The Group adopted IFRS for the first time in 2005 and in accordance with the requirements of IFRS, 2004 figures were restated. Restatement of earlier years is not required under IFRS and accordingly the information presented below for 2003 in respect of the income statement is prepared under UK GAAP. The main adjustments that would be required to comply with IFRS are the recognition of the defined benefit pension funds liabilities on the balance sheet in accordance with IAS 19 and the reversal of goodwill amortisation (IFRS 3).
| Consolidated Income Statements | IFRS 2007 £’000 |
IFRS 2006 £'000 |
IFRS 2005 £'000 |
IFRS 2004 £'000 |
UK GAAP 2003 £'000 |
|||||
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 87,372 | 87,096 | 77,506 | 69,968 | 62,457 | |||||
| Operating profit before goodwill amortisation |
7,001 |
6,079 | 4,409 | 3,844 | 3,245 | |||||
| Goodwill amortisation | – | – | – | – | (551) | |||||
| Exceptional item | – | – | – | 2,455 | – | |||||
| Finance credit/(costs) | 214 | 73 | (28) | (176) | (206) | |||||
| Profit on ordinary activities before tax | 7,215 | 6,152 | 4,381 | 6,123 | 2,488 | |||||
| Taxation | (2,567) | (2,019) | (1,694) | (360) | (1,469) | |||||
| Profit on ordinary activities after tax | 4,648 | 4,133 | 2,687 | 5,763 | 1,019 | |||||
| Minority interest | – | (2) | (3) | (10) | – | |||||
| Profit attributable to equity holders of the parent | 4,648 | 4,131 | 2,684 | 5,753 | 1,019 | |||||
| Dividends paid | (1,030) | (917) | (726) | (722) | (722) | |||||
| Retained profit for the year | 3,618 | 3,214 | 1,958 | 5,031 | 297 | |||||
| Earnings per share | ||||||||||
| -basic | 19.12p | 16.90 | 10.79 | 23.28 | 4.15 | |||||
| -basic before exceptional items (net of tax)* | 19.12p | 16.90 | 10.79 | 9.23 | 4.15 | |||||
| -basic before goodwill amortisation and exceptional finance credit (net of tax)* | 19.12p | 16.90 | 10.79 | 9.23 | 6.39 | |||||
| Dividends per ordinary share (payable in respect of the year) | 4.25p | 4.0 | 3.5 | 3.0 | 3.0 | |||||
| Consolidated Balance Sheets |
2007 £’000 |
2006 £'000 |
2005 £'000 |
2004 £'000 |
|---|---|---|---|---|
| Non-current assets | 14,499 | 11,952 | 11,205 | 10,157 |
| Current assets | 24,245 | 26,307 | 21,238 | 18,142 |
| Non-current liabilities | (432) | (145) | - | - |
| Current liabilities | (16,730) | (17,546) | (13,618) | (11,424) |
| 21,582 | 20,568 | 18,825 | 16,875 | |
| Non-current borrowings | (1,275) | (1,735) | (2,221) | (2,108) |
| Retirement benefit obligations | (4,343) | (6,300) | (6,790) | (7,117) |
| Net assets | 15,964 | 12,533 | 9,814 | 7,650 |
| Shareholders' funds - equity interests | 15,964 | 12,533 | 9,795 | 7,634 |
| Minority interest | - | - | 19 | 16 |
| 15,964 | 12,533 | 9,814 | 7,650 |
