   (1,056) (6) (1,062) (1,588)
             
200 Continuing operations   242 (6) 236 130
206 Discontinued operations   4 - 4 110
             
406 Operating profit   246 (6) 240 240
(7)- Share of profits of joint venture undertakings
  -discontinued operation		   - - - (4)
10 Share of profits of associated undertakings
- continuing operation		   4 - 4 2
9 Share of profits of associated undertakings
- discontinuing operation		   6 - 6 6
             
418 Trading profit 3 256 (6) 250 244
  Profit/(loss) on sale of businesses in continuing and          
179 discontinued operations   - - - 176
(12) Profit/loss on disposal of fixed assets in continuing and discontinuing operations   - 19 19 (2)
             
585 Profit on ordinary activities before finance charges   256 13 269 418
(364) Finance charges   (42) - (42) (88)
             
221* Profit on ordinary activities before taxation   214 13 227 330*
(139) Taxation on profit on ordinary activities   (56) 2 (54) (61)
             
82 Profit on ordinary activities after taxation   158 15 173 269
(6) Minority interests   (2) - (2) (3)
             
76 Profit earned for ordinary shareholders for the period 5 156 15 171 266
             
(157) Ordinary dividends 14     (42) (157)
             
(81) Retained profit/(loss)       129 109
             
7.3p Earnings per ordinary share:
              basic and diluted		       16.1p 25.4p
25.1p               proforma normalised 5 14.4p     12.6p

The above figures comprise the unaudited results for the six months ended 29 February 2000 and 28 February 1999 and the audited results for the year to 31 August 1999. The proforma normalised earnings per ordinary share figure for the year 31 August 1999 is unaudited.

* For the year to 31 August 1999 and the six months ended 28 February 1999, profit on ordinary activities before taxation and exceptional items was £579m and £292m respectively.