Consolidated revenue statement
for the year to 31 March 2004      
       
  Notes  2004 
£m 		 2003 
£m 
Interest receivable      
   Interest receivable and similar income arising from debt securities and other fixed income securities
   held as financial fixed asset investments		      
   Interest receivable on loan investments 5  84  96 
   Fixed rate dividends 5  8  17 
    92  113 
   Other interest receivable and similar income 6  33  34 
    125  147 
Interest payable 7  (51) (57)
Net interest income   74  90 
Dividend income from equity shares 8  94  106 
Share of net (losses) of joint ventures   (1) (1)
Fees receivable 9  43  46 
Other operating income   1  – 
Total operating income   211  241 
Administrative expenses and depreciation 10  (72) (64)
Cost of changes to organisational structure 13  –  (5)
Profit on ordinary activities before tax 14  139  172 
Tax on profit on ordinary activities 15  (29) (32)
Profit for the year   110  140 
Dividends      
   Interim 17  (31) (29)
   Final 17  (53) (52)
Profit retained for the year   26  59 
       
Earnings per share      
Basic (pence) 18  18.0p  22.9p 
Diluted (pence) 18  17.2p  22.9p 
There is no material difference between the reported revenue and the revenue on an unmodified historical cost basis.