Walker Greenbank PLC
28 September 2007
For immediate release 28 September 2007
WALKER GREENBANK PLC
('Walker Greenbank' or 'the Company')
Restatement under IFRS
Walker Greenbank PLC (AIM: WGB), the designer, manufacturer and distributor of
furnishing fabrics and wallpapers whose international business includes the
brands Sanderson, Morris & Co, Harlequin and Zoffany, has previously prepared
consolidated financial statements in accordance with UK Generally Accepted
Accounting Principles (UK GAAP). From 1 February 2007 the Group is required to
prepare its consolidated financial statements in accordance with International
Accounting Standards and International Financial Reporting Standards
(collectively 'IFRS') as adopted by the European Union.
The Group's first accounting period under IFRS will be for the financial year
ended 31 January 2008, and its first interim results will be for the six months
ended 31 July 2007. The Group's date of transition to IFRS has been determined,
in accordance with IFRS 1, First Time Adoption of International Financial
Reporting Statements, as 1 February 2006.
The adoption of IFRS represents an accounting policy change only and has no
impact on the Group's business strategy, nor on the cash flows generated by the
business and it does not change the underlying drivers of value of Walker
Greenbank's business model.
The effect of the adoption of IFRS on the financial assets of the Group is
minimal as can be seen from the table below:
+-----------------+-------+-----------------------------+-----------------------------+
| | | Six months to 31 July 2006 | Year to 31 January 2007 |
+-----------------+-------+--------------+--------------+--------------+--------------+
| | | UK GAAP | IFRS | UK GAAP | IFRS |
+-----------------+-------+--------------+--------------+--------------+--------------+
|Operating profit | £000 | 2,291 | 2,301 | 3,477 | 3,757 |
+-----------------+-------+--------------+--------------+--------------+--------------+
|Profit before tax| £000 | 1,863 | 1,783 | 2,594 | 2,694 |
+-----------------+-------+--------------+--------------+--------------+--------------+
|Profit for the | £000 | 1,840 | 1,760 | 2,536 | 2,636 |
|year | | | | | |
+-----------------+-------+--------------+--------------+--------------+--------------+
|Earnings per | p | 3.26p | 3.12p | 4.49p | 4.67p |
|share | | | | | |
+-----------------+-------+--------------+--------------+--------------+--------------+
| | | | | | |
+-----------------+-------+--------------+--------------+--------------+--------------+
|Net assets | £000 | 10,432 | 10,356 | 12,847 | 12,943 |
+-----------------+-------+--------------+--------------+--------------+--------------+
A full statement, which presents and explains how the Group's financial performance
and position under IFRS differs from that reported under UK GAAP, is available
on the Company's website by following the link:
www.walkergreenbank.com/Ease/servlet/DynamicPageBuild?siteID=1808&categoryID=182.
Printed copies of the statement are available from the Company's registered office
at Chalfont House, Oxford Road, Denham, Buckinghamshire UB9 4DX.
For further information:
Walker Greenbank PLC 08708 300077
Alan Dix, Finance Director
Julian Wilson, Company Secretary
Landsbanki Securities (UK) Limited 020 7426 9000
Tom Hulme
Buchanan Communications 020 7466 5000
Mark Court/Suzanne Brocks
This information is provided by RNS
The company news service from the London Stock Exchange