Kingfisher takes IFRS profit hit

Kingfisher, the owner of B&Q, announced today that new IFRS rules would knock five per cent off its 2004 profits.

Link: IFRS shift costs F&C more than £500,000

Announcing an increase in pre-tax profits of more than 17 per cent, the group also said that new accounting rules would have seen underlying profit after tax fall by five per cent.

Retail profits would have been reduced by less than one per cent, and profits after tax by three per cent.

The changes came as a result of restatements of goodwill and share-based payments, among other things.

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