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The
group’s profit before taxation for the 2003 financial
year was £3,157 million, compared with a profit
of £1,461 million in the 2002 financial year and
a loss of £1,031 million in the 2001 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 loss in the 2001 financial
year was principally due to the £3,200 million
exceptional goodwill impairment charges.
The
group’s profit before taxation from continuing
activities before goodwill amortisation and exceptional
items for the 2003 financial year was £1,829 million,
compared with £1,273 million in the 2002 financial
year and £1,763 million in the 2001 financial
year. The significantly higher underlying profit 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 and 2001 financial years amounted to £3,954
million and a loss of £2,968 million, respectively.
The 2002 financial year included gains on disposals
from discontinued activities of £4,368 million.
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