17th Nov 2005 14:02
Cranswick PLC17 November 2005 CRANSWICK plc ADOPTION OF INTERNATIONAL FINANCIAL REPORTING STANDARDS Cranswick plc today releases audited restated financial information for the yearended 31 March 2005 and unaudited restated financial information for the sixmonths ended 30 September 2004 under International Financial Reporting Standards(IFRS). Cranswick previously prepared its 2004/05 consolidated accounts under UKGenerally Accepted Accounting Principles (UK GAAP). These accounts werepublished in May 2005. Cranswick's first set of accounts published under IFRSwill be the Interim Report for the six months ended 30 September 2005. TheseInterim 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 31March 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 underIFRS. The restated financial information with commentary and explanation will beavailable 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 ExchangeRelated Shares:
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