Vitec profits up under IFRS
Vitec, the supplier of products and services to the media and entertainment industries, sees pre-tax profit increase under IFRS
Vitec, the supplier of products and services to the media and entertainment industries, sees pre-tax profit increase under IFRS
The Vitec Group, who supply products and services to the entertainment and media industries, sees pore-tax profits under IFRS increase from £12.3m under UK GAAP to £14.1m.
Link: IFRS update 2 – a management briefing
Vitec’s finance director, Alastair Hewgill, said the group’s IFRS transition had proceeded according to plan.
‘The Group’s transition to IFRS has gone well and we are pleased to present the required financial information within the timescale laid down by the EU,’ Hewgill said. ‘The impact of IFRS on 2004 profit before tax and significant items is not material for the Group.’
Hewgill did point out, however, that the group’s deferred tax charge would increase.
‘Whilst our current taxes payable remain low and the current tax charge remains unchanged, the impact of IFRS adjustments on pensions, goodwill and the calculation of deferred tax balances would have increased our deferred tax charge, and therefore our overall tax charge,’ said Hewgill.
The numbers you crunch tell a story. Your expertis...
19yEmbracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...
View articleOrganisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...
View articleIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceDiscover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...
View articleThe ICAEW confirms new vice president, with senior heads appointed at KPMG and EY. Within the mid market, a flurry of end of year partner appointments...
View articleThe ICAEW confirms new vice president, with senior heads appointed at KPMG and EY. Within the mid market, a flurry of end of year partner appointments...
View articleThis follows an investigation into undisclosed personal loans and issues with an acquisition. Despite challenges, the company aims to achieve £1bn in ...
View articleThe ICAEW confirms new vice president, with senior heads appointed at KPMG and EY. Within the mid market, a flurry of end of year partner appointments...
View articleThere is optimism that the IPO market will rebound in the second half of 2024, driven by pent-up demand and potential improvements in economic conditi...
View articleThe ICAEW confirms new vice president, with senior heads appointed at KPMG and EY. Within the mid market, a flurry of end of year partner appointments...
View articleKPMG confirms reappointment of it's UK chair, while EY announces Janet Truncale as the next EY global chair and CEO Read More...
View articleThe ICAEW has announced the appointment of its forthcoming chief executive Read More...
View article