Airports operator BAA has abandoned quarterly reporting, following a review of the group’s communications and reporting processes carried out as part of a wider IFRS readiness strategy.
The owner of Heathrow, Gatwick and Stansted airports announced the change with its full-year results, published on Tuesday. BAA revealed operating profits of £672m – a 9.1% increase on 2004, and a 7.4% increase on 2004 group revenues to £2,115m.
‘After this change, the company will be in line with current UK practice and the European transparency directive,’ said BAA in a statement on the reporting reform. ‘The timing of this change follows a review of the group’s communications and reporting processes performed as part of the group’s IFRS transition programme. ‘The group will be issuing its full-year announcement for 2004/05 restated accounts under IFRS on 16 June.
Updates to the company’s accounts as a result of Accounting for ESOP Trusts standard, UITF38, has also forced BAA to restate its 31 March 2004 accounts, reducing shareholder funds by £45m.
To read our interview with BAA finance chief Margaret Ewing, turn to page 20
Mark McMullen joins the private client services team from Smith & Williamson
Merger between Clear & Lane Chartered Accountants and Magma Chartered Accountants was finalised on 3 February
BDO has taken its new partner intake to 23 during the first half of its financial year, including the appointment of five partners in five weeks
The firm reports 7.6% global fee income growth for the year ending 31 December 2016