|
2003
£m |
2002 (3)
£m |
%
change |
| Turnover |
|
|
|
| - actual |
1,095.1 |
1,089.3 |
0.5% |
| - like-for-like (1) |
1,095.0 |
1,082.3 |
1.2% |
 |
| Group operating profit pre exceptional items(2) |
|
|
|
| - actual |
212.5 |
191.0 |
11.3% |
| - like-for-like(1) |
212.5 |
190.5 |
11.5% |
|
| Group operating profit post exceptional items (2) |
|
|
|
| - actual |
100.5 |
59.8 |
68.1% |
| - like-for-like(1) |
100.5 |
59.3 |
69.5% |
|
| Profit before tax pre exceptional items (2) |
172.5 |
155.5 |
10.9% |
| Profit before tax post exceptional items (2) |
60.6 |
26.2 |
131.3% |
|
|
% |
% |
|
| Operating margin pre exceptional items(1) (2) |
19.4 |
17.6 |
1.8% |
|
| Per share |
Pence |
Pence |
|
| Underlying earnings pre exceptional items |
41.1p |
37.1p |
10.8% |
| Exceptional items (2) |
(36.5)p |
(43.7)p |
16.5% |
| Basic earnings/(loss)post exceptional items |
4.6p |
(6.6)p |
169.7% |
| Proposed final dividend |
12.8p |
12.3p |
4.1% |
| Total dividend |
18.3p |
17.6p |
4.0% |
| Footnotes |
| (1) |
Turnover and operating profit adjusted to exclude the results of Post Publications Limited and Ethnic Media Group Limited which were disposed of in June 2002, Channel One which ceased trading in November 2002 and Wheatley Dyson & Son Limited which was disposed of in February 2003. During the 52 weeks ended 28 December 2003 these businesses achieved turnover of £0.1 million (2002: £7.0 million ) and operating profit of £nil (2002 : £0.5 million) |
| (2) |
Group operating exceptional items of £112.0 million (2002: £131.2 million) include a £100.0 million (2002: £125.0 million) impairment charge against the carrying value of the publishing rights and titles of the Regional titles in London and the South East (2002: Midlands). Total exceptional items before tax of £111.9 million (2002: £129.3 million), and after tax of £106.7 million (2002: £127.5 million), also include the net profit on the disposal of subsidiary undertakings, and, in 2002, the Group's share of associate's non operating exceptional items. |
| (3) |
Turnover has been restated to reflect Arrow Interactive revenues net of commissions payable to third parties. This change in accounting policy has no impact on the Group operating profit for 2003 or 2002 |
Within the following review of operations, all figures are presented on a like-for-like(1) pre exceptional items(2) basis unless otherwise specified. Turnover has been restated to reflect Arrow Interactive revenues net of commissions payable to third parties. This change in accounting policy has no impact on the Group or total operating profit in 2002 and 2003. |
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