Impact of IFRS

Victoria PLC
11 November 2005








Issued by Citigate Dewe Rogerson Ltd, Birmingham
Date: Friday, 11 November 2005
                                                               Embargoed: 7.00am



                    VICTORIA P.L.C. SUMMARISES THE IMPACT OF
                  INTERNATIONAL FINANCIAL REPORTING STANDARDS

Victoria P.L.C. is required to report its results for the first six months of
the year ending March 2006 using IFRS for the first time. The comparative data,
(the results for the six months ended 2 October 2004 and for the year ended 2
April 2005) will also be reported under IFRS.

The interim report for the six months ended 1 October 2005 will be issued on 23
November 2005. In advance of that, the impact of the conversion to IFRS on the
comparative data has been summarised in this announcement. The principal changes
on adopting IFRS in place of UK GAAP for the year ended 2 April 2005 are
summarised below:
                                                              2 April 2005
                                                          UK GAAP         IFRS
                                                            £'000        £'000

Turnover from continuing operations                        49,880       49,444
Profit before tax from continuing operations                3,071        3,026
Profit attributable to equity shareholders                    839          830

Shareholders funds                                         25,258       26,905
Net borrowings                                             11,917       11,917

                                                          p/share      p/share
Basic earnings per share                                    12.08        11.95
Underlying earnings per share                               30.96        30.83

•    The adoption of IFRS has no cash impact.

•    Profit before tax is £45,000 lower due to:
       • Average exchange rate                            £(34,000)
       • Goodwill amortisation                              £3,000
       • Depreciation of buildings                         £37,000
       • Financial instruments                            £(51,000)

•    Shareholders funds increase by £1,647,000, including £799,000 as a result 
     of the annual dividend being accounted for when paid, and £889,000 as a 
     result of the property revaluation (net of deferred tax).

Underlying profits and earnings under UK GAAP and IFRS are stated before
exceptional items and discontinued activities.

It is possible that further changes will be required to the comparative data
before it is published in the interim report and in the financial statements for
the year ending 1 April 2006, as further interpretative guidance on the
standards may be issued.

The conversion to IFRS in respect of the Group's 2005 financial statement is set
out in detail in a report that can be downloaded from the company's web-site at
www.victoria.plc.uk or can be obtained from Victoria P.L.C.'s registered office
at Worcester Road, Kidderminster, Worcestershire, DY10 1HL.

Enquiries:
Mark Lee, Group Finance Director
Victoria P.L.C.
Tel: [phone]



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