PracticeAuditPension liabilities hit Johnston Press profits

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.

Link: Decisions – Benefit schemes – the right carrot

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.

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