Revenue profit
A reconciliation between profit before tax and revenue profit is shown in Table 3 below:
Table 3: Reconciliation of profit before tax to revenue profit
| Six months ended 30 September 2007 £m | Six months ended 30 September 2006 £m | |
| Revenue profit | 172.8 | 193.1 |
| Profit before tax | 375.2 | 1,178.2 |
| Valuation (surplus) / deficit – Group | (145.5) | (896.7) |
| Valuation (surplus) / deficit – joint ventures | 23.5 | (65.7) |
| (Profits) / losses on non-current property disposals – Group | (79.0) | (33.6) |
| Non-current property disposals – joint ventures | 7.3 | – |
| Profit on disposal of PPP projects (Meterfit) | (10.0) | – |
| Mark-to-market adjustment on interest rate swaps | 4.2 | (6.2) |
| Eliminate effect of bond exchange de-recognition | 2.3 | 8.6 |
| Debt restructuring charges | 1.0 | 6.3 |
| Joint venture tax adjustment | 3.0 | 20.4 |
| Profit on sale of trading properties – Group | – | (8.8) |
| Profit on sale of trading properties – joint ventures | (8.2) | – |
| Long-term development contract profits | (1.0) | (9.4) |
© 2007 Land Securities Group