| |
2005
Pence |
2004
Pence |
| Basic earnings per share |
37.3 |
25.9 |
| Restructuring costs |
4.2 |
8.2 |
| Amortisation of brand intangibles |
0.3 |
0.3 |
| Non-trading items |
(0.8) |
(0.9) |
| IAS 39 adjustment – fair value accounting |
(1.1) |
n/a |
| Tax effect on the above |
(0.9) |
(2.8) |
| Recognition of UK deferred tax |
(5.1) |
n/a |
| Underlying earnings per share |
33.9 |
30.7 |
Basic earnings per share increased by 44% or 11.4 pence
principally reflecting the increased Underlying Profit from
Operations, reduced Restructuring costs and the recognition of
a deferred tax asset in the UK for the first time.
Underlying Earnings per Share (earnings before Restructuring
costs, Non-trading items, Brand intangibles amortisation and
the IAS 39 adjustment) increased by 3.2 pence (10%) to
33.9 pence in reported currency. The absence of a 53rd week
in 2005 resulted in an estimated reduction of 0.2p or 1%.
Acquisitions, net of disposals, contributed to full year earnings
per share by 0.6p (2%). Movements in exchange rates
contributed a further 0.6 pence. At constant currency and after
excluding the impact of the 53rd week in 2004, the base
business grew underlying earnings per share by 9% or 2.2 pence.
