BusinessCompany NewsBurberry Group to publish IFRS results

Burberry Group to publish IFRS results

Burberry Group today prepared analysts and investors for its adoption of international accounting standards, predicting 'increased volatility' in its accounts six weeks before mandatory adoption of IFRS.

Link: 500 UK companies struggling with IFRS

The high fashion clothing company added that it will publish a reconciliation of results under IFRS for the first time shortly after it releases full-year results under UK GAAP in May.

The news will be welcomed by the investor community after this week’s prediction that around 500 UK companies could struggle to comply with the new accounting rules, according to Ernst & Young.

Burberry this week reported operating profits of £76.3m for the half year to 30 September 2004, an underlying rise of 25%.

Turnover rose 14% to £347.5m for the six months to September, with its women’s clothing line leading the way, and an expanded line in ponchos greatly contributing to the profits rise.

Shares in Burberry soared by 7% after the company unveiled a £250m share buy-back programme ‘designed to enhance the capital efficiency of the business and benefit all shareholders’.

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