Customer Service and Operations
Finance
We exceeded all of our financial key performance targets in 2002-03.
- Fee income was £415.3 million (up 21.1% from £342.8 million).
Increased income reflects a significant rise in workload during the year.
- The Land Registration Fees Order 2003 came into effect on 1 March. The new
Order replaced the Fees Order 2001 and is intended to reduce fee income in
a full year by around 10.5%. This will be the last Fees Order under the current
legislation. A new Fee Order for October, when the Land Registration Act 2002
comes into effect, has been approved.
- The retained surplus was £75.6 million.
- The Return on Average Capital Employed (ROCE) is 25% (target 6%).
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