|
|
|
|
 |
| back
to Financial review >> |
|
Group operating profit for the 2001
financial year of £61 million was £3,537 million lower than in the
previous year, principally due to the £3,000 million goodwill impairment
charge. The profit for the 2000 financial year was £218 million
lower than in the 1999 financial year. Before goodwill amortisation
and the exceptional items described above, group operating profit
in the 2001 financial year was 13.3% lower than in the 2000 financial
year. This, in turn, was 2.2% lower than that in the 1999 financial
year. The reduction in profit in the 2001 financial year was caused
by reduced call prices, increased lower margin wholesale business
with other operators, the losses of £298 million incurred by our
newly-acquired businesses and higher redundancy costs. The reduction
in profit in the 2000 financial year was also caused by reduced
call prices and increased lower margin wholesale business with other
operators, as well as the cost of developing new products and areas
of business and increased expenditure on improving the quality of
service to our customers. We expect the factors experienced in the
2001 financial year to continue. |
|
|
|
Back to top
|
|
|
|
