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The group’s
profit before taxation for the 2004 financial year was £1,948
million, compared with a profit of £3,157 million in the 2003
financial year and a profit of £1,461 million in the 2002
financial year. The profit in the 2003 financial year included the
exceptional profits from the sale of investments and businesses
totalling £1,691 million. The profit in the 2002 financial
year included net exceptional gains of £753 million.
The
group’s profit before taxation from continuing activities before
goodwill amortisation and exceptional items for the 2004 financial
year was £2,016 million, compared with £1,829 million
in the 2003 financial year and £1,273 million in the 2002
financial year. The improvement in the 2004 underlying profit was
due to cost efficiency savings, the strong performance of BT Global
Services, lower leaver costs and lower interest charges explained
above. The improvement in the 2003 financial year was principally
due to the exit from loss making businesses, improved operating
profits and lower interest charges explained above.
The
profit before taxation from discontinued activities in the 2002
financial year amounted to £3,954 million. The 2002 financial
year included gains on disposals from discontinued activities of
£4,368 million. |
