Higher provisions for legal matters included a charge of £141m at the end of 2004, reflecting a change in the company’s accounting method of provisions for potential claims against GSK.
Earnings per share dropped slightly to 75 pence on sales down 5% to £20.36bn
JP Garnier, chief executive officer, was however upbeat for the future: ‘These results confirm the success with which GSK has navigated a difficult year, absorbing over £1.5bn of lost sales to generics and still managing to grow the business. The continuing success of our key products means we can now look forward to a good performance in 2005.’
The Financial Reporting Council has issued guidance regarding the annual reporting of 1,200 large and smaller listed companies. The letter highlighted the key issues and improvements that can be made in the 2016 reporting season
Baldwins Accountancy Group has continued investment in the north-east and appointed David Fish as a director in its corporate finance team
UK M&A activity bounced back strongly in July and August, according to analysis by the deals practice at PwC.
Smith & Williamson has added Jim Clark and Philip Marsden, of Marsden Clark Corporate Finance Limited, to its corporate finance team.