Financial Performance
The operating results for discontinued operations for the years ended 31 March 2009, 2008 and 2007 were as follows:
| Years ended 31 March | |||
|---|---|---|---|
| Discontinued operations | 2009 £m |
2008 £m |
2007 £m |
| Revenue | 97 | 201 | 383 |
| Operating costs excluding exceptional items and remeasurements | (84) | (166) | (266) |
| Adjusted operating profit | 13 | 35 | 117 |
| Exceptional items and remeasurements | – | – | (55) |
| Operating profit | 13 | 35 | 62 |
| Net finance income before remeasurements | – | – | (2) |
| Remeasurement finance income | – | 8 | 37 |
| Profit before tax | 13 | 43 | 97 |
| Taxation | (4) | (7) | (11) |
| Profit after tax | 9 | 36 | 86 |
| Gains on disposal of operations | 27 | 1,586 | – |
| Taxation on gains | (11) | (4) | – |
| Total profit for the year | 25 | 1,618 | 86 |
In 2008/09, revenue, operating costs and operating profit decreased compared with 2007/08 primarily due to a five month contribution of Basslink in 2007/08 prior to its disposal on 31 August 2008. The £27 million pre-tax gain on disposal of operations primarily related to our sale of the Ravenswood generation station.
In 2007/08, revenue, operating costs and operating profit decreased compared with 2006/07 primarily as a consequence of the sales of the UK wireless operations on 3 April 2007 and the US wireless operations and Basslink in August 2007, partially offset by contributions from the Ravenswood generation station, KeySpan Communications and the KeySpan engineering companies from 24 August 2007 onwards. The pre-tax exceptional gain on disposal of operations includes £1,506 million from our UK and US wireless disposals and an £80 million gain on disposal of Basslink.