§ Mr. Liddell-GraingerTo ask the Secretary of State for Transport, Local Government and the Regions what return(a) he has specified as a target for the Ordnance Survey Trading Fund over the period from 1999 to 2004 and (b) the Ordnance Survey Trading Fund has delivered in each accounting year from 1999 to date. [30298]
§ Ms KeebleThe Ordnance Survey Framework document states in a Treasury minute dated 29 March 1999, that the financial objective desirable of achievement by444W Ordnance Survey Trading Fund for the period 1 April 1999 to 31 March 2004 shall be to achieve a return averaged over the period as a whole of at least 9 per cent, in the form of a surplus on ordinary activities before interest expressed as a percentage of average capital employed.
The return on capital employed for each of the years in question is as follows:
1999–2000 2000–01 Profit (£ million) 12.5 127.3 Capital employed (£ million) 45.1 68.7 Return on capital employed (per cent.) 27.6 39.6 1 Includes an exceptional payment of £19.25 million received from the Automobile Association (AA) Over the two years, 1999–2000 and 2000–01, the average return on capital employed was 33.5 per cent., including the exceptional item in 2000–01.