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Half Yearly Report 2008
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(Loss) / earnings per share

The basic loss per share was 375.10p, compared to earnings per share of 76.43p in the comparative period, the change being predominantly due to the revaluation deficit on the investment property portfolio (407.65p per share).

In the same way that we adjust profit before tax to remove capital and one-off items to give revenue profit, we also report an adjusted earnings per share figure, for which the calculation is set out in note 7 to the financial statements. Adjusted diluted earnings per share increased from 36.46p per share for the six months ended 30 September 2007 to 41.83p per share in the current period, a 14.7% increase. The increase in adjusted earnings per share is largely attributable to the lower interest costs on Trillium’s PPP business following the disposal of the majority of its PPP investments to the Trillium Investment Partners fund.