Iomart Regulatory News (IOM)

30 Mar 2007 07:03

Iomart Group PLC30 March 2007 iomart Group plc ("iomart" or the "Company") Trading Update At iomart's extraordinary general meeting which is due to be held at 10.00am today, Nick Kuenssberg, chairman of iomart, will make the following statement: "The Company has continued to perform in line with the trading update containedwithin the announcement of the acquisition issued on 7 March. Discussionsrelating to the licensing opportunity for Netintelligence referred to in thatannouncement have continued in a positive manner although they have not yet beenconcluded and therefore the current year's performance will not benefit fromany such licensing arrangement for Netintelligence. In addition the Company has completed its initial review of the impact on its Annual Accounts of complying with the provisions of IFRS. As well as the expected impact from items such as intangible assets andamortisation this review has identified that the current revenue recognitionpolicy applied under UK GAAP in respect of the operations of the Company'ssubsidiaries Ufindus and Netintelligence is different from IFRS principles andwill require amendment. In light of these changes, the Company will adopt IFRS as the basis for thepreparation of its financial statements for the current financial year. To allowsufficient time to fully implement all of the requirements of IFRS the Companyintends to publish its Final Accounts in late June." For further information: iomart Group plcAngus MacSween 0141 931 6400Nick Kuenssberg 07860 635 191 KBC Peel Hunt 020 7418 8900Oliver Scott This information is provided by RNS The company news service from the London Stock Exchange