Earnings (loss) per share

The basic earnings per share of 31.2 pence per share for the 2003 financial year compares with 12.0 pence for the 2002 financial year and loss of 25.7 pence for the 2001 financial year. These results include those of the group’s discontinued activities up to the date of demerger or sale, as well as significant exceptional items and goodwill amortisation. The following table illustrates the impact of these factors on the basic earnings per share for the past three financial years:

	2003		2002		2001
	pence		pence		pence
Earnings per share from
continuing activities before
goodwill amortisation and
exceptional items	14.2		8.8		19.3
Exceptional items and goodwill
amortisation from continuing
activities	17.0		(43.6	)	1.4
Earnings (loss) per share from
continuing activities	31.2		(34.8	)	20.7
Earnings (loss) per share from
discontinued activities	–		46.8		(46.4	)
Total earnings (loss) per share	31.2		12.0		(25.7	)

Basic earnings per share before goodwill amortisation and exceptional items, from BT’s continuing activities of 14.2 pence for the 2003 financial year compares with an equivalent of 8.8 pence and 19.3 pence for the 2002 and 2001 financial years, respectively.

Diluted earnings per share are not materially different in all three years.

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