8th Feb 2006 15:51
8 February 2006 HAYS PLC PRESENTATION OF FINANCIAL INFORMATION UNDER INTERNATIONAL FINANCIAL REPORTING STANDARDS Hays plc (the "Group") will report its financial results for the 6 months ended31 December 2005 on 28 February 2006 in accordance with International FinancialReporting Standards ("IFRS").The Group today presents on its website the effect of adopting IFRS at the dateof transition, for the year ended 30 June 2005 and for the half year ended 31December 2004.The adoption of IFRS does not affect the underlying performance of the businessand turnover and net fees from continuing operations are unchanged. Theadoption also has no impact on cash generated from operations. The impact ofthe adoption of IFRS on the results of the Group for the year ended 30 June2005 is to decrease operating profit from continuing operations before goodwillamortisation and exceptional items by ‚£0.9m and to reduce profit after tax by ‚£2.7m as shown below.‚£m Year ended 30 June UK GAAP IFRS Change 2005 Operating profit 1 167.1 166.2 (0.9) Net finance income 1 4.0 1.5 (2.5) -------- -------- -------- Profit before tax 1 171.1 167.7 (3.4) Tax 1 (53.2) (52.5) 0.7 -------- -------- -------- Profit after tax 1 117.9 115.2 (2.7) 1 From continuing operations, before goodwill amortisation and exceptionalitemsThe adoption of IFRS reduces net assets at 30 June 2005 by ‚£13.0m. Thesechanges are explained in detail at http://www.haysplc.com/pdf/ifrs_restatement_2006.pdf. - ends - EnquiriesJohn Martin Finance Director, Hays plc 44 (0) 20 7628 9999 Richard Jackson Investor Relations, Hays plc 44 (0) 20 7628 9999 Notes to editorsHays plc (www.haysplc.com) is the largest publicly-listed recruitment group inthe United Kingdom, and a world-leading Specialist Recruitment and HR Servicescompany. As at 30 June 2005 the business employed 3,683 recruitment consultantsand provided Specialist Recruitment services in 723 business units from 326offices in 16 countries.ENDHAYS PLCRelated Shares:
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