Business
IFRS Restatement
IFRS Restatement.
About this update from Sanderson Design Group Plc
[{"type":"text","content":"\n Walker Greenbank PLC\n28 September 2007\n\n\n\nFor immediate release 28 September 2007\n\n\n\n WALKER GREENBANK PLC\n ('Walker Greenbank' or 'the Company')\n\n Restatement under IFRS\n\nWalker Greenbank PLC (AIM: WGB), the designer, manufacturer and distributor of \nfurnishing fabrics and wallpapers whose international business includes the\nbrands Sanderson, Morris & Co, Harlequin and Zoffany, has previously prepared\nconsolidated financial statements in accordance with UK Generally Accepted\nAccounting Principles (UK GAAP). From 1 February 2007 the Group is required to\nprepare its consolidated financial statements in accordance with International\nAccounting Standards and International Financial Reporting Standards\n(collectively 'IFRS') as adopted by the European Union.\n\nThe Group's first accounting period under IFRS will be for the financial year\nended 31 January 2008, and its first interim results will be for the six months\nended 31 July 2007. The Group's date of transition to IFRS has been determined,\nin accordance with IFRS 1, First Time Adoption of International Financial\nReporting Statements, as 1 February 2006.\n\nThe adoption of IFRS represents an accounting policy change only and has no\nimpact on the Group's business strategy, nor on the cash flows generated by the\nbusiness and it does not change the underlying drivers of value of Walker\nGreenbank's business model.\n\nThe effect of the adoption of IFRS on the financial assets of the Group is\nminimal as can be seen from the table below:\n\n\n\n+-----------------+-------+-----------------------------+-----------------------------+\n| | | Six months to 31 July 2006 | Year to 31 January 2007 |\n+-----------------+-------+--------------+--------------+--------------+--------------+\n| | | UK GAAP | IFRS | UK GAAP | IFRS |\n+-----------------+-------+--------------+--------------+--------------+--------------+\n|Operating profit | £000 | 2,291 | 2,301 | 3,477 | 3,757 |\n+-----------------+-------+--------------+--------------+--------------+--------------+\n|Profit before tax| £000 | 1,863 | 1,783 | 2,594 | 2,694 |\n+-----------------+-------+--------------+--------------+--------------+--------------+\n|Profit for the | £000 | 1,840 | 1,760 | 2,536 | 2,636 |\n|year | | | | | |\n+-----------------+-------+--------------+--------------+--------------+--...