Spirent Moving To IFRS
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Spirent plc (LSE: SPT; NYSE: SPM), a leading communications technology company, will report its financial results in accordance with International Financial Reporting Standards (IFRS) for financial periods commencing from 1 January 2005. As part of this transition, Spirent is today providing historical financial information for the full years 2003 and 2004 and the first half of 2004 under IFRS. The Company’s 2005 interim results, due to be announced on 11 August 2005, will be reported in accordance with IFRS. The most significant impacts of the transition to IFRS from UK Generally Accepted Accounting Practice (UK GAAP) for Spirent are in relation to: the elimination of the charge for goodwill amortisation; the change in the profit or loss on disposal of operations; and an increase in the charge for share-based payment. As a result, under IFRS, the profit attributable to equity shareholders for the full year 2004 increases from £16.0 million to £26.2 million and for the full year 2003 a loss of £0.5 million improves to a profit of £13.6 million. The above items have been eliminated in presenting an adjusted earnings per share measure and therefore adjusted earnings per share under IFRS does not materially differ with that reported under UK GAAP. Eric Hutchinson, Finance Director, commented: “The financial information we are providing today shows the impact of IFRS on our historical results, ahead of their adoption for our 2005 interim results. “This has a net beneficial effect on our historic reported numbers, however the adoption of IFRS has no impact on the cash generation of the Group going forward.” Enquiries Eric Hutchinson, Finance Director Spirent plc +44 (0)1293 767676 Investor Relations Catherine Nash Spirent plc +44 (0)1293 767676 Media Reg Hoare Smithfield +44 (0)20 7360 4900
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