35 Recurring profit before tax
| 2009 | 2008 | |
|---|---|---|
| £m | £m | |
| Loss before tax | (34.9) | (606.5) |
| Adjustment for: | ||
| Disposal of properties | 16.6 | (1.2) |
| Group revaluation deficit | 81.1 | 602.1 |
| Joint venture revaluation deficit | 1.3 | 1.3 |
| Fair value movement in derivative financial instruments | (3.9) | 28.1 |
| Development income | – | (0.5) |
| Recurring profit before tax | 60.2 | 23.3 |
| Adjustment for: | ||
| Reverse surrender premium | – | 8.3 |
| Foreign exchange (gain)/loss | (3.6) | 8.3 |
| One-off rates credit | (2.8) | – |
| Movement in valuation of cash-settled share options | 1.6 | (1.6) |
| Adjusted recurring profit before tax | 55.4 | 38.3 |
See List of definitions for definitions of recurring profit before tax and adjusted recurring profit before tax.