11th Nov 2005 07:29
Victoria PLC11 November 2005 Issued by Citigate Dewe Rogerson Ltd, BirminghamDate: Friday, 11 November 2005 Embargoed: 7.00am VICTORIA P.L.C. SUMMARISES THE IMPACT OF INTERNATIONAL FINANCIAL REPORTING STANDARDS Victoria P.L.C. is required to report its results for the first six months ofthe year ending March 2006 using IFRS for the first time. The comparative data,(the results for the six months ended 2 October 2004 and for the year ended 2April 2005) will also be reported under IFRS. The interim report for the six months ended 1 October 2005 will be issued on 23November 2005. In advance of that, the impact of the conversion to IFRS on thecomparative data has been summarised in this announcement. The principal changeson adopting IFRS in place of UK GAAP for the year ended 2 April 2005 aresummarised below: 2 April 2005 UK GAAP IFRS £'000 £'000 Turnover from continuing operations 49,880 49,444Profit before tax from continuing operations 3,071 3,026Profit attributable to equity shareholders 839 830 Shareholders funds 25,258 26,905Net borrowings 11,917 11,917 p/share p/shareBasic earnings per share 12.08 11.95Underlying earnings per share 30.96 30.83 • The adoption of IFRS has no cash impact. • Profit before tax is £45,000 lower due to: • Average exchange rate £(34,000) • Goodwill amortisation £3,000 • Depreciation of buildings £37,000 • Financial instruments £(51,000) • Shareholders funds increase by £1,647,000, including £799,000 as a result of the annual dividend being accounted for when paid, and £889,000 as a result of the property revaluation (net of deferred tax). Underlying profits and earnings under UK GAAP and IFRS are stated beforeexceptional items and discontinued activities. It is possible that further changes will be required to the comparative databefore it is published in the interim report and in the financial statements forthe year ending 1 April 2006, as further interpretative guidance on thestandards may be issued. The conversion to IFRS in respect of the Group's 2005 financial statement is setout in detail in a report that can be downloaded from the company's web-site atwww.victoria.plc.uk or can be obtained from Victoria P.L.C.'s registered officeat Worcester Road, Kidderminster, Worcestershire, DY10 1HL. Enquiries:Mark Lee, Group Finance DirectorVictoria P.L.C.Tel: 01562 749642 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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