Financial highlights
Ø EBITDA before exceptional items of £292 million (2015: £296 million), in line with expectations and reflecting the impact of planned disposals
Ø Profit before tax and exceptional items of £122 million (2015: £122 million) as interest savings from reduced debt offset reduction in EBITDA*
Ø Profit after tax of £71 million (2015: £65 million loss), primarily due to lower exceptional refinancing costs and lower property charges arising from the annual estate valuation. This year's estate valuation increased by 0.1% (2015: down 2.7%)
Ø Adjusted earnings per share up to 19.6p (2015: 19.4p)
Ø Strong cash generation enables further net debt reduction, to £2.2 billion (2015: £2.3 billion)
Ø Smoother and extended debt maturity profile achieved through the partial refinancing of the 2018 corporate bonds, completed on 4 November, and a new revolving bank facility in place to 2020
