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Consolidated profit and loss account
For year ended 31 December 2004
| |
Notes |
Before
exceptional
items, goodwill
amortisation
& impairment
£m
|
Exceptional
items
£m
|
Goodwill
amortisation
& impairment
£m
|
2004
Total
£m
|
2004
Total
£m
|
| Turnover |
3 |
|
|
|
|
|
| Existing operations |
|
180.1 |
|
|
180.1 |
170.4 |
| Acquisitions |
|
5.3 |
|
|
5.3 |
- |
| Continuing operations |
|
185.4 |
|
|
185.4 |
170.4 |
| Discontinued operations |
|
- |
|
|
- |
22.4 |
| |
|
185.4 |
|
|
185.4 |
192.8 |
| Cost of sales |
4 |
(108.9) |
|
|
(108.9) |
(111.4) |
| Gross profit |
|
76.5 |
|
|
76.5 |
81.4 |
| Net operating expenses |
4/5 |
(58.7) |
(2.1) |
(1.8) |
(62.6) |
(68.9)(1) |
| Operating profit |
3/6 |
|
|
|
|
|
| Existing operations |
|
17.1 |
(2.1) |
(1.8) |
13.2 |
12.5 |
| Acquisitions |
|
0.7 |
|
|
0.7 |
- |
| Continuing operations |
|
17.8 |
(2.1) |
(1.8) |
13.9 |
12.5 |
| Loss on disposal of discontinued operation |
|
|
|
|
- |
(3.0) |
| Profit on ordinary activities before interest |
|
17.8 |
(2.1) |
(1.8) |
13.9 |
9.5 |
| Net interest payable |
23 |
(1.6) |
|
|
(1.6) |
(1.7) |
| Profit on ordinary activities before tax |
|
16.2 |
(2.1) |
(1.8) |
12.3 |
7.8 |
| Tax on profit on ordinary activities |
9 |
(6.8) |
0.9 |
|
(5.9) |
(2.3)(2) |
| Profit on ordinary activities after tax and for the financial year |
|
9.4 |
(1.2) |
(1.8) |
6.4 |
5.5 |
| Dividends |
10 |
|
|
|
(6.1) |
(9.3) |
| Retained profit/(loss) for the yeartransferred to reserves |
22 |
|
|
|
0.3 |
(3.8) |
| Basic earnings per share |
11 |
|
|
|
15.6p |
13.6p |
| Diluted earnings per share |
11 |
|
|
|
15.5p |
13.5p |
| Adjusted basic earnings per share(3) |
11 |
|
|
|
22.9p |
23.9p |
(1)Net operating expenses in the year ended 31 December 2003 included £1.0 million of exceptional restructuring costs relating to the closure of Radamec
Broadcast Systems’ manufacturing facility at Chertsey, UK, £0.9 million of exceptional costs relating to the unsuccessful acquisition of EVS Broadcast
Systems, and £3.4 million of goodwill amortisation & impairment. No related tax credit was recognised on these costs
(2)Includes a tax credit of £4.1 million in respect of the loss on sale of discontinued operation.
(3)Adjusted basic earnings per share is presented as the Directors consider that this gives valuable additional information about the ongoing earnings
performance of the Group.
There is no material difference between the Group’s profit and loss account and the historical cost profit and loss account. Accordingly, no note of the
historical cost profit and loss for the period has been presented.
Information correct at 13/04/05