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Total
operating profit from continuing activities before goodwill amortisation
and exceptional items for the 2004 financial year of £2,884
million was 3% lower than in the 2003 financial year which in
turn was 12% higher than the previous financial year. The movement
in the underlying total operating profit was due to the factors
explained above.
Total
operating profit for the 2004 financial year was £2,839
million, including BT’s share of the operating results of
its associates and joint ventures. This compared to £2,901
million for the 2003 financial year and a loss of £1,860
million for the 2002 financial year. The reduction in total operating
profit in the 2004 financial year reflects the reduction in group
turnover and associates’ and joint ventures’ profits
offset by cost efficiency savings, the strong performance of BT
Global Services and lower leaver costs. The improved performance
in the 2003 financial year reflects the group’s exit from
certain loss making activities and the lower level of goodwill
amortisation and exceptional items.
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