5th May 2005 12:00
Devro PLC05 May 2005 DEVRO PLC AGM STATEMENT 5 May 2005 International Accounting Standards From 1 January 2005, Devro, in common with all publicly quoted companies, willbe required to implement the new international accounting standards. As part ofthis process, we are required to restate 2004's financial results in terms ofthese new standards and we are taking this opportunity to communicate the effecton the 2004 results. This restatement reduces pre-tax profits by £0.7 million and net assets by £17.3million. These effects are due almost entirely to IAS 19, the new accountingstandard relating to pensions accounting. While these numbers will not beaudited until the end of 2005, the group's auditors have been consulted on, andinvolved in, their preparation. The change to the new standards has had no operational effect on the companyand, in particular, Devro plc dividend payments are unaffected. Trading Trading for 2005 has generally been sound with a solid sales performance beingdelivered by each of our principal operations - Devro, Coria and Cutisin. Thestable underlying trading pattern of 2004 has been maintained with many of ourmarkets recording improvements over prior year. The prospects for the business, as reflected in the current order book and longterm market outlook, continue to be positive. The Directors, therefore, continueto view the company's future with confidence. Enquiries: Graeme Alexander Chief Executive 01236 879191John Neilson Finance DirectorJon Coles / Mark Antelme Brunswick 020 7404 5959 - Ends- This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
DVO.L