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
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