In the rationalised structure of Granada Group Plc, combined Rental and Computer services still outgun Television, and Leisure and Services, but the others are rapidly catching up. And though Granada’s acquisitions, particularly London Weekend Television, have reduced the role of the Rental and Computer division to 39.8% of pre-tax profit from 55%, Granada remains committed to the cash-generative division. The integration of the call-out side of the computer services with the rental service operation is close to completion, and the sharing of the same infrastructure is proving profitable. Granada has also been consolidating service centres and seven service centres will cater for major cities, 25 smaller centres covering the rest. In the year to October 1, profit before tax and interest in Rental and Computer services rose 4.8% to UKP118.9m, on turnover down slightly at UKP678.9m. Of this, profit at Granada Computer Services was up 4.8% at UKP8.8m, with UK up 61.8% at UKP5.5m, while the rest of Europe and the US fell 34% to UKP3.3m. Granada attributes the fall to difficult European market conditions. The group as a whole saw pre-tax profit up 50.8% at UKP265.4m on turnover up 29.9% at UKP2,097.7m. The results included a seven-month contribution from LWT – UKP29.5m pre-tax profit on turnover of UKP156.0m. Pre-tax profit at the Television division as a whole was up 100% at UKP85.0m on turnover up 59.8% at UKP410.8m and Leisure and Services up 79.2% at UKP98.4m on turnover up 49.4% at UKP1,007.4m. Granada received net UKP71m cash from its 13.5% holding in BSkyB Plc during the year and a UKP33m reduction in guarantee obligations. BSkyB now plans to float, with a post-float equity of between UKP4,000m and UKP4,600m. On flotation, Granada expects to receive UKP11.7m in cash, a further UKP118m reduction in guarantee obligations and around UKP35m in repayment of debt from BSkyB Holdings Ltd, leaving Granada with about 10.8%. Net debt fell by UKP110m in the year, reducing the company’s gearing to 58% from 87%. Granada will pay a dividend of 10p, up 14.3%.