| Consolidated Profit
and Loss Account Year Ended 31 March 1999 |
| 1999 | 1999 | 1999 | 1999 | 1998* | 1998* | 1998* | |||
| Before Exceptional items | Argos acquisition |
Exceptional Items (note 5) |
Total |
Before Exceptional Items |
Exceptional Items (note 5) |
Total | |||
| Notes | £m | £m | £m | £m | £m | £m | £m | ||
| TURNOVER | 3,654.5 | 1,812.1 | 5,466.6 | 3.362.7 | 3,362.7 | ||||
| Cost of sales | 4 | (2,032.1) | (1,251.9) | 23.7 | (3,260.3) | (1,879.4) | 70.3 | (1,809.1) | |
| Gross profit | 1,622.4 | 560.2 | 23.7 | 2,206.3 | 1,483.3 | 70.3 | 1,553.6 | ||
| Net operating expenses(including amortisation of goodwill £72.6m(1998 Nil)) | 4 | (1,152.1) | (516.2) | (1,668.3) | (1,000.6) | (1,000.6) | |||
| Operating Profit | 470.3 | 44.0 | 23.7 | 538.0 | 482.7 | 70.3 | 553.0 | ||
Share of operating profit of BL Universal PLC |
31.9 | 31.9 | 41.3 | 41.3 | |||||
Share of operating profit of associated undertakings |
22.1 | 22.1 | 4.6 | 4.6 | |||||
| TRADING PROFIT | 524.3 | 44.0 | 23.7 | 592.0 | 528.6 | 70.3 | 598.9 | ||
| Net loss on termination of businesses | 5 | (14.3) | (14.3) | (1.7) | (1.7) | ||||
| PROFIT ON ORDINARY ACTIVITIES BEFORE INTEREST | 524.3 | 44.0 | 9.4 | 577.7 | 528.6 | 68.6 | 597.2 | ||
| Net interest(expense)/income | 6 | (127.3) | 26.5 | ||||||
| PROFIT BEFORE TAXATION | 7 | 450.4 | 623.7 | ||||||
| Tax on profit on ordinary activities | 8 | (127.4) | (188.4) | ||||||
| PROFIT AFTER TAXATION | 9 | 323.0 | 435.3 | ||||||
| Dividends on ordinary shares | 10 | (207.2) | (201.2) | ||||||
| RETAINED PROFIT FOR THE FINANCIAL YEAR | 115.8 | 234.1 | |||||||
| BASIC AND DILUTED EARNINGS PER SHARE | 11 | 32.1p | 43.3p | ||||||
| BASIC AND DILUTED EARNINGS PER SHARE BEFORE EXCEPTIONAL ITEMS AND AMORTISATION OF GOODWILL | 11 | 38.8p | 38.9p | ||||||
*restated - see note 1
Turnover and profit before taxation for both years derive from continuing operations.Turnover excludes the Group's share of the turnover of BL Universal PLC (joint venture) of £29.5m (1998 £31.2m).