> SIGNIFICANT PROFIT GROWTH WITH
£13.7 MILLION PROFIT BEFORE TAXATION (2003 – 10.5 MILLION)
   
> £440 MILLION MINISTRY OF DEFENCE MAIN BUILDING PROJECT COMPLETE AND IN SERVICE EARLY
   
> PRACTICAL COMPLETION AND ON-TIME HANDOVER ACHIEVED ON TIME FOR 17 PUBLIC SECTOR FACILITIES
   
> FIVE LIFT BUNDLED PRIMARY CARE SCHEMES, TWO HOSPITALS AND ONE COURTS PROJECT REACH FINANCIAL CLOSE
   
> NEW PREFERRED BIDDER POSITIONS TO DELIVER £900 MILLION OF CAPITAL INVESTMENT
   
> EQUION FACILITIES MANAGEMENT (‘EQUION FM’) DELIVERING SUPPORT SERVICES TO 31 SITES
 
> CONSTRUCTION ON FIVE PROJECTS PROGRESSED TO PLAN, WITH E39 NORWAY TO OPEN IN MID-2005
   
> ENTERED INTO AN AGREEMENT TO PURCHASE A 30% SHAREHOLDING IN GDANSK TRANSPORT COMPANY RESULTING IN PREFERRED BIDDER STATUS FOR THE EURO 700 MILLION A1 ROAD PROJECT IN POLAND
   
> BIDDING PROGRAMME FOR FURTHER PROJECTS EXTENDED TO INCLUDE NORWAY, FINLAND, HUNGARY, AUSTRIA, GERMANY AND IRELAND
   
> PURCHASE AND SUBSEQUENT SALE OF 50% M40 ROAD PROJECT INTEREST FOR £6.4 MILLION NET PROFIT
   
> SUCCESSFUL REFINANCING OF A130 SECURES PROJECT VALUE
   
> FINANCIAL CLOSE REACHED ON TWO FURTHER INVESTMENTS
 
> REVENUE GROWTH ON CHILTERN 13% (2003 – 9%)
   
> 91.8% OF CHILTERN TRAINS ON TIME
(2003 – 90.7%)
   
> £100 MILLION + OF FRANCHISE INVESTMENTS REACH CLOSE, INCLUDING A NEW DEPOT AT WEMBLEY AND TWO NEW PLATFORMS AT MARYLEBONE
   
> LAING RAIL PROJECTS ACHIEVES BREAKEVEN IN FIRST FULL YEAR
   
> DISPOSAL OF INTEREST IN AYLESBURY DEVELOPMENT SITE FOR £2.9 MILLION
NET PROFIT
   
> EVERGREEN 2 REACHES FINANCIAL CLOSE, PIONEERING DBFT ON UK RAIL
         
 
 
FINANCIAL HIGHLIGHTS   BUSINESS HIGHLIGHTS
 
  2004
£ million		  

2003
£ million
Turnover (including joint ventures and associate)* 480.7   481.5
Profit before taxation* 25.1   21.2
Shareholders’ funds 80.3   114.0
Net cash/(borrowings) – recourse 60.2   86.8
Net cash/(borrowings) – non-recourse (373.0)   (295.0)
Earnings per share 4.9p   3.1p
Dividends per share 3.3p   3.0p
* see sector analysis, note 1
 
> INCREASED GROUP PROFIT BEFORE TAX OF £25.1 MILLION (2003 – £21.2 MILLION)
   
> 43% UPLIFT IN PROFIT BEFORE TAX FROM CORE OPERATIONS AFTER SUPPORTING 31% INCREASE IN BUSINESS DEVELOPMENT AND ASSET MANAGEMENT COSTS
   
> PORTFOLIO OF 42 LONG-TERM CONCESSIONS AT 31 DECEMBER 2004 (2003 – 33) WITH 24 FULLY OPERATIONAL
   
> 18% GROWTH IN PORTFOLIO VALUATION TO £301.2 MILLION
   
> 69% OF VALUE EMBEDDED IN CONCESSIONS WITH MORE THAN 20 YEARS TO RUN
 
> AT 21 MARCH 2005 STRONG PIPELINE WITH FUTURE EQUITY OPPORTUNITY ESTIMATED AT £137 MILLION (2003 – £98 MILLION)*
 
* equity required for 10 preferred bidder projects and 40% of equity required for projects in competition at short-list stage.
     
 
 
       
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