3 Net interest payable

	2004 Six months to 30 June £million		2003 Six months to 30 June £million		2003 Year to 31 Dec £million
a) Net interest payable:
Interest payable	(2.0	)	(1.7	)	(3.2	)
Interest receivable - bank	0.3		0.7		1.3
Interest receivable - corporation tax refunds	-		0.4		0.8
Net interest payable	(1.7	)	(0.6	)	(1.1	)
b) Other finance charges:
Pension and post-retirement liabilities	(0.4	)	(2.0	)	(4.2	)
Unwind of discount on provisions	(0.5	)	(0.5	)	(0.9	)
Other finance charges	(0.9	)	(2.5	)	(5.1	)
Total net interest payable	(2.6	)	(3.1	)	(6.2	)

4 Taxation
The tax charge of £0.7 million (2003: £2.9 million) is based on an estimated effective tax rate on profit before goodwill amortisation and exceptionals for the year to 31 December 2004 of 21 per cent (2003: 25 per cent). The rate is lower than the standard UK corporation tax rate primarily due to the utilisation of losses and surplus ACT. Tax on exceptionals was a credit of £0.2 million (2003: charge of £0.2 million).

Notes to the financial statements continues on the next page >
[Page 2 of 4]