23rd Jun 2005 14:00
Laird Group PLC23 June 2005 LAIRD SUMMARISES IMPACT OF INTERNATIONAL FINANCIAL REPORTING STANDARDS The Laird Group PLC is required to report its results for the first six monthsof 2005 using IFRS for the first time. The comparative data, (the results forthe six months to 30 June 2004 and for the 12 months to 31 December 2004) willalso be reported under IFRS. It is intended to issue the interim report for 2005 early in September of thisyear. In advance of that date, 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 31 December 2004 aresummarised below: 31 December 2004 UK GAAP IFRS £m £mTurnover from continuing operations 376.1 376.1Profit before tax 22.0 42.0Underlying profit before tax 47.1 46.4Profit attributable to equity shareholders 12.6 37.2Shareholders' funds 242.8 260.4 p/share p/shareBasic earnings per share 8.7 25.6Underlying earnings per share 25.9 26.3 • The adoption of IFRS has no cash impact. • Profit before tax is £20.0 million higher due to: o Goodwill of £17.4 million previously written off against reserves is no longer written back in calculating the gain/(loss) on sale of businesses. o The resulting gain on sale of £3.6 million together with the operating profit of £3.2 million on discontinued operations is disclosed after profit before tax on the primary statement. o Goodwill of £11.3 million is no longer amortised. o There is an increase in the charge for share based payments of £0.7 million. o Amortisation of £1.2 million is charged on acquired intangible assets. • Underlying profit before tax is £0.7 million lower due to an increase in the charge for share based payments. • Shareholders' funds increase by £17.6 million, including £9.5 million as a result of the final dividend now being accounted for when paid. • Underlying earnings per share increase by 0.4p after a tax charge of £8.0 million (17.6%). Underlying profits and earnings under UK GAAP are stated before exceptionalitems and goodwill amortisation. Underlying profits and earnings under IFRS arestated before exceptional items, amortisation of acquired intangible assets,deferred tax on acquired intangible assets and goodwill, and any impact arisingfrom the fair valuing of financial instruments. It is possible that further changes will be required to the comparative data before it is published in the interim report and the final report and accounts for 2005, as not all the IFRS statements have been formally endorsed by the EU and further interpretative guidance on the standards may be issued. The conversion to IFRS in respect of the Group's 2004 financial statements isset out in detail, together with Ernst and Young's report to the Directors forthe year ended 31 December 2004, in a report that can be downloaded from thecompany's website at www.laird-plc.com or obtained from The Laird Group PLC'sregistered office at 3 St. James's Square, London SW1Y 4JU. The Laird Group PLC will issue a trading update for 2005 on 7 July 2005. For enquiries: The Laird Group PLC Jonathan Silver, Finance Director Tel: +44 (0)20 7468 4040 The Maitland Consultancy Brian Hudspith / Charlotte Barker Tel: +44 (0)20 7379 5151 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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