Expro International Group PLC
15 November 2005
15 November 2005
EXPRO INTERNATIONAL GROUP PLC
IFRS Restatements
Expro International Group PLC ("Expro" or "the Group") today announces
consolidated financial information for the year ended 31 March 2005 and for the
six month period ended 30 September 2004, restated for the effects of IFRS,
along with a restated consolidated balance sheet as at 1 April 2004.
A conference call, hosted by Michael Speakman, Group Finance Director will be
held at 0900 this morning to answer any questions regarding the restatements.
For dial-in details of the conference call please call Weber Shandwick on the
contact number provided below. The full text of the restatement document can be
found on the Group's website, which can be accessed by clicking on the following
link http://www.exprogroup.com/corpus/Investors/RFR151105.asp
The restated financial information, as published, is reconciled to Expro's
previously reported UK GAAP financial information to show the effects of the
transition to IFRS and is accompanied by the Group's IFRS accounting policies.
Expro intends to announce its results for the six month period ended 30
September 2005, prepared under IFRS, on 24 November 2005. The restated IFRS
financial information for the year ended 31 March 2005 and for the six month
period ended 30 September 2004 will be included within the interim announcement
as comparative information.
The principal changes to the financial information for the restated periods are
summarised below:
Year ended Six months ended IFRS transition date as at
31 March 2005 30 September 2004 1 April 2004
IFRS UK GAAP IFRS UK GAAP IFRS UK GAAP
£m £m £m £m £m £m
Revenue 211.3 211.3 100.6 100.6 - -
Operating
profit 12.5 11.1 8.2 7.2 - -
Profit after
taxation 3.8 4.4 4.6 4.7 - -
Net assets 53.2 70.5 62.8 76.2 62.9 74.2
Basic EPS
(pence per
share) 5.7p 6.7p 7.0p 7.1p - -
Diluted EPS
(pence per
share) 5.7p 6.6p 7.0p 7.1p - -
The most significant differences between UK GAAP and IFRS that contribute to the
change in reported financial information are:
• inclusion of the deficit on defined benefit pension schemes within the balance
sheet
• reversal of goodwill amortisation charges
• recognition of dividends only when paid or approved
• adjustments for deferred tax
• capitalisation of buildings previously disclosed as held under operating leases
The transition to IFRS has no impact on the Group's reported cash balances.
- ends -
For further information please contact:
Expro International Group PLC 0118 9591 341
Michael Speakman, Finance Director
Weber Shandwick Square Mile 020 7067 0700
James Chandler/Rachel Taylor/Stephanie Badjonat
Note to Editors:
Expro International Group PLC ("Expro Group", "Expro" or "the Group") is a
leading upstream oil and gas technology and service provider, specialising in
well performance and production optimisation. Its products and services are
packaged into three distinct business segments: Cased Hole Services, Subsurface
Systems, and Surface and Environmental Systems. The Expro Group employs over
2,000 people worldwide and is an innovative leader in oilfield technology which
enables clients to maximise recovery of their reserves. For more information,
please refer to the Group's website at www.exprogroup.com
This information is provided by RNS
The company news service from the London Stock Exchange
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