Business
Statement re: Impact of IFRS
Statement re: Impact of IFRS.
About this update from Gattaca Plc
[{"type":"text","content":"\n Matchtech Group PLC\n19 February 2008\n\n\n19 February 2008\n\n\n\n MATCHTECH GROUP PLC ('Matchtech' or 'the Group')\n\n Statement on the Impact of Adoption of \n International Financial Reporting Standards\n\n\n\nIntroduction\n\nFrom 1 August 2007 Matchtech Group plc is required to report its results in\naccordance with International Accounting Standards and International Financial\nReporting Standards (collectively 'IFRS'). Matchtech Group plc has hitherto\nprepared its financial statements in accordance with UK Generally Accepted\nAccounting Principles (UK GAAP).\n\n\nThis statement provides information on how the Group's financial performance and\nposition under IFRS differs from that reported under UK GAAP. The financial\ninformation presented in this document is unaudited.\n\n\nThe transition date to IFRS for the Group is 1 August 2006, being the start of\nthe period of comparative information. The Group's first interim results under\nIFRS will be for the six months ended 31 January 2008 and its first accounting\nperiod under IFRS will be for the financial year ended 31 July 2008.\n\n\nRestated information is shown for:\n\n\n • The consolidated income statement for:\n\n - the six month period ending 31 January 2007\n - the year ended 31 July 2007\n\n\n • The consolidated balance sheet as at:\n\n - 31 January 2007\n - 31 July 2007\n\n\n • The consolidated cashflow statement for:\n\n - the six month period ending 31 January 2007\n - the year ended 31 July 2007\n\n\n • The consolidated statement of changes in equity for:\n\n - the six month period ending 31 January 2007\n - the year ended 31 July 2007\n\n\nImpact of the Adoption of IFRS\n\nThe impact of the adoption of IFRS on the Group's financial net assets is\nminimal, as can be seen from the table in Note 2, and does not affect the\nGroup's strategy, underlying business performance or its cash flows.\n\n\n\n\nCONDENSED CONSOLIDATED INCOME STATEMENT\n\n Note 6 months 12 months\n to 31/01/07 to 31/01/07\n Unaudited Unaudited\nCONTINUING OPERATIONS £'000 £'000\nRevenue 3 93,438 202,779\nCost of Sales (80,933) (175,902)\nGROSS PROFIT 3 12,505 26,877\n\nAdministrative Expenses (7,427) (15,623)\nCost of Admission to AIM (572) (572)\nOPERATING PROFIT 3 4,506 10,682\n\nFinance income 13 20\nFinance cost (390) (831)\nPROFIT BEFORE TAX 4,129 9,871\n\nIncome tax expense...