Results before specific items
In our income statement and segmental
analysis we separately identify specific items and present our results
both before and after these items. This is consistent with the way that
financial performance is measured by management and assists in providing
a meaningful analysis of the trading results of the group. The directors
believe that presentation of the group’s results in this way is
relevant to an understanding of the group’s financial performance
as specific items are significant one-off or unusual in nature and have
little predictive value. Items that we consider to be significant one-off
or unusual in nature include disposals of businesses and investments,
business restructuring costs, asset impairment charges and property
rationalisation programmes. An analysis of specific items recorded in
all years presented is included in this Financial review. A reconciliation
of operating profit to operating profit before specific items and EBITDA
before specific items, both for the group and each line of business,
is included in this Financial review.
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