News Releases issued to the Stock Exchange
1 May 2001

Interim results for the six months to 28 Febuary 2001

Highlights Group Cash Flow Information
Key Achievements/ Performance Indicators Notes 1 - 7, Notes 8 - 12
Review Review Report (Auditors)
Group Profit & Loss Account Investor Information
Group Balance Sheet City Presentation

GROUP PROFIT & LOSS ACCOUNT
6 months to 28 February 2001

 

6 Months to 28 February 2001
  Year to
31 August 2000
Total
£m		                             Note

Before
goodwill and
exceptional
items
£m
 Goodwill and
exceptional
items
£m
Total
£m

 6 Months to
29 February 2000
Total
£m
           
2,602   Continuing operations     1,457 - 1,457 1,284
18   Discontinued operations     - - - 18
                 
                 
2,620   Turnover   2 1,457 - 1,457 1,302
                 
  Operating costs
 
         
(3)     - goodwill amortisation 
  -  (4) (4) -
(2,197)      - other     (1,187)   (6)  (1,193)   (1,062)
416   Continuing operations     270 (10) 260 236
4   Discontinued operations     - - - 4
                 
                 
420   Operating profit     270 (10) 260 240
    Share of profits of associated undertakings            
14   - continuing operations     7 - 7 4
9   - discontinued operations     - - - 6
                 
                 
443   Trading profit   2 277 (10) 267 250
13   Profit on sale of businesses in discontinued operations     - - - -
46   Profit on disposal of fixed assets in continuing operations     - - - 19
                 

 

 

                
502   Profit on ordinary activities before finance charges     277 (10) 267 269
(83)   Finance charges     (41) - (41) (42)
                 
                 
419 * Profit on ordinary activities before taxation     236 (10) 226 227*
(93)   Taxation on profit on ordinary activities    6 (60) 1 (59) (54)
                 
                 
326   Profit on ordinary activities after taxation     176 (9) 167 173
(9)   Minority interests - equity and non-equity     (6) - (6) (2)
                 
                 
317   Profit earned for ordinary shareholders for the period   4 170 (9) 161 171
                 
(116)   Ordinary dividends   11     (47) (42)
                 
                 
201   Retained profit         114 129
                 
                 
    Earnings per ordinary share:            
29.9p   - basic         15.2p 16.1p
29.9p   - diluted         15.2p 16.1p
    - normalised (before goodwill and exceptional items            
27.4p   and excluding discontinued operations)   4 16.1p     14.0p
                 

The above figures comprise the unaudited results for the six months ended 28 February 2001 and 29 February 2000 and the audited results for the year to 31 August 2000.

* For the year to 31 August 2000 and the six months to 29 February 2000, continuing profit on ordinary activities before taxation, goodwill and exceptional items was £404m and £204m respectively.