6 months to
30 September
2003

(unaudited)
£m
6 months to
30 September
2002
(pro forma)*
(unaudited)
£m
6 months to
30 September
2002

(unaudited)
£m
12 months to
31 March
2003

(audited)
£m
Interest receivable on loan investments
43
48
48
96
Fixed rate dividends
4
10
10
17
Other interest receivable and similar income
17
17
17
34
Interest payable
(27)
(28)
(52)
(57)
Net interest income
37
47
23
90
Dividend income from equity shares
45
50
50
106
Share of net losses of joint ventures
–
(1)
(1)
(1)
Fees receivable
21
23
28
46
Other operating income
–
1
1
–
Total operating income
103
120
101
241
Administrative expenses and depreciation
(30)
(33)
(53)
(64)
Cost of changes to organisational structure
–
–
–
(5)
Profit on ordinary activities before tax
73
87
48
172
Tax on profit on ordinary activities
(9)
(14)
(1)
(32)
Profit for the period
64
73
47
140
Dividends
  Interim (5.1p per share proposed, 2003: 4.9p per share paid)
(31)
(29)
(29)
(29)
  Final (2003: 8.6p per share paid)
(52)
Profit retained for the period 33   44 18 59
           
Dividends per share (pence) 5.1p   4.9p 4.9p 13.5p
           
Earnings per share          
Basic (pence) 10.5p   12.0p 7.7p 22.9p
Diluted (pence) 10.2p   11.9p 7.7p 22.9p

*In the year to 31 March 2003, the Group adopted the recommendations in the revised Statement of Recommended Practice – Financial Statements of Investment Trust Companies, and revised the method of allocation of expenses between revenue and capital. To aid comparability, the comparatives to 30 September 2002 have been restated to reflect these changes and are included as a “pro forma” above. These changes are explained in more detail in the Basis of preparation.