Gist	2004 £ million	Change on previous year	Change on previous year1
Turnover	293.2	no change	+1%
Operating profit	25.1	-14%	-14%
Adjusted operating profit2	25.1	-14%	-14%
1. At constant currency. 2. Adjusted operating profit excludes exceptional items.

Gist
Year on year growth from existing customers, together with new business wins, enabled us to offset the revenue lost last year following the termination of Marks & Spencer's general merchandise business. Among the business wins was the Dutch flower producer Intergreen, for which we now transport horticultural products between the Netherlands and the UK, and John Rannoch Foods, one of Marks & Spencer's major poultry suppliers. Through Intergreen we have added two new locations to the Gist operational network.

Gist manages the supply chain for Marks & Spencer's chilled and ambient food and, to meet growing demand, invested over £9 million in a new 100,000 square foot refrigeration facility at Faversham in Kent. It also manages the warehouse and distribution operations for Budgens, the UK convenience store group, and order fulfilment for Ocado, the on-line grocery shopping company.

In 2003 a long, hot summer produced a big increase in the demand for beer and Gist responded by delivering record volumes for its brewing customers. This year Carlsberg UK, one of the UK's biggest brewers, saw peaks of activity linked to two sporting events - Euro 2004 and the Olympics - and again the flexibility of Gist's supply chain solution enabled it to respond.