Pension liabilities hit Johnston Press profits
Johnston Press' profits would have been £7m lower had it reported under new standards for 2004.
Profits at Johnston Press would have been around £7 million lower had new International Financial Reporting Standards been in place last year, the group said today.
In its annual results, the group said that its requirement to present its pension liabilities under the new rules would have meant a charge to the profit and loss account of £5.9 million.
New profit and loss account charges in respect of employee share awards and benefits based on their fair value would have meant an additional charge of £1.1 million, it said.
The group announced profits of £150 million before tax for 2004.