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About this update from Gooch & Housego Plc
[{"type":"text","content":"\n RNS Number : 2254V Gooch & Housego PLC 27 May 2008 \n \n\n\n\n\nFor immediate release\n\n\n27 May 2008\n\n\n\n\n\nGooch & Housego PLC\n\nTRANSITION TO INTERNATIONAL FINANCIAL REPORTING STANDARDS\n\n\nGooch & Housego PLC ('the Group'), a manufacturer of specialist optoelectronic components,\nmaterials and systems and specialist instrumentation and life sciences devices will be reporting its financial results in accordance with International Financial Reporting Standards ('IFRS') with effect from 1 October 2007. \n\nOn 17 June 2008 the Group will report its interim results for the six months ended 31 March 2008 under IFRS.\n\nThis statement presents and explains the conversion of the Group's results as previously reported under UK Generally Accepted Accounting Principles ('UK GAAP') onto an IFRS basis for the year ended 30 September 2007 and the six months to 31 March 2007.\n\nThe key changes for the Group are:\n\n\n\nAccounting for the acquisition of SIFAM Fibre Optics Limited ('SIFAM') in May 2007 has been revised to separately recognise intangible assets that formed part of Goodwill under UK GAAP.\n\n\n\n\n\nIncreased levels of deferred tax assets/liabilities have been recognised relating to property, plant and equipment, the acquisition of SIFAM and share based payments.\n\n\n\n\n\nBorrowing costs incurred in the construction of property, plant and equipment is capitalised.\n\n\n\n\n\nGoodwill has ceased to be amortised and other intangible assets recognised on the acquisition of SIFAM have been amortised.\n\n\n\nThe net impact of these changes for the year ended 30 September 2007 is a £315,000 decrease in the Group's profit after taxation as previously reported and a corresponding decrease in the Group's earnings per share as previously reported, as follows:\n\n\n\nBasic earnings per share ('EPS') from 24.3p to 22.6p, and \n\n\nDiluted earnings per share ('DEPS') from 23.3p to 21.6p.\n\n\n\nFull details are set out in this announcement.\n\n\n\nFor further in...