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Note 18 - Earnings and net assets per share
       
    2004   2003 
Revenue profit for the year   £110m  £140m 
Weighted average number of shares - basic 612m  610m 
  - diluted 642m  611m 
Earnings per share - basic 18.0p  22.9p 
- diluted 17.2p  22.9p 
       
Net assets   £3,395m  £2,936m 
Number of shares - basic 613m  611m 
  - diluted 614m  611m 
Net asset value per share - basic 554p  481p 
  - diluted 553p  480p 
The difference between the basic and diluted weighted average number of shares used in the calculation of earnings per share and total return per share is the dilutive effect of the convertible bonds and share options.
The difference between the basic and diluted number of shares used in the calculation of net asset value per share is the dilutive effect of share options.