Five year summary

	Notes	31.3.07 £m	31.3.06 £m	31.3.05 £m	31.3.04 £m	31.3.03 £m
Net rental income		14.8	16.5	20.4	23.0	25.6
Trading profits		2.1	13.4	5.8	1.0	0.3
Development profits		13.6	4.6	12.7	–	4.6
Share of results of joint ventures		6.2	0.4	2.7	1.6	1.5
Adjusted profits before tax	1	19.5	13.6	20.5	11.7	16.7
Gain/(loss) on revaluation of investment property		33.2	35.7	30.1	24.2	(13.4)
Gain on sale of investment properties		7.4	7.8	14.1	2.0	2.1
Pre-tax profits		60.1	57.1	64.7	13.7	25.2
Return of cash/special dividend		-	2.4	97.2	–	–
Investment portfolio		316.0	294.6	271.3	334.9	342.5
Shareholders’ funds		282.2	230.1	182.5	234.9	226.9
		Pence	Pence	Pence	Pence	Pence
Dividend per ordinary share	4	4.05	3.65	3.32	3.32	3.00
Diluted earnings per share	4	53.7	51.8	53.7	7.9	11.8
Diluted EPRA earnings per share	1/4	16.6	12.2	14.1	x	x
Diluted EPRA net asset value per share	2/4	374	309	238	182	155
Diluted EPRA triple net asset value per share	3/4	346	284	219	161	141

1. Excludes gains on sale and revaluation of investment properties and loss on sale of subsidiary.
2. After adding back additional deferred taxation arising on investment properties and the fair value of financial instruments.
3. As in 2 above but after deducting the deferred taxation on the investment portfolio.
4. Comparative figures have been adjusted for the 5 for 1 share split on 1 September 2005.
5. The 2005, 2006 and 2007 figures are reported under International Financial Reporting Standards and the 2003 and 2004 figures are reported under UK GAAP

Ten year review

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