Cranswick PLC
17 November 2005
CRANSWICK plc
ADOPTION OF INTERNATIONAL FINANCIAL REPORTING STANDARDS
Cranswick plc today releases audited restated financial information for the year
ended 31 March 2005 and unaudited restated financial information for the six
months ended 30 September 2004 under International Financial Reporting Standards
(IFRS).
Cranswick previously prepared its 2004/05 consolidated accounts under UK
Generally Accepted Accounting Principles (UK GAAP). These accounts were
published in May 2005. Cranswick's first set of accounts published under IFRS
will be the Interim Report for the six months ended 30 September 2005. These
Interim Results are scheduled for release on 22 November 2005.
The principal adjustments from UK GAAP to IFRS are as follows:
•Goodwill is no longer amortised
•A charge to the income statement arises in respect of share options
granted to employees
•An increased deferred tax provision
•Proposed dividends are no longer accrued
The impact on the Group's previously published results for the year ended 31
March 2005 is as follows:
•Full year 2004/05 profit before tax increased to £21.6m (UK GAAP £18.5m).
•First half 2004/05 profit before tax increased to £10.5m (UK GAAP £9.4m).
•Full year 2004/05 earnings per share increased to 38.6p (UK GAAP 30.4p)
•Net assets at 31 March 2005 increased to £92.8m (UK GAAP £86.0m)
There is no change to the Group's underlying operations or net cash flow under
IFRS.
The restated financial information with commentary and explanation will be
available through the company's web site at www.cranswick.co.uk.
Enquiries:
John Lindop, Cranswick plc 01482 372090
07768 362592
Mark Wood, Cranswick plc 01482 372085
07775 591042
This information is provided by RNS
The company news service from the London Stock Exchange