contents
   
  GROUP PROFIT AND LOSS ACCOUNT
   
 
    First Half
2004		 First Half
2003

Full Year
2003
   
   
  Notes Continuing
£ million		 Discontinued
£ million
Total
£ million 		Restated*
£ million 		£ million
   
TURNOVER 3 270.5 - 270.5 197.0 481.5
Deduct:            
Share of joint venture turnover   (120.6) - (120.6) (35.0) (170.5)
Share of associate turnover   (10.2) - (10.2) (44.8) (62.5)
   
GROUP TURNOVER 3 139.7 - 139.7 117.2 248.5
Existing operations   139.7 - 139.7 114.7 212.6
Discontinued   - - - 2.5 35.9
Cost of sales   (120.0) 0.3 (119.7) (101.2) (211.7)
   
GROSS PROFIT   19.7 0.3 20.0 16.0 36.8
Operating and administrative expenses   (20.2) (0.6) (20.8) (20.7) (43.2)
Other operating income   - - - 0.9 0.9
   
GROUP OPERATING LOSS   (0.5) (0.3) (0.8) (3.8) (5.5)
Share of operating profit of:            
Joint ventures   7.5 - 7.5 7.8 14.3
Associate   2.0 - 2.0 0.9 3.7
   
OPERATING PROFIT/(LOSS) INCLUDING JOINT VENTURES AND ASSOCIATE   9.0 (0.3) 8.7 4.9 12.5
Existing operations   9.0 - 9.0 5.0 10.4
Discontinued   - (0.3) (0.3) (0.1) 2.1
Profit on disposal of, and amounts written off investments and other fixed assets 5 0.1 - 0.1 1.2 4.9
Profit on disposal of operations 5 - - - 1.5 4.9
   
PROFIT/(LOSS) ON ORDINARY ACTIVITIES BEFORE INTEREST 3 9.1 (0.3) 8.8 7.6 22.3
Interest receivable   42.4 0.4 42.8 38.6 84.5
Group   16.3 0.4 16.7 14.5 31.7
Joint ventures   26.1 - 26.1 24.1 52.7
Associate   - - - - 0.1
Interest and other finance costs payable   (38.5) - (38.5) (40.8) (85.6)
Group – refinancing costs   - - - - (2.0)
Group – other   (11.6) - (11.6) (13.2) (27.0)
Joint ventures   (25.7) - (25.7) (26.1) (53.7)
Associate   (1.2) - (1.2) (1.5) (2.9)
Net interest and other finance costs 7 3.9 0.4 4.3 (2.2) (1.1)
   
PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION 3 13.0 0.1 13.1 5.4 21.2
Taxation 6 (6.9) - (6.9) (7.1) (13.3)
   
PROFIT/(LOSS) ATTRIBUTABLE TO SHAREHOLDERS   6.1 0.1 6.2 (1.7) 7.9
   
Dividends on equity and non-equity shares 8     (3.3) (3.0) (7.8)
       
RETAINED PROFIT/(LOSS) FOR THE FINANCIAL PERIOD       2.9 (4.7) 0.1
       
Dividends per share       1.1p 1.0p 3.0p
Earnings/(losses) per share – basic 9     2.8p (1.6)p 3.1p
Earnings/(losses) per share – diluted 9     2.7p (1.6)p 3.0p
             
             
  * restated for changes in accounting policy, refer to note 2.
   
       
 

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  Copyright © 2004 John Laing plc