Chemicals company reports first FRS 17 surplus

Link: Read our FRS 17 special report

A snapshot of the company’s final salary pension scheme at the end of December 2002 revealed that its assets exceeded its liabilities by £300,000.

Recently, a survey by Credit Suisse First Boston found that FRS 17 had left FTSE 100 companies with a staggering £77bn aggregate pension deficit, almost equalling their combined profits.

Amongst the FTSE 100, BAE (628%), Rolls Royce (420%) and Pearson (330%) were some of the companies hardest hit.

The news of a pension surplus at British Vita came as the coming announced results slightly better than expectations. Profits climbed to £109.5m on turnover of £893m.

FRS 17 comes into effect in 2005.

Related reading