FINANCIAL RESULTS BT's results reflect continuing growth in demand across many markets. The performance both of mobile communications and local call volumes in the UK for Internet traffic was particularly strong. Total turnover increased by 13.6 per cent to £18,223 million in the year, including our proportionate share of our ongoing ventures' revenues. Pre-tax profit at £4,295 million included a gain of £1,133 million on the sale of BT's shares in MCI. Excluding this gain and other exceptional items, pre-tax profit grew by 9.4 per cent in 1998/99. UK local and national call volumes grew by nine per cent. Mobile communications turnover was up by 29 per cent, stimulated by BT Cellnet's pre-paid packages and lower prices. Syntegra and Syncordia, our systems integration and outsourcing businesses, performed well, and our advanced services turnover was significantly higher than in 1997/98. Demand for second lines in homes, and ISDN channels for businesses, contributed to the growth in turnover. Our share of our ongoing ventures' turnover grew to £1,270 million in the year, predominately in mainland Europe and Asia Pacific. Our share of their operating losses increased to £342 million, which is as expected whilst they develop their networks, products and services to compete in their recently-liberalised markets.