BusinessCompany NewsVitec profits up under IFRS

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

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.

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