Final Results

RDF GROUP PLC ("RDF" or "the Group") PRELIMINARY ANNOUNCEMENT OF UNAUDITED FINAL RESULTS RDF Group plc (AIM: RFG), the I.T. services group, with offices in Brighton, Bristol, Edinburgh and London, today announces its full year results for the year to 31 March 2008. Highlights:- * Sales increased 37% to £30.49m (2007: £22.23m) * Operating profit from continuing operations, before exceptional items, is £ 0.97m (2007: £1.40m) * Operating profit after exceptional items is £0.16m (2007: £1.19m) * Profit after tax, before exceptional items, is £0.34m (2007: £0.83m) * Loss after tax £0.07m (2007: profit after tax £0.75m) * Earnings per share, before goodwill and exceptional items, is 3.28p (2007: 8.00p) * Loss per share 0.66p (2007: Earnings per share 7.17p) * Dividends paid in year of £0.13m (2007: £0.21m) * Final dividend of 0.75p per share declared * Net assets per share are 21.48p (2007: 23.20p) * Cash out flow from operating activities £0.53m (2007: cash inflow £0.49m) Commenting on the results, David Wood, the Group's Chief Executive, said, "I am pleased to announce RDF's fourth successive year of revenue growth. Whilst disappointed at the small post-tax loss incurred in the year, your Board and I are pleased that the decisions that we took in December 2007 and January 2008 have significantly reduced the impact of one of the Managed Services division's major customers being adversely affected by the `credit crunch'. In the last quarter of the financial year, the Group returned positive results. However, the economic climate remains uncertain and your Board does not expect the growth rates achieved in the last few years to continue on an organic basis." For further information on RDF Group, visit www.rdfgroup.com or telephone 01273 200100. Smith & Williamson Corporate Finance Limited Tel 020 7131 4000 Azhic Basirov / Siobhan Sergeant Chairman's Statement Introduction The financial year 2007-8 has been a mixed year for the RDF Group plc ("the Group"). The Group's Recruitment Services division has performed strongly but the Managed Services division has suffered as a result of the impact of the `credit crunch' on one of its major clients. RESULTS Total revenue in the year is £30.489m (2007: £22.227m) with the major growth coming from the Recruitment Services division. Operating profit, before exceptional items, is £0.747m (2007: £1.315m) and operating profit, after exceptional items, is £0.162m (2007: £1.193m). As a result, the loss per share is 0.66p (2007: Earnings per share 6.87p). Your Board can report that the Group was profitable in the last quarter of the financial year and that it has remained profitable in the first two months of the current financial year 2008-9. Having not paid an interim dividend for 2007-8, your Board is pleased to recommend a final dividend of 0.75p per share (2007: 1.25p), bringing the total to be paid for the year to 0.75p per share (2007: 2.25p). STRATEGIC DEVELOPMENTS During the last quarter of the year, your Board reviewed the current strategy of the Group's investment in both its Managed Services division and Recruitment division. As a result of this review, we concluded that the Managed Services division should be sold, subject to achieving an acceptable price. Your Board appointed Smith & Williamson Corporate Finance Limited to manage the sale process and announced the decision on 17 June 2008. So far no formal offers have been received for the business although a number of expressions of interest have been received. Outlook In the prevailing economic climate, all companies face new and unusual challenges and the Group is no different. Notwithstanding this, due to the measures we have put in place, we are confident that your Board's strategy will deliver results and return the Group to profitability. The possible disposal of the Managed Services division should have little direct effect on 2008-9 but is expected to enhance earnings over time. Jim Carr Non Executive Chairman 7 July 2008 Chief Executive's Statement INTRODUCTION I am pleased to announce RDF's fourth successive year of revenue growth. Whilst I am disappointed at the small post-tax loss incurred in the year, your Board and I are pleased that the decisions that we took in December 2007 and January 2008 have significantly reduced the impact of one of the Managed Services division's major customers being adversely affected by the `credit crunch'. FINANCIAL RESULTS Revenue has increased by over 37.2% to £30.489m (2007: £22.227m). Operating profit, before amortisation of goodwill and exceptional items was £ 0.968m (2007: £1.402m) and the overall operating profit was £0.162m (2007: £ 1.193m). The exceptional items referred to were all related to the Managed Services business and are discussed in more detail below and in the financial statements. REVIEW OF OPERATIONS AND KEY PERFORMANCE INDICATORS Managed Services The year started very well with a number of new business wins, an increase in demand for our services and new contracts being awarded from two of our major customers. Throughout the first half, your Board were very confident of achieving not only record growth in terms of turnover in this division but also in terms of contribution to the Group's profits. Your Board was also focussed on developing a broader client base in order to spread the financial risks of this side of the business as well as fully leveraging the significant investment in infrastructure and an expanded management team. In September 2007, one of our major clients had an unprecedented collapse in its business model. As a result, the agreement previously reached was renegotiated following lengthy discussions with senior management within the client. Your Board took the decision to fully support the client and as a result RDF remains one of a much smaller group of suppliers to that business with strong relationships and a longer term contractual commitment. Had your Board not taken this supportive action, the exceptional costs of unrecoverable "down time" of £326,000 would have resulted in staff redundancies and a much smaller business unit (less viable for disposal or for future development within the Group). The division generated revenues of £10.426m (2007: £9.858m) and contributed an operating profit, before amortisation of intangible assets and goodwill, of £ 5,000 (2007: £357,000). Exceptional costs of £510,000 were incurred, detailed in the financial statements, and amortisation of intangible assets totalled £ 224,000 (2007: £75,000), including an accelerated charge of £75,000. After the exceptional charges, the division incurred a loss before interest and tax of £729,000. Recruitment Services The Recruitment Services division continues to grow strongly with revenues up by 62.2% on the previous year to £20.063m (2007: £12.369m). The division continues to win new business from existing clients and to develop new clients. Over the financial year, this division billed 151 clients. The temporary contract side of the division has income of £18.792m (2007: £ 11.722m) but margins have fallen slightly to 12.8% (2007: 13.1%), reflecting tightening market conditions. The permanent placement side has also grown significantly with income up to £ 1.271m (2007: £0.647m). Overall, the division contributed profit before amortisation of intangible assets of £1.340m (2007: £1.391m) and a profit before interest and tax of £ 1.268m (2007: £1.379m). CORPORATE SOCIAL RESPONSIBILITY Your Board is aware that business can have a significant impact on the community and, being a company built on our staff, I feel that it important to support local and national organisations as part of our corporate social responsibility. As discussed in last year's report, the Group became the major sponsor for Sussex County Cricket Club in 2007. This has proved to be a great success for both the Club and RDF. In 2007 the team won the County Championship for the second successive year and for the third time in five years. This success on the field meant that RDF had extensive coverage in many local, regional and national newspapers, as well as on television and radio. Your Board is very pleased with the agreement, which lasts for three years, and is expecting to continue to build awareness of the Group's brand and services. In addition to the Sussex County Cricket Club sponsorship, each branch is able to sponsor local charities and employees are encouraged to match the contributions with personal donations. FUTURE DEVELOPMENTS As mentioned in the Chairman's Statement, your Board has taken the decision to sell the Group's Managed Services division if an acceptable price can be achieved. We remain confident in the future of the Managed Services division in the medium to long term. However, your Board's strategic decision has been driven by: * the recent growth and significant contribution that has been achieved by the Recruitment Services division, * the investment required in terms of staff, infrastructure and working capital to produce significant growth in the Managed Services division at a time when the Group is not in a position to seek new external investment. In the event that the Managed Services division is not sold, your Board will continue to invest in it, utilising the profits generated from the Recruitment Services division. In the last quarter of the financial year, the Group returned positive results. However, as previously mentioned in the Chairman's Statement, the economic climate remains uncertain and your Board does not expect the growth rates achieved in the last few years to continue on an organic basis. Finally, I would like to thank our staff for their work and commitment to your company over the last year. For many, the uncertainty created during the credit crisis at one of our major clients was very worrying, but, despite this, they have continued to work to the highest levels of ability and dedication. David Wood Chief Executive 7 July 2008 RDF Group plc Consolidated Income Statement 31 March 2008 2008 2008 2008 2007 2007 2007 Before Exceptional Total Before Exceptional Total exceptional items exceptional items items items (Restated) (Restated) (Restated) £000 £000 £000 £000 £000 £000 Revenue 30,489 - 30,489 22,227 - 22,227 Cost of sales 25,946 326 26,272 17,967 - 17,967 ------ ------ ------ ------- ----- ------- Gross profit 4,543 (326) 4,217 4,260 - 4,260 Administrative 3,575 184 3,759 2,858 122 2,980 expenses ----- ------ ----- ------ ------ ------ OPERATING PROFIT / 968 (510) 458 1,402 (122) 1,280 (LOSS) BEFORE AMORTISATION OF INTANGIBLE ASSETS Amortisation of (221) (75) (296) (87) - (87) intangible assets ------ ------- ----- ------ ----- ----- OPERATING PROFIT / 747 (585) 162 1,315 (122) 1,193 (LOSS) Finance cost (204) - (204) (89) - (89) Finance income 2 - 2 4 - 4 ----- ----- ----- ----- ----- ----- PROFIT / (LOSS) ON 545 (585) (40) 1,230 (122) 1,108 ORDINARY ACTIVITIES BEFORE TAXATION Income tax expense (204) 175 (29) (399) 37 (362) ------ ----- ----- ----- ----- ----- PROFIT / (LOSS) FOR 341 (410) (69) 831 (85) 746 THE YEAR ATTRIBUTABLE ------ ----- ----- ----- ----- ----- TO EQUITY SHAREHOLDERS OF THE PARENT COMPANY (LOSS)/EARNINGS PER SHARE BASIC 3.28p -0.66p 8.00p 7.17p ----- ----- ----- ------ DILUTED 3.18p -0.64p 7.65p 6.87p ----- ----- ----- ------ The operating profit for the year arises from the Group's continuing operations. RDF Group plc Consolidated Balance Sheet 31 March 2008 2008 2007 (restated) £000 £000 NON CURRENT ASSETS Goodwill 461 461 Other intangible assets 192 488 Property, plant and equipment 400 440 Deferred tax asset 36 53 ----- ----- 1,089 1,442 CURRENT ASSETS Trade and other receivables 6,441 5,289 Cash and cash equivalents 100 44 ----- ----- 6,541 5,333 ----- ----- Total assets 7,630 6,775 ===== ===== EQUITY Share capital 208 208 Share premium account 103 103 Equity options reserve 121 101 Profit and loss account 1,802 2,001 ----- ----- Total equity attributable to equity shareholders of 2,234 2,413 the parent company ----- ----- LIABILITIES Non current liabilities Borrowings 32 43 Deferred tax liabilities 34 22 ---- ----- 66 65 ---- ----- Current liabilities Trade and other liabilities 2,857 2,894 Current income tax liabilities 12 369 Borrowings 2,461 1,034 ----- ----- 5,330 4,297 ----- ----- Total liabilities 5,396 4,362 ----- ----- Total liabilities and equity 7,630 6,775 ===== ===== RDF Group plc Consolidated Statement of Changes in Shareholders' Equity for the year ended 31 March 2008 Share Share Equity Retained Total capital premium option earnings reserve £000 £000 £000 £000 £000 At 1 April 2006 208 103 77 1,437 1,825 Share based payment - - 50 - 50 expense Share options lapsed or - - (26) 26 - exercised Profit for the financial - - - 746 746 year Dividends paid - - - (208) (208) ---- --- --- ----- ----- At 1 April 2007 208 103 101 2,001 2,413 Share based payment - - 20 - 20 expense Loss for the financial - - - (69) (69) year Dividends paid - - - (130) (130) --- --- --- ----- ----- At 31 March 2008 208 103 121 1,802 2,234 === === === ===== ===== RDF Group plc Consolidated Cash Flow Statement for the year ended 31 March 2008 2008 2007 £000 £000 CASH FLOWS FROM OPERATING ACTIVITIES Cash (utilised by) / generated from operations (534) 489 Net interest (paid) / received (202) (85) Income tax paid (357) (206) ------ ----- Net cash (used in) / from operating activities (1,093) 198 CASH FLOWS FROM INVESTING ACTIVITIES Acquisition of subsidiary undertakings net of cash - (242) and overdrafts acquired Purchase of property, plant and equipment (139) (332) Purchase of intangible assets - (299) Proceeds from the sale of property, plant and 3 - equipment ----- ------ Net cash flow used in investing activities (136) (873) CASH FLOWS FROM FINANCING ACTIVITIES Payment to cancel share options - (20) New finance leases - 60 Repayment of finance leases (9) (8) Equity dividends paid (130) (208) ----- ----- Net cash flow used in financing activities (139) (176) Decrease in cash and cash equivalents for the period (1,368) (851) Cash and cash equivalents at the beginning of the (982) (131) year ------ ----- Cash and cash equivalents at the end of the year (2,350) (982) ======= ===== RDF Group plc Notes to the consolidated financial statements for the year ended 31 March 2008 1 BASIS OF PREPARATION The financial information set out in the announcement does not constitute the company's statutory accounts for the years ended 31 March 2008 or 2007. The financial information for the year ended 31 March 2007 is derived from the statutory accounts for that year which have been delivered to the Registrar of Companies. The auditors reported on those accounts. Their report was unqualified and did not contain a statement under section 237 (2) or (3) of the Companies Act 1985. The amounts shown for the year ended 31 March 2007 have been restated under International Financial Reporting Standards. The statutory accounts for the year ended 31 March 2008, on which the auditor has yet to issue an opinion, will be finalised on the basis of the financial information presented by the directors in this preliminary announcement and will be delivered to the Registrar of Companies following the company's Annual General Meeting. Copies will be available to the public at the Company's registered office: 2 Bartholomews, Brighton BN1 1HG. The consolidated financial statements have, for the first time, been prepared in accordance with International Financial Reporting Standards adopted by the International Accounting Standards Board (`IASB') and interpretations issued by the International Financial Reporting Interpretations Committee of the IASB (together `IFRS') as endorsed by the European Union. The information in this preliminary statement has been extracted from the unaudited financial statements for the year ended 31 March 2008 and as such, does not contain all the information required to be disclosed in the financial statements prepared in accordance with the International Financial Reporting Standards (`IFRS'). The Group has applied consistent accounting policies in preparing the preliminary financial statements for the year ended 31 March 2008, the comparative information for the year ended 31 March 2007, and the preparation of the opening IFRS balance sheet at 1 April 2006, the date of transition. The preliminary financial information in this report has neither been audited nor reviewed by the Company's auditors. This announcement was approved by the board of directors on 7July 2008. 2 SEGEMENTAL REPORTING Primary business segment Segmental information is presented in respect of the Group's business segments. The primary business segments are based on the Group's reporting structures. Segmental results include items directly attributable to a segment as well as those that can be allocated on a reasonable basis. Unallocated items comprise mainly corporate and head office items. Segmental liabilities relate to directly attributable liabilities to each primary business segment. Year ended 31 March 2008 Managed Recruitment Unallocated Total Services Services Group £000 £000 £000 £000 Revenue Sales to external customers 10,426 20,063 - 30,489 ------ ------ ----- ------ Results Operating profit / (loss) before exceptional items and amortisation 5 1,340 (377) 968 ------ ------- ----- ------ Exceptional items (510) - - (510) Amortisation of intangible (149) (72) - (221) assets Exceptional amortisation of (75) - - (75) intangible assets ------ ----- ------ ------ Profit / (loss) before interest (729) 1,268 (377) 162 and tax ------ ----- ------ Net finance expense (202) ----- Loss before tax (40) Taxation (29) ----- Loss after taxation (69) ----- Assets and liabilities Segment assets 4,012 3,812 (107) 7,717 Segment liabilities 3,501 2,836 (912) 5,425 ----- ----- ----- ----- Total net assets 511 976 805 2,292 ----- ----- ----- ----- Other segmental information Capital expenditure Property, plant and equipment 51 88 - 139 Intangible assets - - - - Depreciation 168 9 - 177 Amortisation of intangibles Development costs 224 - - 224 Customer relationships - 72 - 72 Exceptional costs Cost of sales 369 - - 369 Administrative expenses 184 - - 184 Amortisation of intangible 75 - - 75 assets Year ended 31 March 2007 Managed Recruitment Unallocated Total Services Services Group £000 £000 £000 £000 Revenue Sales to external customers 9,858 12,369 - 22,227 ----- ------ ----- ------ Results Operating profit / (loss) before 357 1,391 (346) 1,402 exceptional items and ----- ------ ----- ------ amortisation Exceptional items - - (122) (122) Amortisation of intangible (75) (12) - (87) assets Profit before interest and tax 282 1,379 (468) 1,193 ------ ----- ----- ----- Net finance expense (85) ----- Profit before tax 1,108 Taxation (362) ----- Profit after taxation 746 ----- Assets and liabilities Segment assets 4,035 3,675 (935) 6,775 Segment liabilities 3,265 2,607 (1,510) 4,362 ----- ----- ------- ----- Total net assets 770 1,068 575 2,413 ----- ----- ------- ----- Other segmental information Capital expenditure Property, plant and equipment 332 - - 332 Intangible assets 299 - - 299 Depreciation 100 3 - 103 Amortisation of intangibles Development costs 75 - - 75 Customer relationships - 12 - 12 Exceptional costs Administrative expenses - 122 122 All the Group's sales are in the United Kingdom. 3 EXCEPTIONAL ITEMS During the year the Group incurred a number of exceptional items. The Board believe that the classification of these items as exceptional provides a better understanding of the Group's performance. Within cost of sales the company incurred £326,000 of staff costs relating to unrecoverable time against a contract. The client was at the centre of the unprecedented global credit crisis at the end of 2007 and beginning of 2008. The Board took the decision to continue to support the client during this time and as a result the client has re-endorsed a revised contract which expires in mid 2009. Included within administrative costs exceptional items are £68,000 in relation to a provision for a client dispute and related legal fees; £44,000 in relation to the setting up of the Sussex County Cricket Club sponsorship and corporate rebranding; and £72,000 in relation to the write down of assets with no further economic benefit. The exceptional amortisation of intangible assets of £75,000 relates to the accelerated write down of the pensions and benefits programme developed during 2006/7. Due to the circumstances surrounding the client which was impacted by the global "credit crunch", the Board took the decision to concentrate on the core business strategy of managed services and IT recruitment delivery during the year and not to invest in the marketing and selling of this product. As a result the Board decided to write down the intangible asset after the year end to £nil, although the Board still believes that future economic benefit could be derived from the product if a focussed marketing strategy was implemented. The prior year exceptional items arose following the resignation of the non-executive directors on 8 August 2007, the company's nominated adviser and broker, John East and Partners, resigned. As a result the company's shares were suspended from dealing on AIM. The costs incurred in relation to the resignation of the non-executive directors and the professional fees for assisting with the lifting of the suspension were £122,000. 4 TAXATION 2008 2007 £000 £000 Current tax expense UK Corporation tax 55 361 Adjustment in respect of prior years (35) - Utilisation of tax losses brought forward (19) - ---- ---- Total current tax 1 361 Deferred tax Origination and reversal of timing differences 2 1 Adjustment in respect of prior years 6 - Utilisation of tax losses brought forward 20 - ---- ---- 28 1 ---- ---- Total taxation reported in the consolidated financial 29 362 statements ---- ---- Reconciliation of effective tax rate The tax assessed for the year is higher (2007: higher) than the standard rate of corporation tax in the UK of 30%. The differences are explained below: 2008 2007 £000 £000 (Loss) / Profit on ordinary activities before taxation (40) 1,108 ----- ----- Profit on ordinary activities multiplied by the (12) 331 standard rate of tax Expenses not deductible for tax purpose 70 33 Depreciation for period in excess of capital allowances - (1) FRS 20 Share option charge 6 9 Movement in short term timing differences - 2 Group loss relief surrendered (8) - Marginal rate relief - (13) Utilisation of tax losses brought forward (20) - Adjustment in respect of prior years (35) - ---- ----- Total current tax 1 361 ---- ----- Effective tax rate - 2.5% 32.6% ---- ----- 5 EARNINGS PER SHARE (Loss)/Earnings per ordinary share 2008 2007 pence pence - basic - 0.66 7.17 - diluted - 0.64 6.87 The basic earnings per share amounting to -0.66 pence (2007 - 7.17 pence) for the year have been calculated on a loss of £69,000 (2007, restated - profit £ 746,000) being the consolidated profit on ordinary activities after taxation attributable to members of the Company for the year ended 31 March 2008, and are based on the weighted average number of ordinary shares in issue of 10,400,000 (2007 - 10,400,000). The fully diluted earnings per share amounting to -0.64 pence (2007 - 6.87 pence) for the year have been calculated on the basis of adding 320,950 (2007 - 464,537) to the weighted average number of shares in issue, to take account of the dilutive effect of the outstanding share options to give 10,720,950 (2007 - 10,864,537) shares being in issue, assuming that all options are exercised. Earnings per share, before exceptional items have been calculated by adding back the post tax impact of the exceptional items of £410,000 (2007 - £97,000) and applying the relevant weighted average of ordinary shares in issue and the dilutive effect of the outstanding share options. 6 DIVIDENDS The following dividends have been paid in respect of the year: 2008 2007 £000 £000 Interim 2007-8 0.00 pence per share (2006-7 1.00 - 104 pence per share) Final 2006-7 1.25 pence per share (2005-6 1.00 pence 130 104 per share) --- --- Dividend paid on ordinary shares 130 208 === === The directors are recommending a final dividend of 0.75p per Ordinary Share in respect of the year totalling £78,000 (2007 - 1.25p per Ordinary Share totalling £130,000). 7 RECONCILIATION OF NET OPERATING PROFIT TO NET CASH FLOW FROM OPERATIONS 2008 2007 (restated) £000 £000 Operating profit 162 1,193 Depreciation 177 97 Amortisation 296 87 Share based payments 20 50 ---- ----- Operating cash flows before movements in working 655 1,427 capital Increase in receivables (1,152) (370) Decrease in payables (37) (568) ------ ----- Cash (utilised by) / generated from operation (534) 489 ------ ----- 8 EXPLANATION OF TRANSITION TO IFRS This is the first year that the Group has presented its financial statements under IFRSs. The accounting policies set out in the financial statements have been applied in preparing its financial statements for the year ended 31 March 2008, the comparative information presented in these financial statements for the year ended 31 March 2007 and in the preparation of the transition balance sheet at 1 April 2006. An explanation of how transition from UK GAAP to IFRS has affected the Group's financial position, financial performance and cash flows is set out in the following tables and accompanying notes. Reconciliation of profit for the year ended 31 March 2007 Under UK Intangible Business Under IFRS GAAP Assets Combinations £000 £000 £000 £000 Revenue 22,227 - - 22,227 Cost of sales 17,967 - - 17,967 ------ ----- ----- ------ Gross profit 4,260 - - 4,260 Administrative expenses 2,980 - - 2,980 ------ ----- ----- ------ OPERATING PROFIT / (LOSS) 1,280 - - 1,280 BEFORE AMORTISATION OF INTANGIBLE ASSETS Amortisation of goodwill (12) - 12 - Amortisation of intangible (75) (12) - (87) assets ------ ----- ----- ------ OPERATING PROFIT / (LOSS) 1,193 (12) 12 1,193 Finance cost (89) - - (89) Finance income 4 - - 4 ------ ----- ----- ------ PROFIT ON ORDINARY 1,108 (12) 12 1,108 ACTIVITIES BEFORE TAXATION - - Income tax expense (362) - - (362) ------ ------ ----- ------ PROFIT FOR THE FINANCIAL 746 (12) 12 746 PERIOD ------ ------ ----- ------ EARNINGS PER SHARE BASIC 7.17p 7.17p ------ ----- DILUTED 6.87p 6.87p ------ ----- £000 Profit Under UK GAAP 746 Amortisation of goodwill 12 Amortisation of intangible (12) assets ---- Profit under IFRS 746 ---- Reconciliation of Equity at 1 April 2007 Under UK Intangible Business Under IFRS GAAP assets Combinations £000 £000 £000 £000 ASSETS NON CURRENT ASSETS Goodwill 724 - (263) 461 Other intangible assets 225 263 - 488 Property and equipment 440 - - 440 Deferred tax asset 53 - - 53 ----- ---- ----- ----- 1,442 263 (263) 1,442 CURRENT ASSETS Trade and other receivables 5,289 - - 5,289 Current income tax recoverable - - - - Cash and cash equivalents 44 - - 44 ----- ---- ---- ----- 5,333 - - 5,333 ----- ---- ---- ----- 6,775 263 (263) 6,775 ===== ==== ===== ===== EQUITY Share capital 208 - - 208 Share premium account 103 - - 103 Equity options reserve 101 - - 101 Profit and loss account 2,001 - - 2,001 ----- ---- ---- ----- Total equity attributable to 2,413 - - 2,413 equity shareholders of the ===== ==== ==== ===== parent company LIABILITIES Non current liabilities Borrowings 43 - - 43 Deferred tax liabilities 22 - - 22 ---- --- ---- ----- 65 - - 65 ==== ==== ==== ===== Current liabilities Trade and other liabilities 2,894 - - 2,894 Current income tax liabilities 369 - - 369 Borrowings 1,034 - - 1,034 ----- ---- ---- ----- 4,297 - - 4,297 ----- ---- ---- ----- Total liabilities 4,362 - - 4,362 ----- ---- ---- ----- Total liabilities and equity 6,775 - - 6,775 ===== ==== ==== ===== There were no effects of the transition from UK GAAP to IFRS on the balance sheet or equity at 1 April 2006. Reconciliation of cash flows There are no changes to the Group's cash flows as a result of the transition from UK GAAP to IFRS Notes to the reconciliations of equity and profit The key differences between UK GAAP and IFRS that will impact the Group are set out below. The rules for the first time adoption of IFRS are set out in IFRS1 `First Time Adoption of International Financial Reporting Standards'. The rules state that a company should use the same accounting policies in its opening IFRS balance sheet and throughout all periods presented in its first IFRS financial statements. Goodwill Under UK GAAP, the Group was amortising goodwill arising on acquisitions over periods of 10 years. Under IFRS 3 `Business combinations', goodwill is not amortised but instead is subject to annual impairment tests or more frequently if there is an indication of impairment.

Companies

Roebuck Food Group Public Limited Company (CDI) (RFG)
UK 100
FTSE quotes by TradingView

Latest directors dealings

All directors dealings today