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Turnover from continuing operations was £964.6 million (2001
restated: £1,040.1 million). The decline is primarily due to a reduction
of £35.7 million in advertising revenues.
Operating costs are under tight control. A stringent review last year
identified £45.0 million in annual savings in the second full year,
including Carlton’s share of savings in ITV. Delivery is well ahead of
target with savings of £54.2 million achieved by end-September.
Total continuing operating profit before amortisation and
exceptional items was maintained at £65.3 million (2001: £65.8
million). The total amortisation charge, including joint ventures, was
£17.6 million (2001: £17.4 million) and operating exceptional items
totalled £4.8 million (2001: charges £52.4 million).
Net interest charges were £12.0 million (2001: £35.6 million). The
fall is attributable to lower effective interest rates and lower net
interest bearing balances. Amounts written off investments were £8.2
million (2001: nil).
Profit on continuing operations before taxation was £32.3 million
(2001: loss of £39.6 million).
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