15th Nov 2005 07:01
Expro International Group PLC15 November 2005 15 November 2005 EXPRO INTERNATIONAL GROUP PLC IFRS Restatements Expro International Group PLC ("Expro" or "the Group") today announces consolidated financial information for the year ended 31 March 2005 and for the six month period ended 30 September 2004, restated for the effects of IFRS, along with a restated consolidated balance sheet as at 1 April 2004. A conference call, hosted by Michael Speakman, Group Finance Director will be held at 0900 this morning to answer any questions regarding the restatements. For dial-in details of the conference call please call Weber Shandwick on the contact number provided below. The full text of the restatement document can befound on the Group's website, which can be accessed by clicking on the followinglink http://www.exprogroup.com/corpus/Investors/RFR151105.asp The restated financial information, as published, is reconciled to Expro's previously reported UK GAAP financial information to show the effects of the transition to IFRS and is accompanied by the Group's IFRS accounting policies. Expro intends to announce its results for the six month period ended 30 September 2005, prepared under IFRS, on 24 November 2005. The restated IFRS financial information for the year ended 31 March 2005 and for the six month period ended 30 September 2004 will be included within the interim announcementas comparative information. The principal changes to the financial information for the restated periods are summarised below: Year ended Six months ended IFRS transition date as at 31 March 2005 30 September 2004 1 April 2004 IFRS UK GAAP IFRS UK GAAP IFRS UK GAAP £m £m £m £m £m £m Revenue 211.3 211.3 100.6 100.6 - - Operating profit 12.5 11.1 8.2 7.2 - - Profit aftertaxation 3.8 4.4 4.6 4.7 - - Net assets 53.2 70.5 62.8 76.2 62.9 74.2 Basic EPS (pence pershare) 5.7p 6.7p 7.0p 7.1p - - Diluted EPS (pence pershare) 5.7p 6.6p 7.0p 7.1p - - The most significant differences between UK GAAP and IFRS that contribute to thechange in reported financial information are: • inclusion of the deficit on defined benefit pension schemes within the balance sheet• reversal of goodwill amortisation charges• recognition of dividends only when paid or approved• adjustments for deferred tax• capitalisation of buildings previously disclosed as held under operating leases The transition to IFRS has no impact on the Group's reported cash balances. - ends - For further information please contact: Expro International Group PLC 0118 9591 341Michael Speakman, Finance Director Weber Shandwick Square Mile 020 7067 0700James Chandler/Rachel Taylor/Stephanie Badjonat Note to Editors: Expro International Group PLC ("Expro Group", "Expro" or "the Group") is aleading upstream oil and gas technology and service provider, specialising inwell performance and production optimisation. Its products and services arepackaged into three distinct business segments: Cased Hole Services, SubsurfaceSystems, and Surface and Environmental Systems. The Expro Group employs over2,000 people worldwide and is an innovative leader in oilfield technology whichenables clients to maximise recovery of their reserves. For more information,please refer to the Group's website at www.exprogroup.com This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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