Business
IFRS Transition
IFRS Transition.
About this update from Rm Plc
[{"type":"text","content":"\n RM PLC\n14 December 2005\n\n\n\n RM plc: IFRS transition information for the year ended 30 September 2005\n\nRM plc, the leading supplier of information and communications technology (ICT)\nand other services to education, is providing International Financial Reporting\nStandards (IFRS) transition information for the year ended 30 September 2005. RM\nwill report interim results for the six months to 31 March 2006 under IFRS in\nMay 2006, when additional transitional information will be provided.\n\nKey Financials - Transition of FY2005 from UK GAAP to IFRS\n\n • Underlying business performance and cash flow unchanged\n • Revenue unchanged at £262.7 million\n • Profit before tax and goodwill charges increases from £12.8 million to\n £14.0 million (+9%)\n - Pension cost falls by £1.3 million\n - Application of IFRS 2 (Share-based Payment) increasesprofit\n - No R&D capitalised\n • Profit before tax increases from £5.5 million to £11.5 million (+109%)\n - Goodwill amortisation ceases\n • Diluted EPS before goodwill charges increases from 10.5p to 11.6p (+10%)\n • Net assets £38.2 million compared to £38.5 million\n\nThis press release and the accompanying presentation have been prepared on the\nbasis of current understanding of IFRS as it will apply on 30 September 2006.\nThese standards are subject to review and endorsement by the European Commission\nand may change. Further industry-specific practice about the application of IFRS\nmay also emerge. All restatements are unaudited.\n\nA conference call for investment analysts will take place at 10:00am on\nWednesday 14 December 2005. To access this facility dial +44 (0) 1452 561 263. A\ncopy of the accompanying presentation will be available at 8:30am at www.rm.com/\ninvestors\n\n - Ends -\nFor further information, please contact:\n\nMike Greig, Group Finance Director RM plc 08709 200200\nPhil Hemmings, Director of Corporate Affairs\nAndrew Fenwick Brunswick 020 7404 5959\nFiona Laffan\nMark Antelme\n\nAdoption choices\n\nShare-based payments: IFRS 2 applied to equity instruments granted post 7\nNovember 2002.\n\nEmployee benefits: Adoption of 16 December 2004 amendment to IAS 19 allowing\nactuarial gains and losses to be presented in statement of recognised income and\nexpenditure rather than using a corridor approach.\n\nBusiness combinations: Combinatio...