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Half Yearly Report 2008
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Financial review

Headline results

The Group’s loss before tax was £1,737.2m, compared to a profit of £365.2m for the six months to 30 September 2007.  The loss before tax includes the revaluation deficit on our investment properties of £1,769.1m (six months to 30 September 2007: £122.0m surplus).  Revenue profit, our measure of underlying profit before tax, increased by 13.3% from £172.8m to £195.8m. Earnings per share decreased from 76.43p last year to a loss per share of 375.10p, with adjusted diluted earnings per share showing a 14.7% increase on the comparable period to 41.83p (six months to 30 September 2007: 36.46p).


The combined investment portfolio, which excludes Trillium, decreased in value from £13.6bn to £12.1bn on the back of a valuation deficit of £1,723.1m or 12.7%.  Net assets per share decreased by 19.7% to 1660p from 2067p, with adjusted diluted net assets per share decreasing by 20.7% to 1552p (31 March 2008: 1956p).