Discontinued operations represent the retained obligations of businesses sold in prior years. In accordance with IFRS 5 'Non-current Assets Held for Sale and Discontinued Operations', the post-tax results of discontinued operations are disclosed separately in the consolidated income statement and consolidated statement of cash flows.

During the year ended 31 March 2014, the profit after taxation from discontinued operations was £0.8 million (2013: £14.6 million) relating primarily to the release of accrued costs of disposal in respect of certain elements of the group's non-regulated disposal programme.