Daily Mail & General Trust’s interim pre-tax profit will be £12m lower following a restatement under international financial reporting standards.
The group, which publishes the London Evening Standard, the Metro and its namesake title, said that half this figure would be based on a ‘timing difference’ which will ‘reverse’ into the second half of the year.
During a conference call to analysts, the company said that its net assets in its opening group balance sheet on 4 October 2004 will be reduced by £231m, and was ‘mainly due to the impact of the new pensions’ standard IAS19′.
DMGT posted a 7% increase in profits to £114.5m for the first six months of the year, under existing accounting rules. It said that its statutory interim post-tax profit will be £24m higher under IFRS rather than under UK GAAP, due to the requirement not to amortise goodwill under the new rules.
A DMGT statement to analysts added that there will be no impact on cashflows or on historic net debt under IFRS, however, it said that the presentation of the cashflow statement would change.
The Financial Reporting Council has issued guidance regarding the annual reporting of 1,200 large and smaller listed companies. The letter highlighted the key issues and improvements that can be made in the 2016 reporting season
Baldwins Accountancy Group has continued investment in the north-east and appointed David Fish as a director in its corporate finance team
UK M&A activity bounced back strongly in July and August, according to analysis by the deals practice at PwC.
Smith & Williamson has added Jim Clark and Philip Marsden, of Marsden Clark Corporate Finance Limited, to its corporate finance team.