Business
Adoption of IFRS standards
Adoption of IFRS standards.
About this update from Cranswick Plc
[{"type":"text","content":"\n Cranswick PLC\n17 November 2005\n\n\nCRANSWICK plc\n\n\nADOPTION OF INTERNATIONAL FINANCIAL REPORTING STANDARDS\n\n\n\nCranswick plc today releases audited restated financial information for the year\nended 31 March 2005 and unaudited restated financial information for the six\nmonths ended 30 September 2004 under International Financial Reporting Standards\n(IFRS).\n\n\nCranswick previously prepared its 2004/05 consolidated accounts under UK\nGenerally Accepted Accounting Principles (UK GAAP). These accounts were\npublished in May 2005. Cranswick's first set of accounts published under IFRS\nwill be the Interim Report for the six months ended 30 September 2005. These\nInterim Results are scheduled for release on 22 November 2005.\n\n\nThe principal adjustments from UK GAAP to IFRS are as follows:\n\n\n •Goodwill is no longer amortised\n •A charge to the income statement arises in respect of share options\n granted to employees\n •An increased deferred tax provision\n •Proposed dividends are no longer accrued\n\n\n\nThe impact on the Group's previously published results for the year ended 31\nMarch 2005 is as follows:\n\n\n •Full year 2004/05 profit before tax increased to £21.6m (UK GAAP £18.5m).\n •First half 2004/05 profit before tax increased to £10.5m (UK GAAP £9.4m).\n •Full year 2004/05 earnings per share increased to 38.6p (UK GAAP 30.4p)\n •Net assets at 31 March 2005 increased to £92.8m (UK GAAP £86.0m)\n\n\nThere is no change to the Group's underlying operations or net cash flow under\nIFRS.\n\n\nThe restated financial information with commentary and explanation will be\navailable through the company's web site at www.cranswick.co.uk.\n\n\n\nEnquiries:\n\n\nJohn Lindop, Cranswick plc 01482 372090\n 07768 362592\n\n\nMark Wood, Cranswick plc 01482 372085\n 07775 591042\n\n\n\n\n\n\n\n This information is provided by RNS\n The company news service from the London Stock Exchange\n \n ","length":2313,"tagName":"div"}]