CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2016
| 2016 £000s |
2015 £000s |
|
|---|---|---|
| Turnover: Group and share of joint ventures and associates Less share of turnover of joint ventures and associates |
1,531,910 (90,301) |
1,272,497 (65,627) |
| Group turnover Cost of sales |
1,441,609 (1,296,844) |
1,206,870 (1,087,147) |
| Gross profit Administrative expenses Net surplus on revaluation of investment properties Profit on sale of investment in joint venture |
144,765 (125,447) 5 - |
119,723 (104,801) 2,299 1,253 |
| Group operating profit Share of post-tax profit from joint ventures and associates |
19,323 11,589 |
18,474 6,781 |
| Total operating profit: Group and share of joint ventures and associates | 30,912 | 25,255 |
| Analysed between: Total operating profit before interest and tax Net interest payable – joint ventures and associates Taxation – joint ventures and associates |
37,301 (3,782) (2,607) |
31,481 (4,012) (2,214) |
| Net interest receivable | 1,952 | 2,832 |
| Profit before taxation | 32,864 | 28,087 |
| Analysed between: Profit before taxation and before taxation of joint ventures and associates Taxation – joint ventures and associates |
35,471 (2,607) |
30,301 (2,214) |
| Taxation on profit | (5,664) | (5,222) |
| Profit for the financial year | 27,200 | 22,865 |
The above results have been derived from continuing operations.
The financial information set out in pages 32 to 33 of this Annual Review does not constitute the Company’s statutory accounts for the years ended 31 December 2016 or 2015, but is derived from those accounts. Statutory accounts for 2015 and 2016 have been delivered to the Registrar of Companies. The auditors have reported on those accounts: their reports were unqualified, did not draw attention to any matters by way of emphasis and did not contain statements under section 498(2) or (3) of the Companies Act 2006.